1. The total amount remitted to the BIR through the Tax Remittance Advice?2. How much is the unused Notice of Cash Allocation (NCA) for the quarter?3. The entry to record the payment of payroll include a credit to?4. The entry to recognize the payroll includes a? During the first quarter of 2022, the Office of the Vice President received its Notice of Cash Allocation from DBM forP20,000,000 covering its operating requirement for the quarter. The following transactions took place:A. Payment to officers and employees for the First Quarter to be paid thru ATM.Salaries and Wages – RegularP8,000,000PERA2,000,000Total10,000,000Less Deductions:Withholding Tax2,000,000Life and Retirement Premium1,500,000PAG-IBIG Premium900,000PHILHEALTH Premium600,000 5,000,000Net Amount5,000,000B. Payment of communication and utility expenses to the following companies: PLDT, P224,000; MERALCO, P784,000and MAYNILAD, P448,000.C. Payment of the following items to the suppliers: Office Equipment, P1,680,000; Furniture and Fixtures, P1,344,000 andOffice Supplies, P504,000.D. Remittance of salary deductions (except BIR) for the 1* quarter of 2022.E. Payment of the following government share:Life and Retirement ContributionsPAG-IBIG Contributions1,500,000900,000PHILHEALTH Contributions600,000ECC Contributions200,000F. Remitted the withholding taxes thru the Tax Remittance Advice (TRA).

The Tax Remittance Advice (TRA) is an official document used by organizations to report and send…

1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to?

1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. The total amount remitted to the BIR through the Tax Remittance Advice?

2. How much is the unused Notice of Cash Allocation (NCA) for the quarter?

3. The entry to record the payment of payroll include a credit to?

4. The entry to recognize the payroll includes a?

During the first quarter of 2022, the Office of the Vice President received its Notice of Cash Allocation from DBM for
P20,000,000 covering its operating requirement for the quarter. The following transactions took place:
A. Payment to officers and employees for the First Quarter to be paid thru ATM.
Salaries and Wages – Regular
P8,000,000
PERA
2,000,000
Total
10,000,000
Less Deductions:
Withholding Tax
2,000,000
Life and Retirement Premium
1,500,000
PAG-IBIG Premium
900,000
PHILHEALTH Premium
600,000 5,000,000
Net Amount
5,000,000
B. Payment of communication and utility expenses to the following companies: PLDT, P224,000; MERALCO, P784,000
and MAYNILAD, P448,000.
C. Payment of the following items to the suppliers: Office Equipment, P1,680,000; Furniture and Fixtures, P1,344,000 and
Office Supplies, P504,000.
D. Remittance of salary deductions (except BIR) for the 1* quarter of 2022.
E. Payment of the following government share:
Life and Retirement Contributions
PAG-IBIG Contributions
1,500,000
900,000
PHILHEALTH Contributions
600,000
ECC Contributions
200,000
F. Remitted the withholding taxes thru the Tax Remittance Advice (TRA).

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Step 3: 2. Computation of unutilized Notice of Cash Allocation

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