3. The general ledger accounts of the SM Company contained these credit balances for theperiod October 1 throught November 31.P 34,000Employee Income Tax PayablessS Premium PayablePhilhealth Premium PayablePag-ibig premium Payable11,7601,1602,432For the December 1-15 payroll, which totaled P112,000, employees' deductionsamounted only to P 4,920 for SSS; 2% for Philhealth and 2% for Pagibig. For thesame period income tax withheld totaled P 9,488.The company apportions employer SSs taxes as follows; 60% to FactoryOverhead, 20% to Marketing Expense, and 20% to General and AdministrativeExpenses. The company closed for the year on December 15.Employer taxes are 5% for SSS; 2% for Philhealth; 2% for Pag-ibig and 1% forECC.Required:1. The journal entry to record the payroll for the period December 1-15.2. The journal entry to record the payment of the payroll of December 1-15.3. The journal entry to record the employer's payroll taxes for the periodDecember 1-15.4. The entry to record the payment of all taxes due to governmental agenciesfor the period October 1 through December 31.

In accounting for payroll we first record the salary payable for the month or…

Answered: beriod October 1 throught November 31.

Business

Accounting

beriod October 1 throught November 31.

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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Sned rer Com uapraces coting system Beginning inventory for January consisted of 1,600 units that were 62% completed. 10,800 units were m the process during January During January, 10,500 units were completed. How many units were in ending inventory on January 31?
A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762
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