accrued salaries payable
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ABC Co.’s salaried employees are paid twice a month. Information relating to salaries for the calendar year 2021 is as follows:
- Accrued salaries payable, Jan. 1 - P150,000
- Salaries expense during the year - P2,450,000
- Salaries paid during the year - P2,330,000
On December 31, 2021, what amount should ABC Co. report for accrued salaries payable?
Answer and explanation pls.
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- Larkspur Enterprises' payroll for the month ended March 31, 2024, is shown below. Salaries for the month of March 2024 Income Taxes withheld from employees El withheld from employees CPP withheld from employees Union dues withheld from employees Worker's compensation Vacation pay Date Account Titles $200,000 March 31 45,000 1.58 % 5.45 % 11,500 2% Record the payroll on March 31, 2024. Ignore the annual exemption for CPP deductions payable. Assume the payroll was paid the same day. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 4 % Debit CreditAssume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%
- Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name Aus, Glenn E. Diaz, Charles K. Knapp, Carol S. Mueller, Deborah F. Yeager, Jackie R. +A Current Earnings $720 350 1,220 850 940 Unemployment Compensation $210 340 135 35 Social Security $720 350 1,220 850 940 1. Calculate the employer's payroll taxes expense for the week ended March 12, 20--, assu Medicare tax is 1.45%.
- Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000Subject:Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2015. Using the information presented below, complete Part 1 of Form 941 # of employees for pay period that included September 12-14 employees Wages paid third quarter- $79,750.17 Federal income tax withheld in the third quarter- $9,570.00 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter-$21,771.83
- Drew Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Drew accrues salaries expense only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows:A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021.B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000.C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime.D. The recurring biweekly salaries total P90,000 a. Assuming a five-day work week, D should record a liability at year end for accrued salaries:PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=? 2. =? 3. CR.=? 4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =? 6. =? 7. CR =? 8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT accrued salaries expense only at its June 30 yearend. * Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? A ₱ 267,000 B ₱ 225,000 C ₱ 450,000 D ₱ 492,000
