Payroll deductions were as follows P19,800 Withholding taxes SsS contributions PhilHealth contributions 7,100 2,000 2,600 P31,500 HDMF contributions Total Factory Selling Admin P5,700 P2,000 P1,100 P 8,800 300 500 SSS contributions PhilHealth contributions EC contributions HDMF contributions 2,000 1,200 400 200 900 300 400 2.700 700 1,600 P8.900 P3,500 P2,100 P14,400 5. Other costs incuIred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. Cash collected from customers, P260,000 Materials returned to supplies, P15,000. 12 Payment of accounts payable, P190,000. 10. 11. 13. Provision for income tax, P6,000. Required: a. Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) b. C. d. Balance sheet as of October 31, 2015

Payroll deductions were as follows P19,800 Withholding taxes SsS contributions PhilHealth contributions 7,100 2,000 2,600 P31,500 HDMF contributions Total Factory Selling Admin P5,700 P2,000 P1,100 P 8,800 300 500 SSS contributions PhilHealth contributions EC contributions HDMF contributions 2,000 1,200 400 200 900 300 400 2.700 700 1,600 P8.900 P3,500 P2,100 P14,400 5. Other costs incuIred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. Cash collected from customers, P260,000 Materials returned to supplies, P15,000. 12 Payment of accounts payable, P190,000. 10. 11. 13. Provision for income tax, P6,000. Required: a. Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) b. C. d. Balance sheet as of October 31, 2015

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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es ! Required information [The following information applies to the questions displayed below.]. a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
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can you help with C & D? thanks :)
Hw.52.
Complete the table below.
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