15. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings Deductions: P8,500,000 SSS Contribution 425,000 85,000 85,000 2,125,000 Philhealth Pag-ibig Witholding taxes Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account
Q: Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the…
A: The formulation:
Q: 14-8. Wall Services computed pretax financial income of P2,200,000 for its first year of operations…
A: Answer - Part 1 - Schedule of reversal of the temporary differences - Year Working Temp…
Q: 14. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll Employee's…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: 15. The following are data available for the month of September 2021 of Saint James Corp. Gross…
A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…
Q: Ethel Corp. Has the following data for the month of March 2021: Gross Payroll…
A: The question is based on the concept of Payroll accounting. As per the Bartleby guidelines we are…
Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: A company makes the following journal entry for 2021: Dr. Income Tax Expense…
A: Income tax expense = Income tax payable + Deferred tax liability created during the year - Deferred…
Q: Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September…
A: Pay As You Go (PAYG) Instalment is an amount of money placed in reserve to cover the tax liability…
Q: The following are data available for the month of September 2021 of Saint James Corp.…
A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…
Q: 19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…
A: Answer a
Q: Wise AG began operations at the beginning of 2019. The following information pertains to this…
A: SOLUTION A- Income as per financial statements 100,000 Warrenty…
Q: The following are the carrying amounts and tax bases for assets and liabilities of MNQ Company as…
A: Taxable income: Taxable income is the amount applied for computing tax liability for the tax payers…
Q: Has Tollowing data for the onth of Ma Gross Payroll Employee's deductions: sss Contribution…
A: In the given question we are given the data of the JYD corporation for the month of March 2021. We…
Q: 6. Journalize the payroll entries from the following information: Salaries $120,000; Income Tax…
A: In the given question we are required to journalize the given transaction. The journal entry for the…
Q: What is the effective income tax rate for 2021?
A: Effective Tax Rate can be defined as the average rate at which tax is paid by the individual or a…
Q: 14. Owl Corp. has the following data for the month of March 2021: P2,000,000 Gross Payroll…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of…
A: Solution: Taxable income = Pretax income - Excess of rent revenue as per books over tax - Excess of…
Q: Required information IThe following information applies to the questions displayed below] The…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Jones Corporation pays its employees monthly. The following information is available for the January…
A: Given the following information: Gross wages: $70,000 FICA rate: 8% Unemployment taxesFederal:…
Q: Lee Company has the following information for the pay period of December 15–31: Gross payroll…
A: Option “c” is the correct option.
Q: Rent income received in advance 150,000 Interest income on time deposit 200,000 Depreciation…
A: 1. Statement of computation of Taxable income: Particulars Amount(P) Income before provision…
Q: 1. ALR Inc pays a weekly payroll of $255,000 that includes federal taxes withheld of $38,100, FICA…
A: Weekly Payroll: Employees with variable work schedules and those who work overtime will benefit from…
Q: P10-3A Recording Payroll and Payroll Taxes Beaumon Corporation had the following payroll for…
A: 2. Prepare the journal entry to record the payment of net payroll:
Q: he books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,…
A: 1. Liability: it is the obligation of employer which is payable in near future.. 2. Income tax…
Q: For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following…
A: a.
Q: Total payroll of Future First Bhd was RM920,000. Income taxes (PCB) withheld were RM225,000 and…
A: definition of wagesWages are usually linked to employee compensation multiplied by an hourly rate…
Q: soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and…
A: The question is based on the concept of Financial Accounting.
Q: 14. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000…
A: Accrued payroll of the business means payroll costs after deducting the employee's payroll…
Q: Aloha Company provided the following information on December 31, 2020:…
A: Introduction As per relevant standard 'Income Taxes' If there is any difference in the tax base and…
Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…
A: Income tax for the year = $ 140,000 1) Calculation of Income tax payment per quarter…
Q: 1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income…
A: The payroll tax liability is the total amount of the tax that is company liable for before any…
Q: Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the…
A: Net Pay = Gross Pay - Mandatory Deductions Mandatory Deductions = Income Tax + SSS + Philhealth +…
Q: 11. Ace Company had a pretax accounting income of P5,000,000 for its first year of operations. The…
A: Taxable income is the one which is computed after deducting all the expenses from the revenue and…
Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…
A: Payroll tax is defined as the percentage that is withheld from the pay of the employee through…
Q: The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,…
A: • Accrued salaries and wages (payable on January 5, 2021)- P660,000
Q: According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social…
A: Your journal entries may not be seen if you use accounting software or outsource your accounting,…
Q: Bart Consulting Firm has the following payroll information for the week ended March 20th: Name…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: 3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the…
A: Payroll It is important to maintain the payroll process by the management which is distributed to…
Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…
A: Let's understand some basics Tax is a compulsory contribution to state revenue, levied by the…
Q: Total payroll of Future First Bhd was RM920,000. Income taxes (PCB) withheld were RM225,000 and…
A: Account Title and Explanation Wages and Salaries Expense Dr. Income Taxes Withheld Cr.…
Q: A company makes the following journal entry for 2021: Dr. Income Tax Expense…
A: The journal entries are prepared to keep the record of day to day transactions.
Q: 4. The following are data available for the month of September 2021 of Saint James Corp. Gross…
A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…
Q: [The folowng information applies to the questions displayed below The foilowing summary data for the…
A: Assets=Liabilities+Stockholders' Equity
Step by step
Solved in 2 steps
- Employees’ earnings and taxesA weekly payroll summary made from labor time records showsthe following data for Pima Company:HourlyRateHoursEmployee Classification Regular OvertimeTu, H. Direct $12 40 2Dante, J. Direct 12 40 3Jamal, M. Direct 15 40 4Marcus, L. Indirect 9 40Alexander, T. Indirect 18 40Overtime is payable at one-and-a-half times the regular rate of payand is distributed to all jobs worked on during the period.a. Determine the net pay of each employee. The income taxes withheldfor each employee amount to 15% of the gross wages.b. Prepare journal entries for the following:1. Recording the payroll.2. Paying the payroll.3. Distributing the payroll. (Assume that the overtime premiumwill be charged to all jobs worked on during the period.)4. The employer’s payroll taxes. (Assume that none of theemployees has achieved the maximum wage bases for FICAand unemployment taxes.)The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account4. The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution Pbilbealth Pag-ibig Witholding taxes 425,000 85,000 85.000 2,125,000 Determine the following: A. Accrued payroll B. Amount charged to Worked in Process account
- E3-12 Employees' earnings and taxes.A weekly payroll summary made from labor time records shows the following data for Pima Company: Hours Employee Classification Hourly Rate Regular Overtime Tu, H. Direct $12 40 2 Dante, J. Direct 12 40 3 Jamal, M. Direct 15 40 4 Marcus, L. Indirect 9 40 Alexander, T. Indirect 18 40 Overtime is payable at one-and-a-half times the regular rate of and is distributed to all jobs worked on during the period. A. Determine the net pay of each employee. The income taxes with- held for each employee amount to 15% of the gross wages. B. Prepare journal entries for the following: 1. Recording the payroll. 2. Paying the…Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked Employee M Tu W Th F S HourlyRate CPPDeduction Income TaxWithheld HealthInsurance A. Kassam 12 7 8 7 7 5 $16 $35.48 $93.70 $8 H. Faas 9 9 8 8 8 6 11 24.98 72.15 15 G. Labute 12 9 6 10 10 0 16 36.66 108.65 12 Employees are paid 1.5 times the regular hourly rate for all hours worked over 40 hours per week. Carla Vista Company must make payments to the workers’ compensation plan equal to 2% of the gross payroll. In addition, Carla Vista matches the employees’ health insurance contributions and accrues vacation pay at a rate of 4%. Prepare the payroll register for the weekly payroll. Calculate each employee’s EI deduction at a rate of 1.66% of gross pay Record the payroll and Carla Vista Company’s employee benefitsAccounting for Labor If emplovees work on a five day work week and are paid every Friday ot week, Using the calendar year method of accounting, determine the of the Pag-ibig Contribution Withholding taxes 30,000 500,000 on Wednesday. a. P16,200 b. Р27,000 The employers' taxes are as follows: Sss Contribution Philhealth Contribution Pag-ibig Contribution c. P10,800 d. P5,400 200,000 30,000 30,000 The total weekly payroll charged to work in process account is: a. P5,100 b. P8,500 c. P16,000 d. P9,600 Total accrued payroll charged to expense account is: a. P8,100 b. P11,000 c. P6,600 d. P18,500 Comead 25% to administrative and 5% to selling expenses. Compute the total amount of payroll to be charged to work in pre It is the total amount earned by the worker a. Net pay b. Gross pay c. Gross earnings less deductions d. Bonus pay 41. account a. P5,000,000 b. P2,500,000 c. P3,500,000 d. P4,340,000 How much is the total factory overhead control account? a. P2,560,000 b. P1,500,000 c.…
- McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 550,000 50,875 39,325 3,825 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes.2. Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour A. Kubel Laborer 45 50 B. Aileen Office Secretary 46 45 C. Jose Laborer 50 52 D. Jay Factory Supervisor 55 48 E. Richmond Sales agent 52 60 F. Edward Laborer 48 45 The following are to be deducted to the gross earnings of employees: Witholding taxes 5% ssS contributions 3% Pbilhsalth Pag-ibig 1% 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 -----. hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distribution3. Richard Corp has the following data for the third week of December: Employee Name Worked Classification Hours Rate per hour A. Kuhol Laborer 45 50 B. Aileen Office Secretary 46 45 C. Jose Laborer 50 52 D. Jay Factory Supervisor 55 48 E. Richmond Sales agent 52 60 F. Edward Laborer 48 45 The following are to be deducted to the gross earnings of employees: Witholding taxes SSS contributions 5% 3% Philhealth 1% Pag-ibig 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. How much is the gross payroll?
- McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned$520,000 Employee income taxes withheld 48,100 FICA taxes withheld 37,180 Unemployment taxes 3,615 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer’s FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?The information for Perseus Company, shown in the following chart, is available from Perseus’s time records and the employees’ individual earnings records for the pay period that ended on December 22. Name HoursWorked Earnings at Endof Previous Week TotalEarnings Class FederalIncome Tax OtherDeductions Beals, C. 44 62,240.00 1,650.00 Sales 193.37 UW 25 Hines, V. 40 120,540.00 2,841.00 Sales 445.03 AR 95 Gore, L. 40 72,000.00 1,872.00 Sales 182.90 UW 25 Moreland, J. 46 34,090.00 1,040.00 Office 46.00 UW 35 Lindel, K. 43 43,450.00 2,010.00 Office 58.00 AR 75 Nordello, Y. 42 46,000.00 2,200.00 Office 67.00 UW 25 Regan, W. 43 52,640.00 1,120.00 Office 65.00 AR 25 Troutman, D. 40 64,000.00 1,310.00 Sales 90.00 UW 20 Additional Information: Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the…