Paid Hi-Foam Products Company $16,826.24 in payment of December 31 balance.

3. Received a check from Calm Waters Board Corporation for the amount due within the discount period.

4. Paid Marine National Bank $45,733.48 for December payroll taxes payable as follows:

Employees' Income Tax Payable, $26,353.78; FICA Tax Payable $17,928.88; Federal Unemployment Tax , $812.44.

4. Paid $14,846.72 for Income Tax Payable.

4. Paid Coco PVC Company $21,428.00 in Payment of the December 31 balance.

4. Applied $7,248.00 of direct materials (1676) and $16,240.00 of direct labor (time ticket No. 258.) to Job No. 1403, which will complete the job. Use the simplified rates of 7.5% of gross pay fro employees FICA tax and 15% of gross pay for employees federal income tax. When preparing the entry for applying direct labor, debit Work in Process for the gross pay, and credit Employees Income Taxes Payable and FICA Tax Payable for the appropriate amounts and Salaries Payable for net pay .

Remember that employees are paid on the last day of each month.

Applied factory overhead to Job No. 1403 is based upon 125% of direct labor cost.

Jan. 4. Transferred the completed Job. 1403 to the appropriate customer. All sales are on account 1/10, net 30 days, FOB shipping point. Hydro Paddle Boards, Inc. marks up all work for by 40% of the job cost. Refer to the individual Job Order Cost Sheet for the total cost of the job and multiply the total cost by 140% to determine the selling price for each job.

Hydro Paddle Boards, Inc. maintains a perpetual inventory system. Each time a sale is made to a customer, you must debit Cost of Goods Sold and credit Finished Goods for the cost of the job.

8. Requisitioned $2,482.54 of indirect materials and factory supplies to eh used in the manufacture of all jobs currently in process. (Materials Requisition N. 1680).

9. Paid Anabella Henriquez County Tax Collector, $12,642.00 for property taxes accrued as of December 31.

9. Purchased from GT Matrix Corporation $4,468.52 of indirect factory supplies, credit terms net 15 days.

9. Accepted a job for the manufacture of 66 units B1 (Beginning SUP) paddle boards for Rio Watersports. The promise date is February 14. The company began the job today, applying $11,828.00 of direct materials to Job No. 1406. (Materials Requisition No. 1681.)

10. Received a check from Tarpon Sports Ltd. For the amount due within the discount period.

Jan. 11 Paid Light Hardware, Inc. $18,200.00 in payment of the December 31 balance.

11. Applied $2,654.28 of direct materials to Job No. 1402. (Materials Requisition No. 1682.)

12. Received a check from Go Paddle Sales Company for the amount due after the discount period has expired.

15. Applied $4,428.12 of direct materials to Job No. 1404. (Materials Requisition No. 1683).

16. Purchased $1, 006.00 of factory supplies from Keyz Supplies Inc. and paid cash.

16. Applied $6,434.00 of direct labor to Job No. 1405, which will complete the job. (Time Ticket No. 260).

Applied factory overhead using the appropriate rate.

Transferred the completed job to the finished goods account.

16. Sold one Standard C1 (Competition) custom stand up paddle (SUP) board to ta cash customer for $2,800.00. The Cost of the goods shipped from finished goods inventory was $2,000.00.