Ross Company pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, 2022 was for the week ended December 25, 2022. The payroll for the week ended Friday, January 1, 2023 included regular weekly salaries of P80,000 and vacation pay of P25,000 for vacation time earned in 2022 but not taken by December 31, 2022. Ross had accrued a liability of P20,000 for vacation pay at December 31, 2021. In its December 31, 2022 statement of financial position, what amount should Ross report as accrued salary and vacation pay?

The payroll of Grich Company for September 2022 is as follows:   Total payroll was $960,000, of which $44,000 is exempt from Social Security tax because it represented amounts paid in excess of $147,000 to certain employees. The amount paid to employees in excess of $7,000 was $800,000. Income taxes in the amount of $180,000 were withheld, as was $18,000 in union dues. The state unemployment tax is 6%, but Grich Company is allowed a credit of 4% by the State for its unemployment experience. The federal unemployment tax is rate is 0.8% after the state credit. Also, assume that the current Social Security rate is 6.2% on an employee’s wages to $147,000 and the Medicare rate is 1.45%.   Prepare the necessary journal entries assuming the wages and salaries paid and the employer payroll taxes are recorded separately...

The payroll of Grouper Corp. for September 2023 is as follows. Total payroll was $530,000. Pensionable (CPP) and insurable (El) earnings were $370,000. Income taxes in the amount of $91,000 were withheld, as were $7,246 in union dues. The El rate was 1.58 for employees and 2.212% for employers, and the CPP rate was 5.45% for employees and 5.45% for employers. Prepare the necessary journal entries to record the payroll if the salaries and wages paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Prepare the entries to record the payment of all required amounts to the Receiver General for Canada and to the employees' union. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles…

ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary. Required: Show entries for the year ended 31stDecember 2020: To record the outstanding December salary. As they would appear in the Statement of Profit and Loss. As they would appear in the Statement of Financial Position.

n January 1, 2023, Yukon Company agreed to grant its employees two weeks vacation each year, with the provision that vacations earned in a particular year could be taken the following year. For the year ended December 31, 2023, all twelve of Yukon's employees earned $1,200 per week each. Eight of these vacation weeks were not taken during 2023. In Yukon's 2023 income statement, how much expense should be reported for compensated absences?

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,060 of federal income taxes, $1,410 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000 in this first period. Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal…

he following is a payroll sheet for Teal Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee. Unemployment Tax Name Earnings Aug. 31 September Earnings B. D. Williams $6,800 $900 D. Raye 6,300 800 K. Baker 7,400 1,200 F. Lopez 14,700 1,800 A. Daniels 116,600 12,900 B. Kingston 121,300 16,400 (a) Complete the payroll sheet. (Round answers to 2 decimal places Income Tax Withholding FICA State Federal

Lawrence Corp. has an employee benefit plan for compensated absences that gives each employee 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, 2021, B's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 total vacation days and 150 sick days available at December 31, 2021. B's employees earn an average of $200 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report?   A. $84,000. B. $60,000. C. $90,000. D. $144,000.

Lewis Company's salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2016 is as follows: 12/31/15 12/31/16 Employee advances Accrued salaries payable $12,000 $ 18,000 75,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2016, what amount should Lewis report for accrued salaries payable? a. $100,000. b. $84,000. c. $92,000. d. $55,000.

On January 15, the end of the first biweekly pay period of the year, North Company;s payroll register showed that its employees earned $48,000 of sales salaries. Withholdings from the employees; salaries include FICA Social Security taxes at the rate of 6 2%, FICA Medicare taxes at the rate of 145%, $3.100 of federal income taxes, $1,037 of medical insurance deductions, and $130 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company39;s January 15 (employee) payroll expenses and iabilities View transaction list Journal entry worksheet Record the employee payroll for period Notei Enter debits baface Credts, Date General Journal Debit Credit Jan 15 Sales saiañies expense 48,000 cA-Medicare faxes payable FICA Social sec taxes payable Employ es lfeinsurance payable Emoloyes unign dues payabls mplo ee fed inc tares payabe