On December 31, 2021, what amount should PO report for accrued salaries payable? *see attacheda. P 100,000b. P 94,000c. P 82,000d. P 35,000 PO Company's salaried employees are paid biweekly. Occasionally, advances made to employeesare paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is asfollows:12/31/20P 12,00012/31/21P 18,000Employee advancesAccrued salaries payableSalaries expense during the yearSalaries paid during the year (gross)65,000?815,000780,000

Accrued expense are those expenses which are incurred by the company but yet to make the payment for…

Answered: On December 31, 2021, what amount…

On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000 b. P 94,000 c. P 82,000 d. P 35,000

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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When determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.
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FINANCIAL ACCOUNTING II Lee Electronics, Inc. reported the following information related to its defined- benefit pension plan at December 31, 2021: Projected benefit obligation ..... $320,000 $400,000 Pension plan assets, at market value ...... The plan was subject to the following activity during 2022: a) Lee's actuary confirmed that the service cost for the plan during the year was $60,000. b) The applicable interest rate for pension matters was 5%. c) Early in 2019, an amendment to the plan resulted in prior service cost of $40,000. Each year, one-tenth of this cost is amortized to expense. d) The pension plan asset balance at December 31st, at market value, was $445,000. Lee contributed $30,000 to the fund in 2022, and plan participants received $20,000 in benefits during the year. There were no significant actuarial gains or losses for the plan during 2022. Based on the above information, determine Lee Electronics, Inc.'s pension expense for the year ended December 31, 2022.…
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Sandhill Corporation reports the following January 1, 2023 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2023 2024 2025 Annual service cost $34,800 $43,700 $58,600 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,040 54,000 Funding of current service cost 34,800 43,700 58,600 Funding of past service cost 74,000 78,500 Benefits paid 31,500 37,490 49,000 Past service cost (plan amended, 1/1/24) 348,000 Change in actuarial assumptions establishes a December 31, 2025 defined benefit obligation of 1,196,000
FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
An employer has calculated the following amounts for an employee during the last week of June 2020. Gross Wages $1,200.00 $276.00 Income Taxes Canada Pension Plan Contributions $59.47 Employment Insurance Contributions $18.96 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Required a) Calculate the employee's net pay. Net Pay = $ b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense? Total Employer Expense = $ c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the employee was paid immediately. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2020 Jun 30 Jun 30 Record payroll ÷ + + ♦ Record additional employer expenses
Question 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. O False
Flounder Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) $149,300 Pension plan assets (fair value and market-related asset value) 197,200 Accumulated benefit obligation 255,900 Projected benefit obligation 387,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,000; the projected benefit obligation was $487,000; fair value of pension assets was $279,200; the accumulated benefit obligation amounted to $360,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,400. The company's current year's…
21. which year's social security tax rate and wage limit apply to employee bonus check dated january 4,2020, but received on december 27, 2019? А, 2019 В, 2020 24. what should be withheld from a bonus in the year it is paid? А, FIT B, FICA C, FIT AND FICA D, FIT,FICA AND FUTA