ACCT 210 Lecture 1: Art of Caricaturing 120p - Ve biem hoa
This preview shows pages 1-3 of the document.
Unlock all 104 pages and 3 million more documents.
This preview shows pages 1-3 of the document.
Unlock all 104 pages and 3 million more documents.
This preview shows pages 1-3 of the document.
Unlock all 104 pages and 3 million more documents.
Document Summary
Get access
Related Documents
Related Questions
Kipley Company is a small manufacturing firm located inPittsburgh, Pennsylvania. The company has a workforce of bothhourly and salaried employees. Each employee is paid for hoursactually worked during each week, with the time worked beingrecorded in quarter-hour increments. The standard workweek consistsof 40 hours, with all employees being paid time and one-half forany hours worked beyond the 40 regular hours.
Wages are paid every Friday, with one week's pay being held backby the company. Assume that the first payday for Kipley Company isJanuary 14 for the workweek ending January 8 (Saturday).
You are being asked to complete Kipley's Payroll Register forthe pay period ending January 8, 20--. Ms. Glenda B. Robey preparesthe Time Clerk's Report for each pay period. This alongwith the Hourly Wage / Salary Report is provided.
Requirement:
Record the regular hours and the overtime hours worked for eachemployee, using the time clerk's report as your reference.
Complete the Regular Earnings columns (Rate per Hour and Amount)for hourly employees. For only hourly employees that workedovertime, complete the Overtime Earnings columns (Rate per Hour andAmount).
For salaried workers, complete the Regular Earnings column and showthe hourly overtime rate and earnings only if overtime wasworked.
Record the Total Earnings for each employee by adding theRegular Earnings and the Overtime Earnings.
Hourly Wage / Salary Report
Kipley's Hourly Wage / Salary Report is provided below, listingeach employee's assigned time card number as well as theirindividual hourly rate or salary.
| Time Card No. | Employee Name | Hourly Wage orSalary | ||
|---|---|---|---|---|
| 11 | Fran M. Carson | $17.50 | per hour | |
| 12 | William A. Wilson | 17.25 | per hour | |
| 13 | Harry T. Utley | 18.10 | per hour | |
| 21 | Lawrence R. Fife | 17.90 | per hour | |
| 22 | Lucy K. Smith | 19.75 | per hour | |
| 31 | Gretchen R. Fay | 515 | per week | |
| 32 | Glenda B. Robey | 2,700 | per month | |
| 33 | Thomas K. Schork | 3,350 | per month | |
| 51 | Barbara T. Hardy | 2,510 | per month | |
| 99 | Carson C. Kipley | 52,000 | per year | |
Time Clerk's Report
Ms. Glenda B. Robey prepares the time clerk's report for eachpay period. Her report for the first week of operations is givenbelow.
Note: All employees, except for Carson Kipley, are paidfor hours worked beyond 40 at one and one-half times their regularhourly rate of pay.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll Register
This is the first task to completing Kipley Company's payrollregister. Complete the steps outlined below:
Record the regular hours and the overtime hours worked for eachemployee, using the time clerk's report as your reference.
Complete the Regular Earnings columns (Rate per Hour and Amount)for hourly employees. For only hourly employees that workedovertime, complete the Overtime Earnings columns (Rate per Hour andAmount).
For salaried workers, complete the Regular Earnings column and showthe hourly overtime rate and earnings only if overtime wasworked.
Record the Total Earnings for each employee by adding theRegular Earnings and the Overtime Earnings.
If an amount box does not require an entry, leave it blank orenter "0". If required, round your intermediate calculations to thenearest cent and use the rounded amounts in subsequentcomputations. Round fraction values to the nearest two decimalplaces, e.g. 1 1/2 to 1.50.
| KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20 -- | ||||||||||
| Regular Earnings | Overtime Earnings | |||||||||
| Time Card No. | Name | Marital Status | No.W/H Allow. | Hours Worked | Rate per Hour | Amount | Hours Worked | Rate per Hour | Amount | Total Earnings |
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Carson, F. | S | 1 | $ | $ | $ | $ | $ | ||
| 12 | Wilson, W. | S | 0 | |||||||
| 13 | Utley, H. | M | 2 | |||||||
| 21 | Fife, L. | M | 4 | |||||||
| 22 | Smith, L. | S | 2 | |||||||
| 31 | Fay, G. | M | 3 | â¦â¦â¦ | ||||||
| 32 | Robey, G. | M | 6 | â¦â¦â¦ | ||||||
| 33 | Schork, T. | S | 1 | â¦â¦â¦ | ||||||
| 51 | Hardy, B. | M | 5 | â¦â¦â¦ | ||||||
| 99 | Kipley, C. | M | 7 | â¦â¦â¦ | ||||||
| Totals | $ | â¦â¦â¦ | â¦â¦â¦ | $ | $ | |||||
3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20x6. Using this information as a basis, complete perpetual inventory records valuing ending inventory and cost of sales using FIFO and LIFO control. Proof the calculations using inventory available less ending inventory to find cost of sales calculation for both methods. Use the following tables to complete the inventory valuation.
| date | purchased | sales | balance | unit cost |
| 8/01/20x6 | 3 | $20.00 | ||
| 8/07/20x6 | 6 | 9 | $25.00 | |
| 8/15/20x6 | 4 | 5 | ||
| 8/21/20x6 | 3 | 2 | ||
| 8/29/20x6 | 10 | 12 | $26.00 |
| date | purchase-recieved | issued-sales | blanace available units x cost = total cost |
| 8/01/20x6 | bal. fwd | ||
| 8/07/20x6 | |||
| 8/15/20x6 | |||
| 8/21/20x6 | |||
| 8/30/20x6 | |||
| ending | purchases= | CS= | EI= |
FIFO Proof
Beginning Inventory + Purchases = inventory available - ending inventory = CS
$ + $ = $ - $ = $
