Homework Help is Here – Start Your Trial Now!
Business
Accounting
Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. REQUIRED: 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May the

Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. REQUIRED: 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help me to solve this problem

Diamond and Company Limited sells hardware and sanitary products for a number of years. The company has 4 employees on their payroll and are paid every month. All the employees are paid a fixed amount of salary and are not entitled for any overtime. Below is the information on all the employees: Name of Employees 1. Adam Singh 2. Sheila Chang 3. David Chow 4. Nathan Patel Staff Number E120002 E130035 E291002 E234098 Salary per Year ($) 30,500 REQUIRED: 24,000 7,000 40,000 Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May, the payment of salaries to employees and employer liabilities for only this month.
Transcribed Image Text:Diamond and Company Limited sells hardware and sanitary products for a number of years. The company has 4 employees on their payroll and are paid every month. All the employees are paid a fixed amount of salary and are not entitled for any overtime. Below is the information on all the employees: Name of Employees 1. Adam Singh 2. Sheila Chang 3. David Chow 4. Nathan Patel Staff Number E120002 E130035 E291002 E234098 Salary per Year ($) 30,500 REQUIRED: 24,000 7,000 40,000 Additional Information: 1. Income tax at the rate of 20% is applicable to those employees whose income is over $30,000. 2. Superannuation Deduction is 6% per annum for each employee and 6% contributed by the employer. 3. Medical insurance Deduction of $20 per month is applicable to all staff. 4. Union Fees of $100 per year for all employees. 5. Assume that the employer liabilities for each month are paid in same month. 1. Prepare the payroll register. 2. Prepare the general journal entries to record the payroll for the month of May, the payment of salaries to employees and employer liabilities for only this month.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Value Chain Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS