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1. On the financial statements prepared at the end of its first year of operations and all liabilities the company must show an accurate picture of all expenses incurred. The last payday of the year was December 18. However, the payment to the employees on that day did not include the weeks ending December 1 and 26 and the four days (December 28-31) in the following weck. These earn- ings will be reflected in the January payrolls. Two-column journal paper is pro- vided for use in journalizing the following entry on the bottom of this page. Prepare the adjusting entry as of December 31 to record the salaries that have accrued but remain unpaid as of the end of the yeir When calculating the amount of the accrual for each hourly worker, assume each employee worked eight hours on each day during the period with no overtime (student works a 36-hour week-student worked 32 hours for the period December 28 through December 31). For each salaried worker, the accrual will amount to 14/10 of the worker's biweekly earnings, except for entries for the of a year Zimmerman who worked only 10 days. Each of the labor cost accounts should be debited for the appropriate amount of the accrual, and Salaries and Wages Payable should be credited for the total amount of the accrual. There is no liability for payroll taxes on the accrued salaries and wages until the workers are actually paid. Therefore, the company follows the practice of not accruing payroll taxes. Also, prepare the adjusting entry as of December 31 to record the accrued vacation pay as of the end of the year. Record the expense in a vacation benefits expense account, and credit the appropriate liability account. Use the journal paper provided below 2. As of December 31, the vacation time earned but not used by each employee is listed here. Ferguson.hree weeks two weeks lann... one week O'Neill... four weeks 80 hours Sokowski Student. 72 hours Woodsnone Young none Zimmerman.. none two weeks JOURNAL Page POST DESCRIPTION CREDIT 41 JOURNAL DATE POST DESCRIPTION 9 Payrol Cash 1 2 2 9 1 11 Office Salaries Sales Salaries Plant Wages 23 07 69 46 51 08 360 000 8 9 8 00I FICA Taxes Payable-OASDI FICA Taxes Payable-Hl Employees FIT Payable Employees SIT Payable 20.1 20.2 414 8 82 00 47 4 551 SUTA Payabie Employees CIT Payable 0 1 393 16 00 1 1229 1 11 5 Union Dues Payable Payroll Cash 9 Payroll Taxes 13 8161 FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable-Employer 20.1 20.2 21 95 8 132 18 12 19 176 26 21 GENERAL LEDGER ACCOUNT CASH ACCOUNT NO. 1 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT 9984 6 33 CREDIT oc1 Balanoe 9 J41 11212 9111 18 7 555 22 ACCOUNT PAYROLL CASH ACCOUNT NO. 12 ITEM POST DEBIT BALANCE CREDIT DEBIT CREDIT 2291 11 1229 1 11 ACCOUNT NO. 20.1 ACCOUNTFICA TAXES PAYABLE-OASD POST.DEBIT DATE ITEM CREDIT CREDIT REF JAI J41 DEBIT 95 8 33 958 32 9 5 8 33 91 6 65 Oct9 0 BALANCE DATE DEBIT DEBIT J41 14 22 4 14 J41 2 2 4 12 48 26 COUNT FUTA TAXES PAYABLE ACCOUNT NO. 21 POST DEBIT DATE ITEM CREDIT DEBIT t. 1 Balance 39 2 94 2 2 91 41 585 J41 UNT SUTA TAXES PAYABLE-EMPLOYER ACCOUNT No. 22 BALANCE |POST | REF TE ITEM DEBIT CREDIT CREDIT J41 17626 176 26 7-36 ACCOUNT EMPLOYEES FIT PAYABLE ACCOUNT NO 24 DATE ITEM CREDIT CREDIT Oct 341 8 2 00 8 B2 00 ACCOUNT EMPLOYEES SIT PAYABLE POST DEBIT REF CREDIT DEBIT CREDIT DATE ITEM 474 55 4 7 4 55 J41 Oct. 9 7-37 ACCOUNT EMPLOYEES SUTA PAYABLE ACCOUNT NO. 25.1 J41 9 25 9 25 ACCOUNT EMPLOYEES CIT PAYABLE ACCOUNT NO. 26 DATE DEBIT 41 601 39 0 1 39 ACCOUNT GROUP INSURANCE PREMIUMS COLLECTE POST. DEBIT ACCOUNT NO. 27 DATE ITEM CREDIT ACCOUNT UNION DUES PAYABLE ACCOUNT NO 28 POST. DEBIT REF BALANCE DATE ITEM CREDIT CREDIT J41 16 00 16 00 COUNT SIMPLE CONTRIBUTIONS PAYABLE ACCOUNT No 29 DATE ITEM POst ACCOUNT ADMINISTRATIVE SALARIES ACCOUNT NO 5 POST REF DATE ITEM DEBIT Oct1 Balance J41 2 3 0769 ACCOUNT NO. 52 ACCOUNT OFFICE SALARIES BALANCE Post REF DEBIT DEBIT ITEM DATE 28360 00 313:001:08 Oct. 1 Balance 4 6 5 1 08 J41 ACCOUNT SALES SALARIES ACCOUNT NO DEEIT DEBIT CREDIT 1 Balance 2852 5 00 341 321 2 5 00 ACCOUNT PLANT WAGES ACCOUNT NO. 5 DATE POSTDEBIT ITEM CREDIT DEBIT 4 2 6 5 7 30 475 5 5 30 414898 00 ACCOUNT PAYROLL TAXES ACCOUNT NO. 56 PoSTDEBIT REF DATE ITEM CREDIT DEBIT CREDIT TTT Oct. -1 1 Balance 1435 3 07 41-.-113/8/1161 1 5 73 4 68 Mixer Operator BONNO Victor HOURLY RATE 17.60 OVERTIME RATE DEDUCTIONS TE AMOUNT en 80 17 60 140 8 127 30 000-00 8645 FERGUSON WEEKLY RATE # IS00 231 2 5 00 14 3 3 75 33 5 31 229 1 231 2 5 00 22 5 0 o0 80 PA X000-00 4567 63 0 0 1220 PA 000-00-9352 MANN CUMULATIVE 314 80 7830 33200 109 B0 PA Office $47 30e/M QUARTER TOTAL Plant INSURANCE EARNING CUMULATIE 132 8 7 50 109 80 1800 14 4 PA Plant 1,025.00 WEEKLY RATE 166 5 0 00 20 5 0 00 The Stock Market Cra G Image result form culator Print Item ECEMBER 4 PAYROLL: (As you complete your work, answer the following questions for the December 3 and December 4 payroll.) What is the net pay for Joseph T. O'Neill? Feedback Y Check My Work Incorrect 1. On the financial statements prepared at the end of its first year of operations and all liabilities the company must show an accurate picture of all expenses incurred. The last payday of the year was December 18. However, the payment to the employees on that day did not include the weeks ending December 1 and 26 and the four days (December 28-31) in the following weck. These earn- ings will be reflected in the January payrolls. Two-column journal paper is pro- vided for use in journalizing the following entry on the bottom of this page. Prepare the adjusting entry as of December 31 to record the salaries that have accrued but remain unpaid as of the end of the yeir When calculating the amount of the accrual for each hourly worker, assume each employee worked eight hours on each day during the period with no overtime (student works a 36-hour week-student worked 32 hours for the period December 28 through December 31). For each salaried worker, the accrual will amount to 14/10 of the worker's biweekly earnings, except for entries for the of a year Zimmerman who worked only 10 days. Each of the labor cost accounts should be debited for the appropriate amount of the accrual, and Salaries and Wages Payable should be credited for the total amount of the accrual. There is no liability for payroll taxes on the accrued salaries and wages until the workers are actually paid. Therefore, the company follows the practice of not accruing payroll taxes. Also, prepare the adjusting entry as of December 31 to record the accrued vacation pay as of the end of the year. Record the expense in a vacation benefits expense account, and credit the appropriate liability account. Use the journal paper provided below 2. As of December 31, the vacation time earned but not used by each employee is listed here. Ferguson.hree weeks two weeks lann... one week O'Neill... four weeks 80 hours Sokowski Student. 72 hours Woodsnone Young none Zimmerman.. none two weeks JOURNAL Page POST DESCRIPTION CREDIT 41 JOURNAL DATE POST DESCRIPTION 9 Payrol Cash 1 2 2 9 1 11 Office Salaries Sales Salaries Plant Wages 23 07 69 46 51 08 360 000 8 9 8 00I FICA Taxes Payable-OASDI FICA Taxes Payable-Hl Employees FIT Payable Employees SIT Payable 20.1 20.2 414 8 82 00 47 4 551 SUTA Payabie Employees CIT Payable 0 1 393 16 00 1 1229 1 11 5 Union Dues Payable Payroll Cash 9 Payroll Taxes 13 8161 FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable-Employer 20.1 20.2 21 95 8 132 18 12 19 176 26 21 GENERAL LEDGER ACCOUNT CASH ACCOUNT NO. 1 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT 9984 6 33 CREDIT oc1 Balanoe 9 J41 11212 9111 18 7 555 22 ACCOUNT PAYROLL CASH ACCOUNT NO. 12 ITEM POST DEBIT BALANCE CREDIT DEBIT CREDIT 2291 11 1229 1 11 ACCOUNT NO. 20.1 ACCOUNTFICA TAXES PAYABLE-OASD POST.DEBIT DATE ITEM CREDIT CREDIT REF JAI J41 DEBIT 95 8 33 958 32 9 5 8 33 91 6 65 Oct9 0 BALANCE DATE DEBIT DEBIT J41 14 22 4 14 J41 2 2 4 12 48 26 COUNT FUTA TAXES PAYABLE ACCOUNT NO. 21 POST DEBIT DATE ITEM CREDIT DEBIT t. 1 Balance 39 2 94 2 2 91 41 585 J41 UNT SUTA TAXES PAYABLE-EMPLOYER ACCOUNT No. 22 BALANCE |POST | REF TE ITEM DEBIT CREDIT CREDIT J41 17626 176 26 7-36 ACCOUNT EMPLOYEES FIT PAYABLE ACCOUNT NO 24 DATE ITEM CREDIT CREDIT Oct 341 8 2 00 8 B2 00 ACCOUNT EMPLOYEES SIT PAYABLE POST DEBIT REF CREDIT DEBIT CREDIT DATE ITEM 474 55 4 7 4 55 J41 Oct. 9 7-37 ACCOUNT EMPLOYEES SUTA PAYABLE ACCOUNT NO. 25.1 J41 9 25 9 25 ACCOUNT EMPLOYEES CIT PAYABLE ACCOUNT NO. 26 DATE DEBIT 41 601 39 0 1 39 ACCOUNT GROUP INSURANCE PREMIUMS COLLECTE POST. DEBIT ACCOUNT NO. 27 DATE ITEM CREDIT ACCOUNT UNION DUES PAYABLE ACCOUNT NO 28 POST. DEBIT REF BALANCE DATE ITEM CREDIT CREDIT J41 16 00 16 00 COUNT SIMPLE CONTRIBUTIONS PAYABLE ACCOUNT No 29 DATE ITEM POst ACCOUNT ADMINISTRATIVE SALARIES ACCOUNT NO 5 POST REF DATE ITEM DEBIT Oct1 Balance J41 2 3 0769 ACCOUNT NO. 52 ACCOUNT OFFICE SALARIES BALANCE Post REF DEBIT DEBIT ITEM DATE 28360 00 313:001:08 Oct. 1 Balance 4 6 5 1 08 J41 ACCOUNT SALES SALARIES ACCOUNT NO DEEIT DEBIT CREDIT 1 Balance 2852 5 00 341 321 2 5 00 ACCOUNT PLANT WAGES ACCOUNT NO. 5 DATE POSTDEBIT ITEM CREDIT DEBIT 4 2 6 5 7 30 475 5 5 30 414898 00 ACCOUNT PAYROLL TAXES ACCOUNT NO. 56 PoSTDEBIT REF DATE ITEM CREDIT DEBIT CREDIT TTT Oct. -1 1 Balance 1435 3 07 41-.-113/8/1161 1 5 73 4 68 Mixer Operator BONNO Victor HOURLY RATE 17.60 OVERTIME RATE DEDUCTIONS TE AMOUNT en 80 17 60 140 8 127 30 000-00 8645 FERGUSON WEEKLY RATE # IS00 231 2 5 00 14 3 3 75 33 5 31 229 1 231 2 5 00 22 5 0 o0 80 PA X000-00 4567 63 0 0 1220 PA 000-00-9352 MANN CUMULATIVE 314 80 7830 33200 109 B0 PA Office $47 30e/M QUARTER TOTAL Plant INSURANCE EARNING CUMULATIE 132 8 7 50 109 80 1800 14 4 PA Plant 1,025.00 WEEKLY RATE 166 5 0 00 20 5 0 00 The Stock Market Cra G Image result form culator Print Item ECEMBER 4 PAYROLL: (As you complete your work, answer the following questions for the December 3 and December 4 payroll.) What is the net pay for Joseph T. O'Neill? Feedback Y Check My Work Incorrect