Entity A pays salaries on a bi-monthly basis. Entity A has 10 employees, each earning ₱20,000 per month. During the month of April 20x1, none of the employees were absent, late or have rendered overtime service. Which of the following is correct regarding the timing of recognition and the amount of salaries expense recognized on the first payday in the month of April 20x1?

Q: Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross…

A: Gross Pay: Gross pay is the amount an employee receives for their work that has not had any…

Q: An employee is paid every two weeks. She worked the last week of December and the first week of…

A: The cash basis of accounting recognizes revenues when cash is received and recognizes expenses when…

Q: A company has four employees .The following Payroll information has been provided for the month of…

A: The income tax is the amount of tax payable on the taxable income by a  taxpayer. The taxable income…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A: Required journal entries:

Q: In 20-- the annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid…

A: FICA tax:   FICA tax refers to the Federal Insurance Contribution Act tax which is Country U law…

Q: Teal Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and…

A: Salaries and wages payable are recorded in the year in which it is accrued and not when it is paid…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A:

Q: Withdrawals's two employees are paid weekly. As of the end of the year, two days' salaries have…

A: Meaning of Accrued Salaries: Accrued salaries refers to the amount of liability remaining at the end…

Q: "Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for…

A: Journal entries are prepared to record the financial and non financial transaction of the business.

Q: ABC Co.’s salaried employees are paid twice a month. Information relating to salaries for the…

A: Introduction: Salaries payable is a current liability that contains the amounts owed to employees…

Q: Teal Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and…

A: Compensation Absence means = Absence for which employees will be paid.

Q: An entity has two office employees Ben and Dan who earn P250 and P400 per day, respectively. They…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Vladimir Marsh has been employed by the Ace Distributing Company for the past three years. During…

A: Solution and explanation

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: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: The company’s three employees earned a total of P3,000 per day. They are paid each Friday for a…

A: Accrued wages are paid in the next accounting year.

Q: Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other…

A: Salary means the award an employee gets from employer for working in its business enterprises. Any…

Q: X Company pays its employees twice a month, on the 15th and the 28th. On April 15, it paid employee…

A: SOLUTION- Salary payable can be attributed to the type of payroll journal entry that shall be used…

Q: On January 1, 20x6, Bernie Bird Co. decided to grant its employees 10 vacation days and five sick…

A: The compensation absence expense would include the expense that was payable during current year but…

Q: Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees…

A: The employees are considered as the important resources for the company. The company's profit…

Q: Pablo Management has eight employees, each of whom earns $165 per day. They are paid on Fridays for…

A: Accrued wages is the amount of wages that have been accrued at the reporting date but has not been…

Q: On January 15, the end of the first pay period of the year, North Company's employees earned $28,000…

A: Formula: FICA Social Securities Taxes = Sales Salaries expense x FICA Social Securities Taxes rate…

Q: Employees   Total Monthly Payroll   OASDI Taxable Wages OASDI Tax HI Taxable Wages HI Tax Full-Time…

A: “Since you have asked multiple questions, we will solve the first table for you.  If you want a…

Q: The Del Pilar Enterprises pays its weekly salary of P50, 400 for a 6-day work ending on Saturday.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The Jamesway Corporation had the following situations on December 2021. On December 10, 2021,…

A: Adjusting entries are the entries recorded at the end of an accounting year to record any expenses…

Q: Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for…

A:

Q: a Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that…

A: The practice of recording commercial transactions for the first time in the books of accounts is…

Q: Encore Records has two employees who are paid on the 1st and 15th of each month for the work they…

A: Basic data table: Gross Pay $1,000 Withold tax 10% CPP contribution 5.10% El contribution…

Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

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: On January 15, the end of the first pay period of the year, North Company’s employees earned $35,000…

A:

Q: corporation pays all salaried employees on a bi-weekly period (twice a month). V accrued salaries…

A: The accrued salaries are the salaries due to be paid but not paid yet.

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day.…

A: Salaries for 5 days = $30,000 Accrued salaries for tuesday (i.e. for 2 days) = $30,000 *2 days / 5…

Q: ABC Company determined that it has an obligation relating to employees' rights to re salaries for…

A: Compensated absences are the absences for whih employees are being paid even though employees are on…

Q: You are the business owner of Entity A. You have 10 employees, each earning P20,000 per month. You…

A: Salaries are part of “expense” in the income statement. It is an indirect expense that reduces the…

Q: Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for…

A: To keep track of financial transactions, journal entries are used. You enter transaction details…

Q: An employee earns $1,500 a week and the deductions from that amount for her contributions to EI,…

A: Solution:- Calculation of the company record as salary expense for that week as follows:-…

Q: Pablo Management has two employees, each of whom earns $230 per day. They are paid on Fridays for…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Dana Co.'s officers' compensation expense account had a balance of $224,000 at December 31, 20X4…

A: Income statement shows whether a company is making profit or loss for a particular time period.

Q: During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s…

A: Solution:- Introduction:- The following basic information as follows:- Employee earned $5,000 of…

Q: se only at its December 31 year-end. Data relating to salaries earned on December 2021 are as…

A: Accrued Salaries: Accrued salaries are a balance-sheet item that shows a current liability. These…

Q: Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8.…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Q: Entity A has 20 employees who are each entitled to one day paid vacation leave for each month of…

A: Vacation leave can be either paid or unpaid. If these vacation leave or other kind of leave (such as…

Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…

A: A journal entry has been used to record a commercial transaction in the accounting records of a…

Q: For the current year ended December 31, a company has implemented an employee bonus program based on…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: ABC Company determined that it has an obligation relating to employees’ rights to receive salaries…

A: GIVEN   ABC Company determined that it has an obligation relating to employees’ rights to receive…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.