An entity has 100 employees, who are each entitled to five (5) working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 30, 20x1, the average unused entitlement is two days per employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five days of paid sick leave in 20x2 and that the remaining 8 employees will take an average of six and a half days each. The average salary per day, per employee in 20x1 is P4,000 and it is not expected to change in 20x2. How much is the accrued salaries as of December 31, 20x1? Select the correct response: 208,000 24,000 48,000

An entity has 100 employees, who are each entitled to five (5) working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 30, 20x1, the average unused entitlement is two days per employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five days of paid sick leave in 20x2 and that the remaining 8 employees will take an average of six and a half days each. The average salary per day, per employee in 20x1 is P4,000 and it is not expected to change in 20x2. How much is the accrued salaries as of December 31, 20x1? Select the correct response: 208,000 24,000 48,000

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 17PB

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

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An entity has 100 employees, who are each entitled to five (5) working days of paid sick leave for each year. Unused sick leave may be
carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance
brought forward from the previous year (a LIFO basis). At December 30, 20x1, the average unused entitlement is two days per
employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five
days of paid sick leave in 20x2 and that the remaining 8 employees will take an average of six and a half days each. The average
salary per day, per employee in 20x1 is P4,000 and it is not expected to change in 20x2. How much is the accrued salaries as of
December 31, 20x1?
Select the correct response:
208,000
24,000
48,000

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An entity has 100 employees, who are each entitled to five working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year’s entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 31, 2021, the average unused entitlement is two days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2022 and that the remaining eight employees will take an average of six and a half days each. The 2021 salary rate is P1,000 per day which increases by P50 each year. How much is the Liability for Compensated Absences as of yearend 2021? How much is the Sick Pay Expense for 2021?
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A company grants employees 8 sick days per year. Sick days may be used as soon as they are earned and unused days may be carried over to the following year. Sick time is paid at the rate in effect when the days are taken, but are accrued at the rate in effect when they are earned. The following information pertains to the 20 employees of the company, who each work 8-hour days: Year Pay rate Sick days earned/employee Sick days taken/per employee 2020 $15.00 8 5 2021 17.00 8 7 a. Prepare the journal entry to record the sick pay earned in 2020. b. Prepare the journal entry to record sick days taken in 2020. c. Determine the liability for sick pay that the company would report on 12/31/20. d. Prepare the journal entry to record the sick pay earned in 2021. e. Prepare the journal entry to record sick days taken in 2021. f. Determine the liability for sick pay that the company would report on 12/31/21..
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In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $156,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19…
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