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- On January 1, 20x6, Bernie Bird Co. decided to grant its employees 10 vacation days and five sick days each year. Vacation days earned can be carried over to the next year but not sick days. Each employee took an average of three sick days in 20x6. During 20x6, each Bernie Bird’s six employees earned P100 per day and earned 10 vacation days. These vacation days were taken during 20x7. What amount should Bernie report for compensation absence expense for the year ended December 31, 20x6? a.0 b.6000 c.7,800 d.9,0006. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54The Cable TV Co., an accrual basis taxpayer, allows its customers to pay by the month ($10 each month), by the year ($110 per year), or two years in advance ($200). In December this year, the company collected the following amounts applicable to future services: January next year services (monthly contracts) $11,000 January - December next year Services (annual contracts) $44,000 January - December Services for the next two years $16,000 The income from the above that must be reported as gross income for this year is: $55,000. $71,000. $16,000. $27,000. None of the above
- Aa.15. On December 31, Year 1, Cardinal Company bought some new equipment that cost $25,000 and signed a Note Payable [NP] for $20,000. The remaining amount was paid in cash at the time of the purchase. The NP requires six equal semi-annual payments starting on June 30, Year 2. The principal and the interest expense related to the NP will be completely paid off on December 31, Year 4 as a result of these six equal payments. The note states an interest rate of 8% with semi-annual compounding on the payment dates. Answer the following: 1. What will be the size of each of the six semi-annual payments? $________ 2. How much Interest Expense will appear in Cardinal’s income statement for the year ended Dec. 31, Year 2? $___________ 3. What is the carrying value of the Note Payable in Cardinal’s balance sheet dated Dec. 31, Year 3? $_______Mo Salah is employed by Liverpool Limited. The normal working week is 45 hours. Mo Salah worked for 48 hours during the last week of March 2022. He is remunerated at R90 per hour during normal working hours. Overtime is calculated at 1.5 times the normal rate. The following are her deductions for the week: Medical aid fund R400 Pension fund 8% of the normal wages Income tax R850 Liverpool Limited contributes the same amount as the employees towards the medical aid fund and pension fund. Required: Calculate the net wage of Mo Salah for the last week of March 2022.Joe Company’s salaried employees are paid bi-weekly. Occasionally, advances made to employees are paid back bypayroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 12/31/19 12/31/20Employee advances P12,000 P18,000 Accrued salaries payable 91,000 ?Salaries expense during the year 910,000Salaries paid during the year (gross) 875,000At December 31, 2020, what amount should Joe report for accrued salaries payable?a. P126,000 b. P108,000 c. P120,000 d. P35,000
- Mrs. Smith is buying a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans to charge this to her Sears credit card, which earns 18.9% APR. She wants to pay $225 per month to the credit card. Fill in the first 2 lines of the amortization table. Month Balance Interest Amt. Applied to Principal New Balance 1 $192.92 2 $29.04 $1647.804. On January 1, 2019, Baker Co. decided to grant its employees 10 vacation days and five sick days each year. Vacation days earned can be carried over to the next year but not sick days. Each employee took an average of three sick days in 2019. During 2019, each of Baker's six employees earned P100 per day and earned 10 vacation days. These vacation days were taken during 2020. What amount should Baker report for compensated absence expense for the year ended December 31, 2019? a. 0 b. 6,000 c. 7,800 d. 9,000 5. North Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2019, North's unadjusted balance of liability for compensated absences was P21,000. North estimated that there were 150 vacation days and 75 sick days…Susan Cain is employed at Quiet Inc. and is paid a monthly salary of ₱70,000. How much is her net pay after deducting all the mandatory deductions? (Provide solution/ explanation) a. ₱55,764.50 b. ₱56,577.27 c. ₱56,679.27 d. ₱56,836.77
- Problems 1). Record the journal entries for the following current liabilities for Company Z A). Company Z is required by law to collect and remit sales taxes to the state. If $78,000 of cash sales are subject to a 6% sales tax B). Company Z faces a probalble loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. C). Employees earn vacation pay at the rate of one day per month. During the month, 25 employees quality for one vacation day each. Their average daily wage is $100 per day. D). Z company estimates thatt warranty expense will be 4% of sales. The company's sales for the current period are $185,000.. E). Z Company receives $48, 000 cash in advance ticket sales for 12 home games. Record the advance ticket sales on April :30. Record the revenue earned for the first home game played on August 14. "V B. C. D. E.During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?Gonzalez Co. accrues the liability for vacation pay at the rate of pay in effect when the compensated time is earned. Gonzalez has 90 employees who all work 8-hour days. The employees earn 12 paid vacation days per year. They may take those vacation days any time after the year in which the days are earned. Information about the rates of pay, vacation days earned, and vacation days used for 2020, 2021, and 2022 is as follows: Year Hourly wages Vacation days earned by each employee Vacation days used by each employee 2020 $30.00 12 0 2021 $31.00 12 9 2022 $32.00 12 12 What amount should Gonzalez present on its December 31, 2022 balance sheet as its liability for vacation pay?