Required: Prepere the Joumal entries to: (a) distribute the weeklythe bonus, vacation and holiday pay.rueR4 Monthly payroll register of Hanna Institule for January shows the following information:.The salary for administrative employees is P20,000; faculty, P300,000. Hanna shareoP2,500 will be deducted from both departments (admin and faculty) each.There are 5 faculty members with equal salaries; two of them are most senlor and entitlerto avail 2 weeks pald leave every year. Mr. Johnson, one of two senior members, receivedbonus of P1,000 for his last year's awesome result.Required: Journal entries to record payroll on January 31st.

Journal entry shows the recording of transactions during an accounting year. Every entry have dual…

Answered: The salary for administrative employees…

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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A retired employee accumulated an amount of P1.5 M on his retirement account. Instead of taking as cash, it was invested in a portfolio earning 6% compounded quarterly. If he plans to get his first pension after 2 years, how much would he receive quarterly if he made an agreement that it would last for 10 years upon his first quarterly pension.
The basic annual salary of Martha is R576 000. She is entitled to an annual bonus of 90% of her basic monthlysalary. Her employer contributes 8% of her basic salary to her pension fund. She works for 45 hours per week (fromMonday to Friday). She is entitled to 21 days paid vacation leave. There are 12 public holidays in the year (365days), 8 of which fall on weekdays. Study the information provided below and calculate the hourly recovery tariff per hour (expressed inrands and cents) of Martha.
Ram and Rohan and Rohit are partners in a firm, sharing profits and losses equally. Each of them withdraw rs. 1000 quarterly. If intrest is to be charged on drawings @ 6% pet annum, the calculation of average period and interest on drawings will be as follows: A) if the amount is withdrawn at the beginning of each month B) if the amount is withdrawn in the middle of the month C) if the amount is withdrawn at the end of each month?
1. Company has an plan to provide a pension plan for its one employee. They plan to start saving on 12/31/2020 and will save the same amount at the end of each year for 4 years ending at 12/31/2023. Once the money is accumulated on 12/31/2023. They will place in in an investment that will earn 9% annual interest. The company will pay $6,000 at the start of year year starting 1/1/2025 and continuing 4 more years to 1/1/2029 total of 5 payments. How much money will the company need to have collected at 1/1/2024 in order to start payming the annuity of $6,000 a year earning 9% annual interest rounded to the nearest full dollar? my answer was $30,000 or $66,6667. What am I doing wrong or how do I calculate this question? 2. If the amount of money the company sets aside is $25,000 at 12/31/2023 then if the amount the company needs to set aside every year is $5,887 starting 12/31/2020 then what interest does this account earn annually? my answer was 6% but I don't think that is correct how…
A man borrowed P 150,000.00 at 7% compounded monthly. If he is required to pay P 10,000.00 on the 1 day of every month. How many years will it take to pay his obligation? 100.00
Hi, can I have a solution for this one, please?
G7. CALACULATE FREDDY S LABOUR RATE PER HOUR? IF HER MONTHLY SALARY IS 10 000.SHE GE R9000 BONUS.HER EMPLOYER CONTRIBUTE R9000 ON HER PENSION.SHE WORK FOR 9 HOURS PER DAY FROM MONDY TO FRIDAY EACH WEEK.SHE IS HAVING 28 DAYS VACATION LEAE .THERE ARE 12 PUBLIC HOLIDAY IN YEARS
A Hepplewhite sofa costs $3,620 in cash. Jaquanna Wilson will purchase the sofa in 48 monthly installment payments. A 17% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment. The finance charge is $ (Type an integer or a decimal.)
The manager of the Top Star Bakery wishes to give each of 120 employees a holiday bonus. How much is needed to invest monthly for a year at 12% nominal interest rate compounded monthly, so that each employee will received a P1,000.00 bonus?
Aunt May will start receiving quarterly pension ($5000 quarterly paycheck) beginning one quarter from now. The pension will continue for the next 25 years. The quarterly paycheck will increase by 5% each year to adjust for inflation. What is the total value of Aunt May's pension as of today, assuming a nominal interest rate of 6% compounded monthly? A. Between $350,000 and $380,000 B. Between $380,000 and $400,000 C. Between $400,000 and $420,000 D. Between $420,000 and $440,000 E. More than $440,000
Employers put $300 toward a pension plan every month. If the account has an interest rate of 9%/a compounded monthly, how much will there be in each account in 15 years? $113521.73 $123521.73 $103521.73 $133521.73
David earned 10 percent on the $200,000 he invested in a special account at his credit union. Interest was paid semi-annually. His effective rate of interest was: Select one: a. 10.55% b. 10.25% c. 10.56% d. 15.75%

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