Question 1

Features of a 401(k)plan include all of the following except:

Accepted Answer

A) Pension benefits are based on past earnings and length of service with the company. 
B) The employer may match a certain portion of the employee's investment. 
C) Taxes are deferred on wages invested in the plan. 
D) Investments may be made in company stock,mutual funds or other investment vehicles. 
A) Pension benefits are based on past earnings and length of service with the company. 
B) The employer may match a certain portion of the employee's investment. 
C) Taxes are deferred on wages invested in the plan. 
D) Investments may be made in company stock,mutual funds or other investment vehicles.

Question 2

The file for each factory employee that shows the time the employee spent on each job,as well as time spent as indirect labor is the:

Accepted Answer

A) labor time record. 
B) payroll record. 
C) employee's earnings record. 
D) labor cost summary. 
A) labor time record. 
B) payroll record. 
C) employee's earnings record. 
D) labor cost summary.

Question 3

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows:   How much was the make-up guarantee paid to Jim this week?

Accepted Answer

A) $10 
B) $5 
C) $15 
D) $12.50 
A) $10 
B) $5 
C) $15 
D) $12.50

Question 4

Which of the following is not true about the cost of a factory employee's pension plan?

Accepted Answer

A) It is incurred when paid to the employee during his/her retirement. 
B) It should be accrued systematically over the period of an employee's active service. 
C) In some cases,it may be partially offset by contributions made by employees. 
D) It may be charged to general and administrative expenses under the premise that the existence of a pension plan is beneficial to the company as a whole. 
A) It is incurred when paid to the employee during his/her retirement. 
B) It should be accrued systematically over the period of an employee's active service. 
C) In some cases,it may be partially offset by contributions made by employees. 
D) It may be charged to general and administrative expenses under the premise that the existence of a pension plan is beneficial to the company as a whole.

Question 5

An employee regularly earns $12 per hour for an 8-hour day with time-and-a-half for overtime hours.Assuming that the employee works a 12-hour day,the total amount of overtime premium is:

Accepted Answer

A) $72. 
B) $48. 
C) $24. 
D) $6. 
A) $72. 
B) $48. 
C) $24. 
D) $6.

Question 6

Becky Graham earns $15 per hour for up to 300 units of production per eight-hour day.If she produces more than 300 pieces per day,she will receive an additional piece rate of $.40 per unit.A summary of her work week follows:   (a)Determine Graham's earnings for each day and for the week.
(b)Prepare the journal entry to distribute the payroll for the week.

Accepted Answer

(a)Graham's earnings

Question 7

Payroll records for selected employees of Tomco Industries for the forty-sixth week of the year are as follows:   Employees are paid time-and-a-half for overtime.
Employer payroll tax rates are as follows:
FICA: 8% of first $100,000 of salary or wages
FUTA: 1% of first $8,000 of salary or wages
SUTA: 4% of first $8,000 of salary or wages
Calculate:
(a)Total gross payroll for the selected employees.
(b)Total employer payroll taxes for the selected employees.

Accepted Answer

(a) @#IMG-DLM& (b) @#IMG-DLM& Computations:
Shuey has alread

Question 8

The Wagner Company's Schedule of Earnings and Payroll Taxes for May is summarized as follows:   (a)Prepare the journal entry to distribute payroll under each of the following scenarios:
(1)Overtime resulted from priority scheduling of Job 3bX for which the company received a rush order.
(2)Overtime resulted from random scheduling of jobs.
(b)Prepare the journal entry to record and distribute the employer's payroll taxes.

Accepted Answer

(a) @#IMG-DLM& Since the overtime resulted from a

Question 9

Martin Printing pays employees on a weekly basis on Friday for the week ended the previous Friday.Employees' compensation is earned evenly each day over a 5-day work week.This year,March 31 fell on Tuesday.Payroll costs for the week ended April 3 follow:   Excluding payroll taxes,what amount should be accrued to the payroll account for the period ended April 30?

Accepted Answer

A) $51,360 
B) $76,440 
C) $191,100 
D) $114,660 
A) $51,360 
B) $76,440 
C) $191,100 
D) $114,660

Question 10

An analysis of total labor costs into work in process and factory overhead components is recorded on a(n):

Accepted Answer

A) Labor cost summary. 
B) Payroll record. 
C) Individual production report. 
D) Employee earnings record. 
A) Labor cost summary. 
B) Payroll record. 
C) Individual production report. 
D) Employee earnings record.

Question 11

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows:   What were Jim's total earnings this week?

Accepted Answer

A) $500 
B) $510 
C) $495 
D) $515 
A) $500 
B) $510 
C) $495 
D) $515

Question 12

Daktari Enterprises' Schedule of Earnings and Payroll Taxes for April is as follows:   Assuming overtime was the result of random scheduling of jobs,the entry to distribute payroll would include:

Accepted Answer

A) A debit to Payroll for $132,000. 
B) A credit to Wages Payable for $114,800. 
C) A debit to Factory Overhead for $35,000. 
D) A debit to Work in Process for $85,000 
A) A debit to Payroll for $132,000. 
B) A credit to Wages Payable for $114,800. 
C) A debit to Factory Overhead for $35,000. 
D) A debit to Work in Process for $85,000

Features of a 401(k)plan include all of the following except:

The file for each factory employee that shows the time the employee spent on each job,as well as time spent as indirect labor is the:

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows: How much was the make-up guarantee paid to Jim this week?

Which of the following is not true about the cost of a factory employee's pension plan?

An employee regularly earns $12 per hour for an 8-hour day with time-and-a-half for overtime hours.Assuming that the employee works a 12-hour day,the total amount of overtime premium is:

An analysis of total labor costs into work in process and factory overhead components is recorded on a(n):

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows: What were Jim's total earnings this week?

Daktari Enterprises' Schedule of Earnings and Payroll Taxes for April is as follows: Assuming overtime was the result of random scheduling of jobs,the entry to distribute payroll would include:

Introduction to Cost Accounting

Accounting for Materials

Accounting for Factory Overhead

Process Cost Accounting--General Procedures

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

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Exam 3: Accounting for Labor

Features of a 401(k)plan include all of the following except:

The file for each factory employee that shows the time the employee spent on each job,as well as time spent as indirect labor is the:

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows: How much was the make-up guarantee paid to Jim this week?

Which of the following is not true about the cost of a factory employee's pension plan?

An employee regularly earns $12 per hour for an 8-hour day with time-and-a-half for overtime hours.Assuming that the employee works a 12-hour day,the total amount of overtime premium is:

An analysis of total labor costs into work in process and factory overhead components is recorded on a(n):

Under a modified wage plan,Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units.However,he is guaranteed $12.50 per hour as a minimum wage.His production this week was as follows: What were Jim's total earnings this week?

Daktari Enterprises' Schedule of Earnings and Payroll Taxes for April is as follows: Assuming overtime was the result of random scheduling of jobs,the entry to distribute payroll would include:

Introduction to Cost Accounting

Accounting for Materials

Accounting for Factory Overhead

Process Cost Accounting--General Procedures

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

Filters