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3 years ago

What is a payroll clerk

2 answers:

8 0

A Payroll Clerk collects timekeeping information of employees, manages benefit packages with payroll software and accurately calculates pay according to the hours worked. Payroll clerks manage any employee complaints and questions regarding payroll and investigate and resolve any errors in payroll in a timely manner.

Vlad1618 [11]3 years ago

4 0

Answer:

If you are studying to work in accounting and you are interested in working in payroll, it is time to learn just what a payroll clerk does. It is the payroll clerk’s job to collect time sheets, review timekeeping logs for accuracy, and issue paychecks and other disbursements to employees within an organization. In addition to basic job functions, clerks are accountable for processing various requests and processing various types of verifications. If you are looking for an entry-level role in accounting and this title interests you, read this job profile.

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Paul Company completed the salary and wage payroll for March 2011. The Payroll provided the following details:

Anastaziya [24]

Answer:

1. Journal Entry

Date Account Titles and Explanation Debit Credit

March Salary and Wage Expenses $200,000

2011 Liability for income tax withheld - $40,000

Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

Cash $144,000

(Payroll for February including employee deductions)

2. Journal Entry

Date Account Titles and Explanation Debit Credit

March Payroll tax expenses $15,000

2011 FICA taxes payable - Employer $15,000

(Employer Payroll taxes on February payroll)

3. Journal Entry

Date Account Titles and Explanation Debit Credit

March Liability for income tax withheld $40,000

2011 - Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

FICA taxes payable - Employers $15,000

Cash $71,000

(Remittance of payroll taxes and deduction for February payroll)

4 0

3 years ago

During FY 2016, Bravo Company sold 16,000 units for $84,000. Bravo had $2.75 variable costs per unit sold. Bravo also reported $

Scilla [17]

Answer:

1.- CM 13.25

2.- BEP units 2114 (round to the next higher whole number)

3.- BEP dollars $33,811.32 (nearest cent)

Explanation:

$Sales \: Revenue - Variable \: Cost = Contribution \: Margin$

16 - 2.75 = 13.25

$\frac{Fixed\:Cost}{Contribution \:Margin} = Break\: Even\: Point_{units}$

28,000/13.25 = 2113.2075

$\frac{Fixed\:Cost}{Contribution \:Margin \:Ratio} = Break\: Even\: Point_{dollars}$

$\frac{Contribution Margin}{Sales Revenue} = $Contribution Margin Ratio$

13.25/16 = 0.828125

28,000/0.828125 = 33811.32

8 0

4 years ago

The resources (like time and energy) that are used in making an exchange.

Brilliant_brown [7]

Answer:

Transaction Costs is the correct answer.

Explanation:

5 0

3 years ago

Assume a purely competitive increasing-cost industry is initially in long-run equilibrium and that an increase in consumer deman

salantis [7]

Answer:

The correct answer is option B.

Explanation:

An increasing-cost industry is that kind of industry where the cost of production increases as new firms enter the industry. It generally happens as the industry expands, the cost of inputs increases, because the input demand is increasing as well.

An increasing cost industry has an upward sloping long-run supply curve. So when the demand increases, the new demand curve will intersect the upward sloping demand curve at a higher point. This will cause both the product price as well as the output level to increase.

3 0

3 years ago

Trailers R Us Company, which uses an activitybased costing system, produces travel trailers and boat trailers. The company all

AleksAgata [21]

Answer:

Boat trailers= $96,200

Explanation:

Giving the following information:

Travel trailers Boat trailers:

Budgeted units to be produced 2,050 3,200

Budgeted number of setups 320 520 = 840

Total budgeted setup costs for the year are $155,400.

First, we need to calculate the predetermined activity rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Setup= 155,400/840= $185 per setup

Now, we can allocate costs to boat trailers:

Boat trailers= 185*520= $96,200

8 0

3 years ago

What is a payroll clerk​

What is a payroll clerk