None During the year, Tech Innovators Inc. had its Salaries Payable account decrease by $4,500. If the SalaryExpense amounted to $195,000 for the year, the cash paid to employees (including deductions fromgross pay) is:A) $199,500B) $190,500C) $195,000D) $189,500

Salary expense is the total amount that the company owes to its employees for their work during the…

Answered: During the year, Tech Innovators Inc.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): C. Employee Bonus Payable Employee Bonus Expense 47,234 47,234 OD. Employee Bonus Expense Employee Bonus Payable 47,234 47,234 Click to select your answer. Show Transcribed Text ? The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): A. Employee Bonus Expense Employee Bonus Payable 41,887 41,887 B. Employee Bonus Payable…
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"Stone Corporation has 25 employees and incurs total wages and salaries expense of P9,000,000 per year. The following table shows various payroll amounts as a percentage of this annual wage and salaries expense: Social Security System (SSS) (employer's share) 7% Pag-IBIG and PhilHealth (employer's share) 7.65% 15% Pension and other postretirement costs expense (paid by employer) Salaries tax withheld 10% In addition, Stone provides group health insurance for its entire workforce. The cost of this insurance is P550 per month for each employee and being shouldered by the employer. The company's annual payroll-related expenses amount to approximately: " O A. P10,085,600 O B, P10,250,700. OC. P9,000,000 O D. P10,933,500
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During the year, Tech Innovators Inc. had its Salaries Payable account decrease by $4,500. If the Salary Expense amounted to $195,000 for the year, the cash paid to employees (including deductions from gross pay) is: A) $199,500 B) $190,500 C) $195,000 D) $189,500