The Salaries Payable account of James Bay Company Limited appears below: Salaries Payable 22,520 Bal. Jan. 1, 2023 Entries during 2023 398,120 388,400 Entries during 2023 The company records the salary expense and related liability at the end of each week and pays the employees on the last Friday of the month. Required: 1. What was the salary expense for 2023? 2. How much was paid to employees in 2023 for work done in 2022? 3. How much was paid to employees in 2023 for work done in 2023? 4. How much will be paid to employees in 2024 for work done in 2023?

Q: rate. Hours worked Total Hours Reg. Rate Employee S M T Th F S Reg. O.T. Rectra, J. 7.5 8 10 9.25 7…

A: The regular wages of an employee is the direct labor cost and overtime wages are overhead cost.

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: 4. The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

A: in this case reporting date is 31 dec 2019

Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…

A: Gross pay means the gross earnings of the entity. It is the amount without any deduction. Net pay is…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit)…

A: 2020 Journal entries of ENG hardware's  - - Date  Particulars Debit Credit December 31 Wages…

Q: 1. Prepare a General Journal entry to record the employer's payroll costs resulting from the…

A: The payroll register includes gross salary payable to all employees and statutory deductions on…

Q: Ramirez Company has the following data for the weekly payroll ending January 31. Employee M T Hours…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Prepare the journal entry for the reversal of the balance on the last day of adjustment and post it…

A: Journal Entry: Business Transaction is recorded in accounting system through Journal entry.

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: The net pay is the pay which has been computed from the gross pay when the deductions is deducted…

Q: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions…

A: Income tax payable=Gross pay×rate=$2,000×15%=$300

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll register include gross salary payable to all employees and statutory deductions on account…

Q: ers are paid time-and-a-half for overtime. a. Determine the net earnings of each employee. b.…

A: a)

Q: make the following entry:

A: The appropriate journal entry to record the above transaction is shown below

Q: Assume that the payroll records of Blue Spruce Oil Company provided the following information for…

A: A payroll register is a document that keeps track of all the information related to employees' wages…

Q: An analysis of the job time tickets and payroll records showed: Thurs No. Job No. Mon Tues Wed Fri…

A: SOLUTION- PAYROLL  IS THE TOTAL OF ALL THE COMPENSATION THAT THE BUSINESS MUST PAY TO ITS EMPLOYEES…

Q: December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: The missing values are calculated using the accounting formulas. Sometimes single-entry books are…

Q: Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company…

A: Journal entry is the first step in the accounting. It is recorded to keep accounting transaction in…

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: The net pay is the pay which has been computed from the gross pay when the deductions are deducted…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

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

Q: Coronado Company began operations on January 2, 2025. It employs 12 individuals who work 8-hour days…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Company had gross wages of $200,000 for the month ended December 31, 2022. The CPP contributions…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000…

A: The correct entry is  Debit to Salaries & Wages, Regular - P 5,000,000

Q: Hours and rate 42 hours worked at P40/hr Earnings to date P14.00 Overtime rate 1 and % times the…

A: 1. Normal Wages Are for 40 hours 2. Regular wages = 40 x 40 = 1,600 2. Overtime has been paid for 2…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit) 110,000…

A: At the end of a year, after the completion of accounts, the corporation evaluates some remaining…

Q: Salaries of employees are paid every Saturday for a week's work (Monday to Saturday). Assuming that…

A: The accrued salaries are the salaries which are due to be paid to employees but not paid yet. The…

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: The net pay is the pay which has been computed from the gross pay when the deductions is deducted…

Q: The following totals for the month of April were taken from the payroll register of Oriole Company.…

A: The business organizations enter the transactions into the journal for the purpose of keeping track…

Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual…

A: Social security taxes are the tax which is deducted from the employee's salary at the time of…

Q: The information for Titan Company, shown in the following chart, is available from Titan's time…

A: SOCIAL SECURITY TAX CAN BE COMPUTED AS FOLLOWS SST=TOTAL EARNINGS - ACCOUNTS RECEIVABLE FOR A…

Q: 1. The data below pertains to the earnings of Peter Castro for the week ended June 30,2020. Hours…

A: Solution Gross earning is an individual's Total earnings before taxation or other deductions.

Q: An employee had $24,300 in gross earnings up to February 20, 2021. She has the following information…

A: Payroll refers to the total compensation that is paid to employees of the company by the employer.…

Q: Accrued Wages Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and…

A: The Accrued wages expenses refer to wages and salaries that have been earned by employees but have…

Q: Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The…

A: What is payroll? It is a register that shows the total amount to be paid to the employees during a…

Q: accrued salaries payable

A: Accrued salaries payable refers to the amount of salaries outstanding at the end of the year. It is…

Q: Bramble Consulting Inc's gross salaries for the biweekly period ended August 24 were $23,200.…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: There are 44 employees working for Segura Corporation. They are paid every second Monday for 10…

A: The journal entries are prepared to record the day to day transactions on regular basis. The…

Q: employees who are paid biweekly. The payroll register showed the following payroll deductions for…

A: The payroll register contains the full record and detailed information of each employee working for…

Q: Take me to the text An employer has calculated the following amounts for an employee during the last…

A: Payroll refers to the compensation that is paid to the employees. The payroll includes regular pay,…

Q: Eng Hardwares has the following balance as at 30 November 2020: Accounts RM’000 Wages(Debit) 110,000…

A:

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: 14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: bh.0

A: The objective of the question is to prepare a journal entry to record the payroll expenses for…

Q: Trenton Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the…

A: Bonus means the amount paid to employee for some extra effort. Bonus can be paid on net profit…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.