Total payroll of Future First Bhd was RM920,000. Income taxes (PCB) withheld were RM225,000 and SOCSO contribution is 1% on an employee's wages. REQUIRED : (a) Prepare the journal entry for the wages and salaries paid.

Q: The following totals for the month of April were taken from the payroll records of Cheyenne Corp..…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Calculate the total profit or loss expenses for post-employment benefits for the year and the…

A: Total Remuneration of Employees for the year ended 2020 Salary paid during the year $10.50…

Q: Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the…

A: The formulation:

Q: ABC Company's salaried employees are paid biweekly (1.e., once every two weeks). Advances made to…

A: As per the matching concept, all the expenses that are related to the concerned period should be…

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 following totals for the month of April were taken from the payroll records of Concord…

A: The entry to record the payroll expenses is  Particulars Debit (in $)  Credit (in $) Salaries…

Q: Compute total current liabilities on December 31, 2021.

A: Current Liabilities are the liabilities which are expected to be paid next 12 months or which are…

Q: Redmont Company's gross salaries and wages are $14,000, and it withholds $2,100 for income taxes and…

A: Salaries and Wages Payable = Salaries and Wages Expense - Income taxes payable - FICA taxes payable…

Q: adjusted balances of he following as of March 31, 2021. - Wages and payroll liability

A: Answered:

Q: PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees' bank…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: An entity reported the following payroll of the employees for the month of January, half of which…

A: Liabilities are dues and obligations that need to be settled or paid by the business. These can be…

Q: 15. The following are data available for the month of September 2021 of Saint James Corp. Gross…

A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Salary refers to the amount that is paid to the employees/ workers for the services provided by them…

Q: Vega Company expects to pay a 4% bonus on net income after deducting the bonus. Assume the company…

A: Bonus: Bonus is one of the components of an employee’s salary. It can be defined as a reward paid by…

Q: Summertime Company has 10 employees and processes payroll bi-weekly. A summary of their payroll…

A: Here discuss about the details of Payroll and withhold taxes in the form of CPP, Employees insurance…

Q: Vega Company expects to pay a 4% bonus on net income after deducting the bonus. Assume the company…

A: Calculation of Bonus: Bonus = Net Income * Bonus rate / (1+Bonus rate)           = $130,000*0.04 /…

Q: The following are data available for the month of September 2021 of Saint James Corp.…

A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…

Q: Required information IThe following information applies to the questions displayed below.] The…

A: Accrued payroll refers to all forms of payment that are owed to employees but have yet to be paid to…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Salaries and wages expense…

Q: During October, Seger Insurance employees earned $100,000 in wages. The employer's share of Canada…

A: Journal entries are passed following the golden rules of accounting. Debit all assets and expenses…

Q: For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary…

A: a) Date Accounts title and Explanation Debit ($) Credit ($)   31-Dec-20 Salary expenses $199,000…

Q: Required information IThe following information applies to the questions displayed below] The…

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

Q: The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown:…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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

A: Journal entry: It refers to the recording of day to day transactions of the business in the books of…

Q: Total payroll of Future First Bhd was RM920,000. Income taxes (PCB) withheld were RM225,000 and…

A: definition of wagesWages are usually linked to employee compensation multiplied by an hourly rate…

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: 14. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000…

A: Accrued payroll of the business means payroll costs after deducting the employee's payroll…

Q: According to a summary of the payroll of Scotland Company, total salaries were $500,000.  Assume…

A:

Q: Redmont Company's gross salaries and wages are $50,000, and it withholds $7,500 for income taxes and…

A: The journal entry would be: Date Account Titles and Explanations Debit Credit xxx Salary and…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 787000*6.20% =…

Q: 1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income…

A: The payroll tax liability is the total amount of the tax that is company liable for before any…

Q: Macler Company completed the salary and wage payroll for March. The payroll provided the following…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

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

Q: 15. The following are data available for the month of September 2021 of Saint James Corp. Gross…

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

Q: The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,…

A: • Accrued salaries and wages (payable on January 5, 2021)- P660,000

Q: Siomai Company salaried employees are paid biweekly. Occasionally, advances made to employees are…

A: Accrued salaries payable are those salaries expense which are due for the particular period but not…

Q: Bart Consulting Firm has the following payroll information for the week ended March 20th: Name…

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

Q: An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income…

A: calculation of the amount of salaries and employee benefit expenses - gross salary received by the…

Q: During one pay period, Star Valley Company distributes $137,500 to employees as net pay. The income…

A: Employee benefit costs, including but not limited to workers' compensation, health, life, or other…

Q: 3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the…

A: Payroll It is important to maintain the payroll process by the management which is distributed to…

Q: On September 1, 2021, Zara Company issued a 6-month note to supplier amounting to P300,000, 12%…

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…

Q: Greenwell Ltd. located in Alberta has a workers' compensation premium rate of $4.55 per $100.00of…

A: Assessable earnings refers to the gross amount of earnings  earned by a worker or an individual up…

Q: WG Inc has a bi- weelkly payroll of 100,000 Taxes totaling 35,627are withheld from the employee-…

A: >Expenses are to be recorded when incurred, whether cash has been paid or not. >Salaries and…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: 4. The following are data available for the month of September 2021 of Saint James Corp. Gross…

A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…

Q: [The folowng information applies to the questions displayed below The foilowing summary data for the…

A: Assets=Liabilities+Stockholders' Equity

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.