S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly basis every other Friday.  Overtime pay, however, is paid in the next biweekly period.  S Corp. accrued salaries expenses only at its June 30 fiscal year.  Data relating to salaries earned in June 20x1 were as follows: Last payroll was paid on June 24, 20x1 for the two-week period June 24, 20x1 Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000. The recurring biweekly salaries total P 720,000 In the remaining workdays of June, overtime pay earned amounted to P 18,000. How much is Pink Corp.’s accrued salaries on June 30, 20x1? A. P 288,000   P 297,000             C.  P 351,000            D.  P 369,000

Q: On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

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

Q: During the first week of January, an employee works 48 hours. For this company, workers earn 150% of…

A:

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: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

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

Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

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: A company pays its employees $3,700 each Friday, which amounts to $740 per day for the five-day…

A: Salaries earned but unpaid = Number of working days worked * Rate per day Rate / amount per day = $…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: On January 15, the end of the first pay period of the year, North Company's employees earned $32,000…

A: Payroll: The act of paying workers of a firm is referred to as payroll. This process involves…

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

A: SOLUTION- PAYROLL REGISTER- IT IS A FORM THAT IS USED BY AN EMPLOYER TO GATHER INFORMATION ON…

Q: On January 15, the end of the first biweekly pay period of the year, North Company's payroll…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: n the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A:

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: 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: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

A: Company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the…

Q: A company pays its employees $2,100 each Friday, which amounts to $420 per day for the five-day…

A: Company pay it employees $2,100 on each Friday Per day pay =$ 420 per day for five days  Required…

Q: During the month of March, Preston Company's employees earned wages of $90,000. Withholdings related…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: akarot Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Payroll taxes:   Payroll taxes are taxes imposed on employers or employees, and are usually…

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

A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…

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: Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and…

A: Pass necessary journal entries.

Q: Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week.…

A: Journal Entry:   It is a systematic record of a financial transaction of an organization recorded in…

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

A: Payroll entry means entry used to record expenses on salaries and wages to be paid to employees…

Q: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Sheffield Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A:

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: Thomas Longbow is the only employee of Presido, Incorporated During the first week of January,…

A: Amount of Employee Payroll Check= Income Earned  - Federal and State withholding tax  - FICA…

Q: In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed,…

A: SOLUTION- NOTE- 1-FICA TAX PAYABLE -OASDI RATE IS 6.2% OF WAGES AND SALARIES PAID 2-FICA TAX…

Q: An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of…

A: The entire amount of fixed earnings earned during a specific time period is referred to as a…

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: The Jayco company has a weekly payroll of $150,000 and its last payroll processed before the end of…

A: Accrued Expenses: There are the expenses which are incurred but not paid Eg: Accrued Interest As per…

Q: On January 15, the end of the first biweekly pay period of the year, North Company;s payroll…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

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: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Employee's Payroll: It is the amount for which an employee contributes or works for a company.…

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: Ehrlich Co. began business on January 2. Salaries were paid toemployees on the last day of each…

A: The payroll register is the employee register kept by the human resource department to record the…

Q: Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to…

A: In the given question it is assumed that salary is paid weekly to the employees At the end of the…

Q: During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings…

A: Given that total employees earned wages is $ 79920 Salaries and wages payable = Total employee…

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: Prepare the journal entry to record the January 31 payroll expense and salaries. The employer…

A:

Q: Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day…

A: Introduction: Salary is a regular payment made by an employer to an employee based on the work and…

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: Sheffield Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A: In the given question, we are provided with the data of four employees. On that basis, we need to…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

Q: Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A: Working: