14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT accrued salaries expense only at its June 30 year-end. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? a. ₱ 225,000b. ₱ 267,000c. ₱ 492,000d. ₱ 450,000 Data relating to salaries incurred in June 2021 are as follows:• Last payroll was paid on June 25, 2021, for the two-week period ended June 25, 2021.Overtime pay earned by the employees in the two-week period ended June 25, 2021 wasP42,000.Remaining work days in 2021 were June 28, 29 and 30, on which there was no overtime.The recurring bi-weekly salaries total P750,000.

14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT accrued salaries expense only at its June 30 year-end. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? a. ₱ 225,000 b. ₱ 267,000 c. ₱ 492,000 d. ₱ 450,000

14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT accrued salaries expense only at its June 30 year-end. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? a. ₱ 225,000 b. ₱ 267,000 c. ₱ 492,000 d. ₱ 450,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 5RE

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The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.