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Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. REQUIRED: 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May the

Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. REQUIRED: 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May the

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...
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Diamond and Company Limited sells hardware and sanitary products for a number of years. The company has 4 employees on their payroll and are paid every month. All the employees are paid a fixed amount of salary and are not entitled for any overtime. Below is the information on all the employees: Name of Employees 1. Adam Singh 2. Sheila Chang 3. David Chow 4. Nathan Patel Staff Number E120002 E130035 E291002 E234098 Salary per Year ($) 30,500 REQUIRED: 24,000 7,000 40,000 Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May, the payment of salaries to employees and employer liabilities for only this month.
Transcribed Image Text:Diamond and Company Limited sells hardware and sanitary products for a number of years. The company has 4 employees on their payroll and are paid every month. All the employees are paid a fixed amount of salary and are not entitled for any overtime. Below is the information on all the employees: Name of Employees 1. Adam Singh 2. Sheila Chang 3. David Chow 4. Nathan Patel Staff Number E120002 E130035 E291002 E234098 Salary per Year ($) 30,500 REQUIRED: 24,000 7,000 40,000 Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May, the payment of salaries to employees and employer liabilities for only this month.
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