The balance of Salaries Payable was increased by P80,000 at the end of the period. The cash account has been credit for the payment of miscellaneous accounts amounting to P1,480,000 which includes P350,000 salaries of employees during the period. The salaries expense account in the unadjusted trial balance amounted to P390,000. How much is the salaries expense for the period? P470,000 P430,000 P310,000 P390,000

The balance of Salaries Payable was increased by P80,000 at the end of the period. The cash account has been credit for the payment of miscellaneous accounts amounting to P1,480,000 which includes P350,000 salaries of employees during the period. The salaries expense account in the unadjusted trial balance amounted to P390,000. How much is the salaries expense for the period? P470,000 P430,000 P310,000 P390,000

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Description: The balance of Salaries Payable was increased by P80,000 at the end of the period. The cash account has been credit for the payment of miscellaneous accounts amounting to P1,480,000 which includes P350,000 salaries of employees during the period. The

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 8EB: On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services....

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On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, make the journal entries needed to bring the balances to correct for: A. original transaction B. December 31 adjustment
Assuming salaries payable at the beginning and at the end of the period amounted to P17,000 and P38,000 respectively. Salaries paid during the period totaled P155,000. What would be the amount of salaries expense to be recognized for the period?a. P176,000 c. P134,000b. P155,000 d. P100,000
An entity had the following transactions during the quarter ended March 31, 2018: • Advertising costs of P2 million were incurred on March 1, 2018. • Loss of P1 million from typhoon damage. • Payment of P400,000 fire insurance premium for calendar year 2018. • Staff bonuses are paid at year-end based on sales. Staff bonuses are expected to be around P20 million for the year; of that sum, P3 million would relate to the period ending March 31, 2018. The total amount to be recognized in the entity’s profit or loss for the period ended March 31, 2018 is: A. 6.4 million B. 6.1 million C. 8.1 million D. 8.4 million
Consider the following information: Service Revenue for the year = $81,000. Of this amount, $70,500 is collected during the year and $10,500 is expected to be collected next year. Salaries Expense for the year = $41,000. Of this amount, $35,500 is paid during the year and $5,500 is expected to be paid next year. Advertising Expense for the year = $10,500. All of this amount is paid during the year. Supplies Expense for the year = $4,500. No supplies were purchased during the year. Utilities Expense for the year = $13,000. Of this amount, $11,500 is paid during the year and $1,500 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,500.
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Wages Payable were P3,500 at the end of September and P2,800 at the end of October. Wages Expense for October was P18,000. How much cash was paid for wages during October?
Consider the following information:1. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year.2. Salaries Expense for the year = $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid next year.3. Advertising Expense for the year = $10,000. All of this amount is paid during the year.4. Supplies Expense for the year = $4,000. No supplies were purchased during the year.5. Utilities Expense for the year = $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year.6. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,000.Required:1. Calculate operating cash flows.2. Calculate net income.3. Explain why these two amounts differ.
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A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If the fiscal period ends on Wednesday, the adjusting entry is a. debit Withdrawals, P120,000; credit Salaries Payable, P120,000 b. debit Salaries Payable, P120,000; credit Salaries Expense, P120,000 c. debit Salaries Expense, P120,000; credit Salaries Payable, P120,000 d. debit Salaries Expense, P120,000; credit Withdrawals P120,000
Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?