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An entity reported the following payroll of the employees for the month of January, half of which was paid on the same month: Gross payroll P 500,000 Income tax withheld 20,000 SSS contribution 4,000 Philhealth contribution 2,000 Pag-ibig contribution 1,000 In relation to the payroll for the month of January, the entity is required to make the following additional contribution: SSS contribution P 6,000 Philhealth contribution 3,000 Pag-ibig contribution 2,000 On the first week of February, the amounts withheld and the additional contributions were remitted to the concerned agencies. 1. As of January 31, 2021, how much of the amount above will be included as part of current liabilities?

An entity reported the following payroll of the employees for the month of January, half of which was paid on the same month: Gross payroll P 500,000 Income tax withheld 20,000 SSS contribution 4,000 Philhealth contribution 2,000 Pag-ibig contribution 1,000 In relation to the payroll for the month of January, the entity is required to make the following additional contribution: SSS contribution P 6,000 Philhealth contribution 3,000 Pag-ibig contribution 2,000 On the first week of February, the amounts withheld and the additional contributions were remitted to the concerned agencies. 1. As of January 31, 2021, how much of the amount above will be included as part of current liabilities?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
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An entity reported the following payroll of the employees for the month of January, half of which was paid on the same month:
Gross payroll P 500,000
Income tax withheld 20,000
SSS contribution 4,000
Philhealth contribution 2,000
Pag-ibig contribution 1,000
In relation to the payroll for the month of January, the entity is required to make the following additional contribution:
SSS contribution P 6,000
Philhealth contribution 3,000
Pag-ibig contribution 2,000
On the first week of February, the amounts withheld and the additional contributions were remitted to the concerned agencies.
 
1. As of January 31, 2021, how much of the amount above will be included as part of current liabilities?
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