Hot dawgs inc has 3 managers that work in shifts throughout

Assignment Help Accounting Basics

Reference no: EM13598970

Hot Dawgs! Inc. has 3 managers that work in shifts throughout the day and night. The company also employs 4 cooks and 2 waitresses per shift. There are 3 shifts: morning, afternoon, and evening. The managers are paid an annual salary with a 2% bonus every December. The managers also have 20 hours of paid vacation time that they are allotted every year. The 4 cooks are paid hourly and can only work 1 shift per day. The waitstaff is also paid at an hourly rate as well, and the servers can keep all of their tips. Hot Dawgs! Inc utilizes the matching principle of accounting to determine its payroll and has determined that the management bonuses should be reported on the balance sheet as an asset for the company. The owners will also include the tips in the income statement as retained earnings when calculated the revenue for the period. Identify the problem with Hot Dawgs! Inc. payroll accounting, and in 1 paragraph recommend a solution.

Reference no: EM13598970

Questions Cloud

Determine the amount of interest to be capitalized in 2012 : on december 31 2011 hurston inc. borrowed 3000000 at 12 payable annually to finance the construction of a new building.

In which financial statement would the ending inventory : 1. in which financial statement would the ending inventory balance of the business be listed?2. if costs are declining

Te selling price of the companys product is 1800 per unit : complete the following three exercises and submit to your instructor. be sure to show your work for calculations to

Setting materials labors and overhead standards is : setting materials labors and overhead standards is challenging. if standards are set too low companions might purchase

Hot dawgs inc has 3 managers that work in shifts throughout : hot dawgs inc. has 3 managers that work in shifts throughout the day and night. the company also employs 4 cooks and 2

National chocolate corp produces chocolate bars and snacks : national chocolate corp. produces chocolate bars and snacks under the brand names blast and soothe. a press release

The stockholders equity section on the december 31 2009 : the stockholders equity section on the december 31 2009 balance sheet of chemfast corpo-ration reported the following

Hanson company is constructing a building construction : hanson company is constructing a building. construction began on february 1 and was completed on december 31.

Department s had no work in process at the beginning of the : department s had no work in process at the beginning of the period. 12000 units of direct materials were added during

User Account

All Pages