How to calculate salaries payable

Q: What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

A: A SIMPLE IRA (Savings Incentive Match Plan for Workers) plan enables employees as well as employers…

Q: Rent paid in advance will be deducted from:

A: Solution: Rent paid in advance is prepaid rent  for which expense will be recognized in future when…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: a) Write a function that transforms the old annual salary, S, into the new annual salary, N. b) Does…

A: Suppose the old salary be x dollars Since each employee is given a 6% cost of living and $2000…

Q: Why

A:

Q: How do I determine net income

A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: Define Employee discounts.

A: Discount:   It is a portion of money that is deducted from the selling price of a product or a…

Q: Determine if asset, liability, cash inflow or outflow: *weekly paycheck *alimony from your ex

A: Solution:- Asset means something that an individual owns and holds and also gets benefit from it in…

Q: how do you calculate the net income

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What is accrued expenses

A: Accrued expenses means the expense which has been due but not paid.

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: Which of the following a. payroll, taxes, and insurance b. depreciation, rent and utilities C.…

A: Revenue are the proceeds of goods and services it includes sales , interest earned, service revenue…

Q: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

Q: Calculate the EBIT. EBIT Calculate the net income. Net income

A: EBIT:  Earnings before interest and taxes show the indication of the profitability for the…

Q: Calculate Pete's deduction for home office expenses before the gross income limitation. Rent…

A: Total amount of space of his apartment = 1,200 square feet space devoted to business use is = 300…

Q: How to compute the amount of net income or net loss

A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…

Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…

Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…

A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: Explain how to determine pension expense.

A:

Q: Deferred expenses should be reported as O Expenses on the income statement O Income on the income…

A: Deferred expenses : It refers to the cost incurred but this is recorded as expenses on a future…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: Record the emplovee salary expense, withholdings, and salaries pavable.

A: Particulars…

Q: Net income calculated

A: Net income represents the income eared by the company that is presented in the income statement.

Q: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…

A: Lets understand all the accounting principal given in the option. As per the accounting entity…

Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

Q: How to set up Salaries & Wages payable, Rent revenue, Insurance Expense, Depreciation expense…

A: Journal entry - It is record of each business transaction in day to day life for a particular period…

Q: 28. Which of the following is a permanent account? A) Wages Expense B) Salaries Payable C) Service…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

Q: Define Prepaid expenses.

A:

Q: What is the current year's accounts payable balance

A: Accounts payable are those people to whom company owed money. They are recorded as current liability…

Q: QUESTION 1  Explain the following terms. Include the definition, how they are calculated, treated in…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Fill in the blank Add up all Earned Income from all and _ "Wages, salaries, tips, etc.". Input all…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

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.