Reference no: EM132693257
Problem - Payroll summary - The following data for Flexco Inc. relate to the payroll for the week ended December 9 20Y8:
|
Employee
|
Hours Worked
|
Hourly Rate
|
Weekly Salary
|
Federal Income Tax
|
U.S. Savings Bonds
|
|
Carlton
|
52
|
$50.00
|
|
$667.00
|
$ 60
|
|
Grove
|
|
|
$4,000
|
860.00
|
100
|
|
Johnson
|
36
|
52.00
|
|
355.68
|
0
|
|
Koufax
|
45
|
58.00
|
|
578.55
|
44
|
|
Maddux
|
37
|
45.00
|
|
349.65
|
62
|
|
Seaver
|
|
|
3,200
|
768.00
|
120
|
|
Spahn
|
46
|
52.00
|
|
382.20
|
0
|
|
Winn
|
48
|
50.00
|
|
572.00
|
75
|
|
Young
|
43
|
54.00
|
|
480.60
|
80
|
Employees Grove and Seaver are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0% of each employee's annual earnings, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 328.
Required -
1. Prepare a payroll summary for Flexco Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense.
2. Journalize the entry to record the payroll for the week.
|
Motivation is important characteristic for leader
: Motivation is an important characteristic for a leader to possess. I got taught that we cannot motivate someone, only activate their motivations.
|
|
Determine the total cost that should have been recorded
: On May 21, 2019, Christine worked 6.0 hours on Job A-1, Determine the total cost that should have been recorded in the Work in Process for Job A-1 on May 21?
|
|
Calculate the unlevered cost of capital for abc corp
: Assuming perfect markets, calculate the unlevered cost of capital for ABC Corp. Express the answer in percent and round to two decimals.
|
|
Find what will be the average cost to bake
: What will be the average cost to bake 6,400? If the total cost function for croissants is linear (Do not round intermediate calculations.)
|
|
Prepare a payroll summary for Flexco Inc
: Prepare a payroll summary for Flexco Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings
|
|
Calculate the firm operating cycle
: Devlin Construction Inc., reported the following balance sheet information for the last fiscal year. Devlin also reported net sales of $980,770 and days sales i
|
|
Reflect on the personal knowledge and skills
: In each week's entry, students should reflect on the personal knowledge and skills gained throughout the course. Journal entries should address one or more.
|
|
Calculate the unlevered cost of capital for abc corp
: Assuming perfect markets, calculate the unlevered cost of capital for ABC Corp.
|
|
Estimate for the cost of equity of the illinois-pacific rail
: You also know that the risk-free rate is 2% and the market risk premium in 5%. What is the best estimate for the cost of equity of the Illinois-Pacific Railroad
|