ACCT 222 Problems Excel Template 3, Fall 2014

Name: Section: When calculations are correct the cell will change to green. Exercise 3-3 a. Day Monday Tuesday Wednesday Thursday Friday Total b. Debit Credit Work in Process Factory Overhead Payroll Hours Worked Pieces Finished Earnings @ $25/hr. Earnings @ $.50/piece Make-Up Guarantee Payroll Earnings Name: Section: When calculations are correct the cell will change to green. Exercise 3-4 a. Day Monday Tuesday Wednesday Thursday Friday Total b. Debit Credit Work in Process Factory Overhead Payroll Hours Worked Pieces Finished Earnings @ $20/hr. Earnings @ $.5333/pc. Make-Up Guarantee Payroll Earnings Name: Section: When calculations are correct the cell will change to green. Exercise 3-5 a. b. Overtime Premium Overtime Premium Charged to Charged to Job 402 Factory Overhead Job 401 Job 402 Job 401 Job 402 Direct materials $ $ $ $ Direct labor Factory overhead Total cost $ $ $ $ Name: Section: When amount, totals and net earnings calculations are correct the cell will change to green. Exercise 3-12 a. Employee Regular Earnings Overtime Premium FICA Hours Rate Amount Hours Rate Amount 8% Holloway, T Jackson, D. McLean, J Lyons, M Taylor, A b. GENERAL JOURNAL Account Title Debit Credit 1. Payroll FICA Tax Payable Employee Income Tax Payable FUTA rate Wages Payable SUTA rate FIT rate 2. Wages Payable Cash 3. Work in Process Factory Overhead Payroll 4. Factory Overhead FICA Payable Federal Unemployment Tax Payable Total Earnings Income Tax State Unemployment Tax Payable 0.01 0.04 0.15 Net Earnings Name: Section: When totals, regular earnings and net pay calculations are correct the cell will change to green. Exercise 3-13 a. Employee Hours Pieces Rate Regular Overtime Total FICA Income Earnings Premium Earnings 8% Tax Withheld Manressa, C. Dorr, M. Ginty, D. Norris, D. Rancifer, K. Greer, B. Holbert, R. b. GENERAL JOURNAL Account Title Debit Credit 1. Payroll FICA Tax Payable Employee Income Tax Payable Wages Payable 2. Wages Payable Cash 3. Work in Process Factory Overhead Payroll 4. Factory Overhead Classifi- cation FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable RATES FUTA 0.01 SUTA 0.04 Net Earnings Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-2 1. LABOR -TIME RECORD Record No: LTR 999 Employee Name: Ruby Barr Employee No: 036-47-2189 Employee Classification: Grade 1 Machinist Hourly Rate: $20 Job No. Su M Tu. W Th. F Sa. Total 007 2525 Maintenance Total Supervisor: Aaron Wolfe Date: June 29, 2013 2. Direct labor cost: Job No. Hours Rate Total 007 2525 Indirect labor cost: Hours Rate Total Maintenance Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-3 1. LABOR -TIME RECORD Record No: LTR 777 Employee Name: Andy Hardy Employee No: 063-74-8921 Employee Classification: Grade 2 Machinist Hourly Rate: $18 Job No. Su M Tu. W Th. F Sa. Total AX20 AX25 Maintenance Total Supervisor: Ann Smithers Date: June 15, 2013 2. Direct labor cost: Job No. Hours Rate Total AX20 AX25 Indirect labor cost: Hours Rate Total Maintenance Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-5 1. Total Unemployment Taxes Classification Earnings FICA Federal State of for Tax Tax Tax Wages and Salaries Month 8% 1% 4% Direct labor Indirect labor Total taxes on factory wages Administrative salaries Sales salaries Total payroll taxes 2. GENERAL JOURNAL Account Title Debit Factory Overhead Payroll Taxes Expense - Administrative Salaries Payroll Taxes Expense - Sales Salaries FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Total Payroll Taxes Imposed on Employer Credit Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-6 1. Employee M T W T F Total Gonzalez Pujols Howard Total 2. GENERAL JOURNAL Account Title Debit Credit a. Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable b. Wages Payable Cash c. Factory Overhead FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable RATES FIT 0.10 FICA 0.08 FUTA 0.01 SUTA 0.04 Name: Section: When calculations for totals and net earnings are correct the cell will change to green. Problem 3-8 1. Total Earnings per Week Earnings FICA Income Overtime Through Taxable Tax Net Employee Regular Premium Total 40th Week Earnings FICA Withheld Earnings Allen Devine Fiorelli O’Clock O’Reilly Pawlukiewicz Surdick Trebbi Webb 2. GENERAL JOURNAL Account Title Debit Credit a. Payroll FICA Tax Payable Employees Income Tax Payable Wages Payable b. Wages Payable Cash c. Work in Process Factory Overhead Name: Section: When calculations for totals and net earnings are correct the cell will change to green. Problem 3-8 Administrative Salaries Payroll d. Factory Overhead Payroll Taxes Expense - Administrative Salaries FICA Tax Payable SUTA Tax Payable FUTA Tax Payable 3. Factory Overhead Disability Insurance Expense - Admin. Salaries Disability Insurance Payable RATES FICA 0.08 FUTA 0.01 SUTA 0.04 Name: Section: When calculations for totals and net amount paid are correct the cell will change to green. Problem 3-9 EMPLOYEE EARNINGS RECORDS 1. Weekly Withholdings Weekly Accumulated Earnings Net Week Gross Gross Subject to FICA Income Amount Ending Earnings Earnings FICA Tax Tax Paid Hathaway 11/8 11/15 11/22 11/29 Kunis 11/8 11/15 11/22 11/29 Portman 11/8 11/15 11/22 11/29 Streep 11/8 11/15 11/22 11/29 Williams 11/8 11/15 11/22 11/29 2. PAYROLL RECORD Name: Section: When calculations for totals and net amount paid are correct the cell will change to green. Problem 3-9 Employee's Name Gross Withholdings FICA Income Week Ending 11/8: Hathaway Kunis Portman Streep Williams Week Ending 11/15: Hathaway Kunis Portman Streep Williams Week Ending 11/22: Hathaway Kunis Portman Streep Williams Week Ending 11/29: Hathaway Kunis Portman Streep Williams Net Amount Name: Section: When calculations for totals and net amount paid are correct the cell will change to green. Problem 3-9 Name: Section: When calculations for totals and net amount paid are correct the cell will change to green. Problem 3-9 3. Labor Cost Summary For the Month Ended November 30, 20-- Dr. Dr. Dr. Cr. Work In Process Factory Overhead Admin. Salaries Payroll Week Ending (Direct Labor) (Indirect Labor) (Office) (Total) 11/8 11/15 11/22 11/29 Totals 4. GENERAL JOURNAL Date Account Title Debit Credit Nov. 8 a. Payroll FICA Tax Payable Employees Income Tax Payable Wages Payable 8 b. Wages Payable Cash 15 a. Payroll FICA Tax Payable Employees Income Tax Payable Wages Payable 15 b. Wages Payable Cash 22 a. Payroll FICA Tax Payable Name: Section: When calculations for totals and net amount paid are correct the cell will change to green. Problem 3-9 Employees Income Tax Payable Wages Payable 22 b. Wages Payable Cash 29 a. Payroll FICA Tax Payable Employees Income Tax Payable Wages Payable 29 b. Wages Payable Cash 30 c. Work in Process Factory Overhead Administrative Salaries Payroll 30 d. Factory Overhead Payroll Taxes Expense - Administrative Salaries FICA Tax Payable FUTA Tax Payable SUTA Tax Payable RATES FICA 0.08 FUTA 0.01 SUTA 0.04 Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-10 1. Federal State FICA Unemploy- Unemploy- Total Taxable Tax ment Tax ment Tax Payroll Items Earnings 8% 1% 4% Taxes Factory wages Administrative salaries Sales salaries 2. GENERAL JOURNAL Date Account Title Debit Credit Jan. 7 Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable 7 Wages Payable Cash 14 Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable 14 Wages Payable Cash 15 Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable 15 Wages Payable Cash 21 Payroll Employees Income Tax Payable Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-10 FICA Tax Payable Wages Payable 21 Wages Payable Cash 28 Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable 28 Wages Payable Cash 31 Payroll Employees Income Tax Payable FICA Tax Payable Wages Payable 31 Wages Payable Cash 31 Work in Process Factory Overhead Administrative Salaries Sales Salaries Payroll 31 Factory Overhead Miscellaneous Administrative Expense Miscellaneous Selling Expense FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable 3. Wages earned and accrued as of January 31: Direct labor Indirect labor Name: Section: When calculations for totals are correct the cell will change to green. Problem 3-10 Total Less wages paid during month Accrued wages, January 31