Outline the key steps taken in a basic technology payroll system when preparing the weekly payroll for a manufacturing firm
Personnel action and time and attendance information from the personnel and production departments respectively, initiate the payroll process.
The payroll department reconciles this information, calculates the payroll, and sends the paychecks to the paymaster for distribution to employees
Cost accounting receives information regarding the time spent on each job from production. This is used for posting to accounts in the WIP subsidiary ledger.
AP receives payroll summary information (payroll register) from the payroll department and authorizes the cash disbursements department to deposit a single check, in the amount of the total payroll, in a bank imprest account on which the payroll is drawn.
The general ledger department reconciles summary information from cost accounting and AP. GL accounts are updated to reflect these transactions.
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Wakefield Home is a private not-for-profit health care entity offering services for a fee. In the first quarter of 2017, Wakefield Home rendered services of $300,000 to patients. Of this amount, patients bear responsibility for 75% and the remaining amount is to be paid by third-party insurance providers. However, at the end of 2017, Wakefield Home realizes that $25,000 of the patients' responsibility to pay their share of the billed amounts is estimated to be uncollectible and $3,000 of the amounts from the third-party payors will not be collected.A local business donated medical supplies to Wakefield Home with a value of $40,000. Prepare the journal entry for the receipt of these supplies.
What will be an ideal response?
A "hit" is another term for what?
a. A pageview. b. A site visit. c. A purchase. d. A video view.
For a powerful negotiator, anger is helpful - it focuses their attention on what they want and leads them to be more assertive and to claim more value in a competitive negotiation.
Answer the following statement true (T) or false (F)
In a Chapter 11 bankruptcy, the creditors committee is usually composed of:
A) The three largest secured and three largest unsecured creditors. B) The seven largest unsecured creditors and all secured creditors. C) The seven largest unsecured creditors. D) All unsecured creditors and the three largest secured creditors.