December: Salary paid to marketing department, ₱40,000 (10 employees) Wages paid to labor, ₱100,000 Insurance is fully paid by company, ₱10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of ₱1,500.   Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.

Q: Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day…

A: A journal entry is used in an accounting record for a business to describe a business transaction.…

Q: Swifty Company has the following data for the weekly payroll ending January 31.     Hours…

A: Gross pay is the measure of cash of the worker get before the tax and allowances . Net pay is the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…

Q: The names of the employees of Cox Security Systems and their regular salaries are shown in the…

A: Pay the Payroll for the Pay Period Ending December 26, for each employee.     Note: federal Income…

Q: the payroll manager for a particular company, your task is to complete the following weekly payroll…

A:

Q: P4-2 Hakone Company determined three-week paid vacation and 10 paid holidays. eamed by 80 direct…

A: Journal entries refer to the process of systematically documenting the financial transactions of a…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: Lucas Company employs 10 factory workers with wage rate of Php50 per hour under the 40-hour week…

A: Basic pay is php 50 per hour Overtime pay is 125℅ of basic pay = php 50 *125℅ =php 62.5 So overtime…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: The accrued wages are the wages that are due to be paid but not paid during the period.

Q: Mason Painting Services has a weekly payroll of $25,000. December 31 falls on Wednesday and Mason…

A: Payroll represents the wages paid to the employees of the company. It is posted as salaries expense.

Q: The payroll register for Gentry Company for the week ended December 17 indicated the following:…

A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: Payroll expense is the expense incurred by an employer for the employment given by him. It includes…

Q: 00             0.92                266.80     Manufacturing 264,000             2.20…

A: Great Manufacturing company         a. Record the estimated premium entry for the payment on…

Q: Jan 15. Paid the semi-monthly payroll, which totaled $8,000, to the firm's workers, all of which are…

A: Payroll:Payroll is the list of employees of the company that are entitled to receive pay and the…

Q: A manufacturing company's payroll register shows the following inofrmation for December: Salary…

A: Journal entries are prepared to record the day-to-day transactions of the business that are of…

Q: The following data for Throwback Industries Inc. relate to the payroll for the week ended December…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The following is a payroll register for Brown and Associates, for the week ended February 20:…

A: Given that: Salaries = $1,250,000 Social Security Tax Withheld  = $75,000 Medicare Tax Withheld  =…

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: Employees total earnings=$5,000 Federal Income tax Withheld=$1100 Social Security tax rate=6% =…

Q: As the payroll manager for a particular company, your task is to complete the following weekly…

A: The question is based on the concept of Business Finance.

Q: On July 31, the payroll register for Red Company showed the following totals for the month: gross…

A: Gross earnings=Sales salaries+Office salaries=$30,500+$8,450=$38,950

Q: The following data for Throwback Industries Inc. relate to the payroll for the week ended December…

A: Federal Income tax: Federal income tax is a tax on income and is imposed by the United State federal…

Q: Western Industries pays employees on a weekly basis on Tuesday for the week ended the previous…

A: Definition: Payroll tax: The costs incurred by an employer to pay the employee for his labor,…

Q: A business pays biweekly salaries of $20,000 every other Friday for a 10-day period ending on that…

A: Adjusting entry on december 31: Date Account Titles Debit Credit December 31 Salary Expense…

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Salaries are the fixed wages that employees receive. The expense represents the cost of non-hourly…

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: Hakone Company determined P 284,200 payroll for the week consisting of P 240,000 earned by 80 direct…

A: Journal entries refers to posting of the transaction into the books and it is very foremost and…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

Q: Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week…

A: A payroll register is a register in which all the data related to the individual working in the…

Q: On January 13, at the end of the second weekly pay period of the year, a company's payroll register…

A: Payroll includes all employee expenses and taxes and insurance related to employees

Q: Roppongi Company incurred payroll for the week ₱100,000, which consists of ₱70,000 earned by 20…

A: Introduction As per relevant standard payroll expense should include the bonus pay and the vacation…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Roppongi Company incurred payroll for the week of 100,000, which consists of 70,000 earned by 20…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: An entry in a payroll diary is a record of the salary that an employer gives to its employees.…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: Wages expense per day = Total wages for a week / No. of working day in a week Accrued expense at the…

Q: On July 31, the payroll register for Red Company showed the following totals for the month: gross…

A: Working Note: Sales Salaries Expense = Gross earnings - Office Salaries Expense = $38,950 - $8,450 =…

Q: schedule showing the employer’s total cost of salaries and wages for November by function.

A: The total cost of employer includes the amount of salary and wages paid to employee along with…

Q: Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From…

A: Accounting is the process of recording, classifying and summarising accounting transactions.…

Q: P4-3 Roppongi Company Incurred payroll for the week of P100,000, which consists of P70,000 Required:…

A: Financial accounting is a function of accounts and finance department of a firm. The department is…

Q: A company whose fiscal year ends December 31, has a weekly payroll of $100,000. Employees work 5…

A: Given: Wages expense for 5 days =$100000Payday = Every fridayFiscal year ends =December 31

Q: Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The…

A:

Q: The payroll register for Schmidt Company for the week ended April 29 indicated the following:…

A: Journal entries for recording the payroll and payroll tax for April 29.

Q: Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500.…

A: Salaries expenses include the following deduction = CPP Payable + EI payable  + income tax payable…

Q: Riverside Company completed the following two transactions. The annual accounting period…

A: Payroll expenses include wages paid to employees in an accounting period as well as various…

Q: Hakone Company determined ₱284,200 payroll for the week consisting ₱240,000 earned by 80 direct…

A: Payroll also refers to a company's list of employees and the amount of money owed to each of them.…

Q: also estimated that annual bonus of P432,000 will be paid at year end. All employees are Required:…

A: Journal- The business transactions events and recorded in a sequential order in the journal book is…

Q: P4-5 A manufacturing company's payroll register shows following informatlon for December: Salary…

A: Financial accounting involves the recording of transaction of a business in the books. The first…

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Types of Accounts: Assets accounts Liabilities accounts Capital account Revenue accounts Expenses…

Q: Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April.…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Sheffield Limited has the following information available for accruals for the year ended December…

A: A journal entry is the process of recording or maintaining track of any financial or non-financial…