d in arrears (That is, when the employees are paid, the salaries paid are for work performed in the preceding week).   Hungry Ltd retains $4000 per week to pay the Australian Taxation Office for pay-as-you-go (PAYG) tax on behalf of the employees. This is paid on the following Monday of each week. It also retains $600 per week to pay staff premiums to the Organic Medical Benefits Fund. If we assume that the end of the reporting period falls on a Wednesday, what will be the accounting entry at the end of the accounting ye

Q: Great has an annual payroll of $170.000. In addition, the company incurs payroll tax expense of 7%…

A: Income statement is the financial statement which is prepared to know the profitability of the…

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

Q: An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: Percy Inc. has a calendar year-end. The following information is available regarding employee wages:…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: The names of the employees of Cox Security Systems and their regular salaries are shown in the…

A: Pay the Payroll for the Pay Period Ending December 26, for each employee.     Note: federal Income…

Q: Ryan Company paid salaries for the month of June amounting to $240,000. Of this amount, $60,000 was…

A: The entire amount of money a company spends on employee pay is referred to as payroll expenses.…

Q: Tuck Company pays its employees weekly based on a 5 day 40 hour work week and the gross payroll is…

A: Expenses incurred by a business but not yet paid by the conclusion of an accounting period are known…

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll Register A payroll register is a tool used to keep track of each employee's wage information…

Q: Tuck Company pays its employees weekly based on a 5 day 40 hour work week and the gross payroll is…

A: Accrued expenses means the expenses which has been due but not paid. As per accrual system of…

Q: On December 31, Drexel company estimates that it will pay its employees a 6% bonus on net income…

A: We must first ascertain the net income following the deduction of the bonus in order to compute the…

Q: Dixon sales has five sales employees that receive weekly paychecks. Each earns $12 per hour and each…

A: Journalize the recognition of the pay period ending January 19th which will be paid to the employees…

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Flounder industries had a total bi-weekly payroll of $16,000.the entire payroll was subject to…

A: Payroll deduction is the process of subtracting specific amounts of money from an employee's gross…

Q: January 7. Recorded total eamings of factory employees amounting to S64,790, less deductions for…

A: Taxable Earnings: It is the  earnings received by an individual  after  deducting non-taxable…

Q: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

A: 1) Employees' FICA Withholdings for Social Security   Employee Earnings Subjectto Tax Tax Rate Tax…

Q: Jocame Inc. began business on January 2, 20Y7. Salaries were paid to employees on the last day of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The following is a payroll sheet for Metlock Imports for the month of September. The company is…

A: The journal entry can be defined as the process of accounting where the transaction is recorded in…

Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: During January, Deluxe Printing pays employee salaries of $1 million. Withholdings in January are…

A: The expense known as salaries is the regular pay that employees receive. The expense is a…

Q: Encore Records has two employees who are paid on the 1st and 15th of each month for the work they…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend…

A: INTRODUCTION: Vacation pay is the remuneration that employees receive for accrued vacation days…

Q: Haggerty Company pays its salaried employees monthly on the last day of each month. The annual…

A: Social Security is essentially a benefit given to older workers, the disabled as well as their…

Q: Volpe Corporation has five employees who are all paid 1,020 per week. Compute the total FICA taxes…

A: Total payment to 5 employees=Income per week×5=1,020×5=5,100

Q: The company has 3 employees with the following working hours: A. 35 hours Tariff/hour IDR 700 B. 50…

A: Payroll Payment Payroll payment is one of the important activities of the organisation.  To manage…

Q: Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per…

A: Salary earned by each employee per month=Number of hours worked×Per hour earning=160×$9.80=$1,568

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll is the salary register maintained by the HR department of the company which includes the…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: FICA stands for Federal Insurance Contributions Act. It is a U.S. payroll tax.These taxes are social…

Q: Required 1: On June 30th there are 2 days accrued payroll to recognize in the monthly financials.…

A: To calculate the accrued payroll liability, we need to determine the daily payroll rate of the…

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.