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Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 sss 6,000 Philhealth Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth Pag-ibig/HDMF P25,000 7,000 9,000 The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)

Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 sss 6,000 Philhealth Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth Pag-ibig/HDMF P25,000 7,000 9,000 The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)

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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Please answer, round off final answers to two decimal places (3)

Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth Pag-ibig/HDMF 6,000 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)
Transcribed Image Text:Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth Pag-ibig/HDMF 6,000 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)
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