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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
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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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).
Transcribed Image Text: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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