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Problem - Ahmed's regular hourly wage is $20 an hour. He receives overtime pay at the rate of time and a half. Ahmed is paid every two weeks at a standard of 40 hours per week. For the first pay period in January, Ahmed worked 90 hours over the first two weeks. Ahmed's income tax withholding is 20% and his pension contribution is $100. Ahmed has authorized that $ 120 savings be withheld from his check each pay period for savings bonds.
Required -
1. Compute Ahmed's gross earnings and net pay for the pay period showing each payroll deduction in arriving at net pay.
2. Record all necessary transactions related to the liabilities and payments.
A home office ships inventory to its branch at a mark-up of 125% above cost. The required balance of the allowance for overvaluation account is P1,425,000.
You need not prepare an accounting equation worksheet. As transactions are recorded, be sure the financial statements are updated accordingly.
Find What is the initial recognition of the notes? The note has a face value of ?3,500,000. The effective rate applicable on the note is 12%.
Determine the company's predetermined overhead rate for year 2011. Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventory's direct materials costs.
Jasmine, age 48, contributed $5,000 to her traditional IRA. She is an active participant in a retirement plan at work. What is her IRA adjustment to income
the tobias company has 12 obsolete computers that are carried in inventory at a cost of 13200. if these computers are
Discuss the accounting principles that the identified company changed, and explain the major reasons why the company changed accounting principles.
Lexicon, Inc. had beginning inventory in March consisting of 15,000 units (60 percent converted) and ending inventory consisting of 20,000 units (40 percent converted). In addition, 45,000 units were started during the period. How many equivalent ..
Prepare the journal entry to record this transaction on January 2, 2017, Credit account titles are automatically indented when amount is entered
The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Record the journal entry to recognize the sale
Hart Company signed an agreement to operate as a franchisee of Ace Company for an initial franchise fee of P12,000,000. What is acquisition cost of franchise
Record the adjustment entries for depreciation and inventory. The physical checking shows that the value of the ending inventory is $3,000
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