What are payroll related liabilities in the following picture?
Q: How are current liabilities related by definition to currentassets? How are current liabilities…
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: what are the advantages and disadvantages of the payroll tax deferral?
A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…
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Q: who are benefits or do not benefit from payroll tax deferral?
A:
Q: how do compute thesocial security taxable earnings?
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Q: A company's ability to pay for its current liabilties.
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A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…
Q: Why What kind of stream of income does a debt security pay for the duration of the security? A fixed…
A: The Answer
Q: Describe the costs and the basic accounting activities relating to payrolls?
A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…
Q: Select one of the following short-term (current) liabilties and describe some of the accounting…
A: Account Payable Account Payable is a short-term debt. It is define as the liability for the company,…
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A: Annuity Due: It is the fixed amount of payment that is due immediately at the beginning of each…
Q: What taxes are recorded when recording Payroll Tax Expense?
A: FICA, OASDI and FICA Medicare taxes are the combination of payroll tax expense of the organisation.
Q: Identify the major payroll tax forms and describe the purpose of each.
A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…
Q: Why are payroll taxes and sales taxes consideredliabilities?
A:
Q: Describe the presentation of deferred income taxes in financial statements.
A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…
Q: What problems might create from payroll tax deferral?
A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…
Q: Describe Payroll-Related Liabilities.
A: Payroll liabilities are basically any amount that the entity owes to its employees or tax…
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A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: What’s mean change in payroll rate
A: Payroll taxes are the taxes that imposed on employers and employees. Payroll taxes have calculated…
Q: Which duties should be separated in the payroll cycle?
A: Payroll System: A payroll system is a system within an organization that is responsible for…
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A: Time value of money: Time value of money refers to the concept that the value of money available at…
Q: what are payroll related liablity from following Trade and other payables…
A: Payroll liabilities refers to those liabilities which are deducted from employee and usually payable…
Q: e any examples of payroll deductions and describe them?
A:
Q: What is the amount of the debit to Payroll Taxes?
A: What is the amount of the debit to Payroll Taxes? A payroll tax expense account is the holding…
Q: wage and payroll tax expenses are somewhat unique because?
A: An employer's federal payroll tax responsibilities include withholding from an employee's…
Q: How to calculate taxable social security earnings?
A: Social security: It is the protection that a society will provide towards individuals and…
Q: Define provision for income taxes.
A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…
Q: What are payroll related liabilities in following picture
A: Payroll: It can be defined as the total amount or compensation that is paid out to the employees by…
Q: How should a debt callable by the creditor be reported inthe debtor’s financial statements?
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: When do businesses record warranty expense, and why?
A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…
Q: The amount of federal income tax to be withheld from employee's paychecks can be calculated by
A: Federal income tax: It is a tax levied by the IRS on the annual income of the taxpayers such as…
Q: Define the term payroll taxes.
A: Payroll accounting: The process of payroll accounting includes the computation and payment of…
Q: Is deferred liabilities are payroll related liability?
A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…
Q: Define the term taxes payable.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the…
A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower…
Q: Compare the accounting for income taxes under GAAP and IFRS
A: GAAP and IFRS Collection of commonly-followed accounting rules and standards for financial reporting…
Q: Define the term permanent earnings.
A: Definition: Earnings: The bottom line of an income statement which is the result of an excess of…
Q: Employee payroll taxes do not include: a) Federal unemployment taxes. b) State Income taxes. c )…
A: Employee payroll taxes are those taxes that are paid by the employee or it can be said that the…
Q: What does the disclosure note for debt includes?
A: Debt securities: The financial instruments which are bought by investors, or corporations, or mutual…
Q: Which of the following is reported as part of a company's current debts?
A: A dividend represents the distribution of profit among the shareholders of the company. It is…
Q: How is the retirement of bonds recorded?
A: Retirement of bonds can be at maturity date or before maturity date. Accounting for bonds retired at…
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Q: What are the issues involved in determining if signing a bonus is an asset or an expense?
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
What are payroll related liabilities in the following picture?
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- #205 The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) Question 205 options: deduction from net income. investing activity. addition to net income. financing activity.l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,430.00 % 1 1/4 $ $1,334.98 $400.00
- Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & commentCA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: e) Why are notes payable reported first in the current liabilities section? f) What might be the items that comprise Micro’s liability for “Compensation to employees”?CA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: a) What are the essential characteristic that make an item a liability? b) How does one distinguish between a current liability and a long-term liability? c) What are accrued liabilities? Give three examples of accrued liabilities that Micro might have. d) What is the theoretically correct way to value liabilities? How current liabilities are usually valued? e) Why are notes payable reported first in the current…
- CA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: c) What are accrued liabilities? Give three examples of accrued liabilities that Micro might have. d) What is the theoretically correct way to value liabilities? How current liabilities are usually valued? e) Why are notes payable reported first in the current liabilities section? f) What might be the items that comprise Micro’s liability for “Compensation to employees”?15. The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) deduction from net income. investing activity. addition to net income. financing activity.*see attached Determine the total current liabilities:a. P 1,300,000b. P 1,800,000c. P 2,200,000d. P 3,600,000
- Choose the correct letter of answer: Company D's current assets and current liabilities are P200,000.00 and P140,000.00 respectively. How much additional funds can it borrow from banks for short term, without reducing the current ratio below 1.33? a. P13,800.00b. P86,200.00c. P52,612.00d. P35,870.00e. P41,818.0020. Total current liabilities a. P6,445,000 b. P5,105,000 c. P5,445,000 d. P3,945,000 21. Total noncurrent liabilities a. P7,700,000 b. P7,590,000 c. P7,500,000 d. P7,610,000Question: Akers Company invests its excess cash in marketable securities. At the beginning of 2019, it had the following portfolio of investments in trading debt securities: SecurityPar ValueAmortized Cost12/31/18 Fair ValueIvan Company 5% bonds, maturing on Dec. 31, 2028$10,000$8,400$9,400Taylor Company 6% bonds, maturing on Dec. 31, 2023$40,000$43,200$41,800Totals$51,600$51,200During 2019, the following transactions occurred: Mar. 31Purchased Hill Company 8% bonds with a face value of $20,000 for $20,000 plus accrued interest; interest is payable on the bonds each June 30 and December 31.Mar. 31Sold the Taylor Company investment for $42,000 plus accrued interest. The Taylor bonds pay interest on December 31 of each year.June 30Received the semiannual interest on the Hill Company bonds.Dec. 31Received the annual interest on the Ivan Company bonds and the semiannual interest on the Hill Company bonds.The December 31 closing market prices were as follows: Ivan Company bonds, $9,000;…
