answer

watching

views

sangriaporcupine644Lv1

28 Sep 2019

Cost" of tardiness

Under the decimal system of computing time work at ABC Company, office workers who are tardy are "docked" according to the schedule below:

Minutes Late in Ringing In

Fractional Hour Deducted

1 through 6

1/10

7 through 12

2/10

13 through 18

3/10

19 through 24

4/10

etc.

The regular hours of work, Monday through Friday, are from 7:30 to 11:30am and from 12:30 to 4:30pm. During one week, James Johnson, who earns $12.95 an hour, reports in and checks out as shown below. Employees are not paid for ringing in a few minutes before 7:30 and 12:30 nor for ringing out a few minutes after 11:30 and 4:30.

Day

Morning

Afternoon

In

Out

In

Out

M

7:28

11:31

12:50

4:31

T

7:35

11:30

12:30

4:30

W

7:44

11:33

12:27

4:32

R

7:27

11:31

12:32

4:33

F

7:34

11:32

12:40

4:30

Refer to the partial time card and compute:

a) The hours worked each day:

b) The total hours worked:

c) The gross earnings for the week:

answer

watching

224

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Keith LeannonLv2

28 Sep 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

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.

TIME CLERK'S REPORT NO. 1

For Period Ending January 8,20--

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.

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.

Time Card No.	Name	Marital Status	No.W/H Allow.	Hours Worked	Rate per Hour	Amount	Hours Worked	Rate per Hour	Amount	Total Earnings
KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20 --
				Regular Earnings			Overtime 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¦	$	$

fuchsiabear809

1. Long Company has one employee who earns $80.00 per day. The company operates with monthly accounting periods, and the employee is paid each Friday night for a workweek that begins on Monday. Assume the calendar for October appears as show below and enter the four $400.00 weekly wage payments directly in the T Accounts below. Then enter the adjustment for wages earned by unpaid on October 31. tober S M 1 7 8 14 15 21 22 28 29 October T W T 2 3 4 9 10 11 16 17 18 23 24 25 30 31 F S 5 6 12 13 19 20 26 27 Wages Payable Wages Expense Long Company's October Income Statement should show $. of wages expense, and its October 31 Balance Sheet should show a $ liability for wages payable. The wages earned by its employee but unpaid at October 31 are an example of an In the journal below, record the general journal entry to record payment of a full week's wages to the Long Company employee on November 2. Long Company General Journal Account and Explanation DR CR Date Nov 2

. Make all 16 adjustments to journal entries. Remember to include a description under each journal entry.

1	On March 1, ABC purchased a one-year liability insurance policy for $98,400.
	Upon purchase, the following journal entry was made:
		Dr Prepaid insurance			98,400
			Cr Cash			98,400
	The expired portion of insurance must be recorded as of 12/31/14.
	Notice that the expired portion from March through November has been recorded already.
	Make sure that the Prepaid Insurance balance after the adjusting entry is correct.


2	Depreciation expense must be recorded for the month of December.
	The building was purchased with cash on February 1, 2014, for $150,000 with a remaining useful life of 30 years and a salvage value of $6,000.
		The method of depreciation for the building is straight-line.
	The equipment was purchased with cash on February 1, 2014, for $60,000 with a remaining useful life of 5 years and a salvage value of $3,000.
		The method of depreciation for the equipment is double-declining balance.
	Depreciation has been recorded for the building and equipment for months February through November.


3	On December 1, XYZ Co. agreed to rent space in ABC's building for $12,000 per month,
	and XYZ paid ABC on December 1 in advance for the first three months' rent.
	The entry made on December 1 was as follows:
		Dr Cash			36,000
			Cr Unearned rent revenue			36,000
	The unearned revenue account must be adjusted to reflect the amount earned as of 12/31/14.


4	Per timecards, from the last payroll date through December 31, 2014, ABC's employees have worked a total of 250 hours.
	Including payroll taxes, ABC's wage expense averages about $51 per hour. The next payroll date is January 5, 2015.
	The liability for wages payable must be recorded as of 12/31/14.


5	On November 30, 2014, ABC borrowed $235,000 from American National Bank by issuing an interest-bearing note payable.
	This loan is to be repaid in three months (on February 28, 2015), along with interest computed at an annual rate of 6%.
	The entry made on November 30 to record the borrowing was: (for Statement of Cash Flow purposes, consider a financing item)
		Dr Cash			235,000
			Cr Notes payable			235,000
	On February 28, 2015 ABC must pay the bank the amount borrowed plus interest.
	Assume the beginning balance for Notes Payable is correct.
	Interest through 12/31/14 must be accrued on the $235,000 note.


6	ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete
	physical inventory at year-end. A physical count was taken on December 31, 2014, and the inventory on-hand at
	that time totaled $75,000, which reflects historical cost.
	Record the 2014 Cost of Goods Sold and the 12/31/14 Inventory adjustment.


	Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inventory level.
	A review of inventory data further indicated that the current retail sales value of the ending inventory is $110,000 and estimated costs of
	completion and shipping is 15% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory
	using the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accounting
	for adjustments of inventory to market value.


7	It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC realized
	that their intangible asset might be impaired on December 31, 2014. Record the impairment if any.
	The expected future net cash flows for this intangible asset totals $30,000, and the fair value of the asset is $27,500.


8	On 7/1/14, ABC purchased 7,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury
	stock was $7 per share, or $49,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/14,
	ABC reissued these 7,000 shares of treasury stock at $10 per share. Record the journal entry required for the reissuance of the treasury stock.


9	On 12/31/14, ABC issued 5,000 shares of $3 par value common stock at the closing market price of $7 per share. Prepare ABC's journal entry
	to reflect the issuance of the stock on 12/31/14.


10	On 7/1/14, ABC sold 12% bonds having a maturity value of $800,000 for $861,771, resulting in an effective yield of 10%. The bonds are
	dated 7/1/14, and mature 7/1/19. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of
	amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12/31/14.
	Hint: Develop an abbreviated amortization schedule to accurately determine the interest expense.


11	The following information is available for ABC Corporation at 12/31/14 regarding its investments in stocks of other companies.

		Securities					Cost	Fair Value
		2,200 shares of Toyota Corporation Common Stock					$ 100,000	$ 125,000
		1,100 shares of G.M. Corporation Common Stock					$ 67,000	$ 34,000
							$ 167,000	$ 159,000
	Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading.


12	On 1/1/14, ABC Corporation purchased, as a held-to-maturity investment, $200,000 of the 8%, 5-year bonds of Intuit Corporation for $177,824,
	which provides an 11% return. Prepare ABC's 12/31/14 journal entry to reflect the receipt of annual interest and discount amortization.
	Assume the bond investment pays interest annually on 12/31 each year and that effective interest amortization is used.
	Note: Notice that a discount account is not used for this investment. Therefore, for purposes of this adjusting entry, amortize the discount directly to the
	investment account.


13	ABC Corporation prepares an aging schedule on 12/31/14 that estimates total uncollectible accounts at $25,000. Assuming that the allowance method is used,
	prepare the entry to record bad debt expense.


14	On 1/1/14, ABC Corporation signed a 5-year noncancelable lease for a delivery vehicle. The terms of the lease called for ABC to Corporation to make
	annual payments of $10,503 at the beginning of each year, starting January 1, 2014. The delivery vehicle has an estimated useful life of 6 years and a $7,000
	unguaranteed residual value. The delivery vehicle reverts back to the lessor at the end of the lease term. ABC Corporation uses the straight-line method
	of depreciation for the delivery vehicle. ABC Corporation's incremental borrowing rate is 10%, and the Lessor's implicit rate is unknown. No entries have yet
	been made concerning this lease arrangement. After determining the type of lease arrangement (capital or operating), prepare the necessary multiple-part journal
	entry for 2014 for ABC Corporation. (Hints: You will need to compute the present value of the minimum lease payments and 4 separate sub-entries for
	this lease transaction. Also, for Statement of Cash Flow purposes, the principal portion of lease payments are correctly categorized as a financing activity.)


15	ABC Corporation provides a defined benefit pension plan for its employees. A combination adjusting entry should be made to correctly account for this type of pension
	plan given the following items of information for the 2014 plan year, including the recording of pension expense and the employer's contribution to the pension plan in 2014.
	Note: Use the summary entry method as demonstrated and discussed in the chapter lectures on pension accounting to prepare the adjusting entry.

	Pension asset/liability (January 1)			$0
	Actual return on plan assets			$40,000
	Expected return on plan assets			$20,000
	Contributions (funding) in 2014			$37,000
	Fair value of plan assets (December 31)			$75,000
	Settlement rate			10%
	Projected benefit obligation (January 1)			$0
	Service cost			$60,000
	Benefits paid in 2014			$0
	*For purposes of financial statement presentation, consider Pension Expense as an operating item and any resulting Pension Asset/Liability as long-term in nature.

16	On December 31, 2014, ABC Corporation issued 1,000 shares of restricted stock to its Chief Financial Officer. ABC stock had a fair value (closing market price) of
	$10 per share on December 31, 2014. Additional information is as follows:
		a. The service period related to the restricted stock is 2 years.
		b. Vesting occurs if the CFO stays with the company for a two-year period.
		c. The par value of the common stock is $3 per share.
	Make the appropriate accounting entry as of the grant date, 12/31/14. Note: use the alternative method as described in your textbook for deferred compensation.

	Do this step after preparing the Income Statement except for the Income taxes line: (You need to calculate Income Before Income Taxes in order to calcualte total Income Tax Expense)
17	Corporate taxes are due in four estimated quarterly payments on April 15, June 15, September 15, and December 15.
	However, for the purposes of this ABC illustration, we will assume that estimates are not paid, and that the tax is paid in full
	on the return's March 15, 2015 due date.
	ABC's income tax rate is 40%. The entire year's income tax expense was estimated at the beginning of 2014 to be $69,600,
	so January through November income tax expense recognized amounts to $63,800 (11/12 months).
	Since we are assuming estimates are not made during the year, the balance in Income taxes payable represents
	tax accrued for January through November. Assume no deferred tax assets or deferred tax liabilities.
	Based on the income before income taxes figure from the income statement, record December's income tax expense
	so that the entire year's total tax expense is correct.

Weekly leaderboard

Home

Homework Help 3,900,000

Accounting 580,000