For the payroll period ended on May 28, 2022. gross pay was $119,000, net pay was income tax withholdings were $17,000, and medical insurance contributions were $4,000. Required: Lea model to show the effects of the payroll occrual on May 28, 2022

Q: PR 12-4

A: Date Particulars Debit Amount Credit Amount 30-Jun Asset revaluation  $2,900     Accounts…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: Using the information below, compute the raw materials inventory turnover Raw materials used…

A: An inventory turnover ratio is a type of financial ratio that shows the efficiency of a company in…

Q: The Sarbanes-Oxley Act requires the following?

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

Q: The Robert Haag case cites the 2002 Ewing case at 94 A.F. T. R. 2nd 2004-6667. What is the Haag…

A: The Robert Haag case cites the 2002 Ewing case for the proposition that "the government may not…

Q: Which of the following GRI standards is topic-specific related? O GRI 102 O GRI 200 O GRI 103 GRI…

A: GRI Standards is one of the modular system that is being used. It contains three series of standards…

Q: Please answer sections d), e) and f)

A: Debt Management Ratios are financial metrics that provide insights into a company's ability to…

Q: E15.11

A: As posted multiple sub parts questions we are answering only first three sub parts kindly repost the…

Q: 321,818 is incorrect. What is the correct answer?

A: Revenue: We consider unit sales and price per unit to determine total revenue.Variable Costs: Based…

Q: When is the midmonth convention used? Give an example?

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: 1,352,113.13 is incorrect. What is the correct answer?

A: Net Present Value is used to evaluate the investment and financing decisions that involve cash flows…

Q: spatial distances

A: Spatial distance is actually the length of the path or straight line distance between two points. In…

Q: What is an indirect quotation? What is the indirect quotation for kronor (the plural of kronais…

A: It indicates the value of domestic currency in terms of foreign currency. Under indirect quotation,…

Q: Discuss on the right to recognition, and ‘intellectual property rig

A: Intellectual Property Rights (IPRs) are legal rights that protect works and/or inventions made as a…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: New entrants of BDO unibank?

A: This question seems incomplete with a lot of missing information. I am trying my best to answer this…

Q: E11.5

A: Face value of bonds outstanding on December 31, 2020 = Total Beginning Balance of Bonds Payable -…

Q: What is the binary representation for 13 in decimal? a. 1110 b. 1111 c. 1100 d. 1101

A: Binary representation is a base 2 number system that uses two numbers 0 and 1 to represent a number.…

Q: Explanation 1031 like-kind exchange

A:

Q: the differencwe between the new IFRS 15 and old IFRS 15

A: The acronym IFRS stands for International Financial Reporting Standards that provide the rules,…

Q: Carefully explain the cross-sectional test of the CAPM.

A: The Capital Asset Pricing Model (CAPM) is a mathematical model that describes the relationship…

Q: Discuss the scope and penalties of Sarbanes Oxley Act.

A: The Sarbanes Oxley Act or the SOX was brought to force as a response to the substantial increase in…

Q: What is the goal of codification

A: Codification refers to the process of organizing and consolidating laws, rules, or standards into a…

Q: So the answer is  1394 or2450?

A: The deductible business expenses are the expenses which are incurred for business. If the expenses…

Q: What exactly are the IPSASs' jurisdictional boundaries?

A: Here Is The Answer :

Q: » 24 Which of the following transactions would be recorded in the general journal?

A: 24. The following transactions would be recorded in the general journal are given below:…

Q: exchange.

A: An exchange could be a marketplace wherever securities, commodities, derivatives and different money…

Q: The numbers indicate that it would be profitable to accept a special order. Should we consider any…

A: We often see companies receiving special orders for selling a product from some customers. To…

Q: I need professional answer: What is the difference between a ABS and an ABS CDO?

A: Asset-backed securities (ABS) and asset-backed security collateralized debt obligations (ABS CDOs)…

Q: two questions

A: Prepare an income statement.

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: Which of the following is not a special-purpose journal? A. SJ В. GI C. CRJ D. CDJ

A: Special Purpose Journals:- Transactions that are of similar nature get summarized so that it can be…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Problem 9-12 (IAA)

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: was due inancial State nc. should report

A:

Q: What is FASB ASC Topic 842 about?

A: FASB ASC is the authoritative source of U.S. Generally Accepted Accounting Principles (GAAP)…

Q: what is State indebtedness

A: Any obligations and liabilities for borrowed money created, issued, or incurred by the Purchased…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

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.