The NEDA's payroll for the month of January 2021 comprises the following: Salaries 480,000, PERA 20,000, and personal shares as follows - withholding taxes 15,000, GSIS Life and Retirement Premium 45,000, PHIC premium 2,000, PAG-IBIG premium 8,000. Payday is on 16th and 30th of the month.

Additionally, government shares are as follows: GSIS Life and Retirement premium 60,000, Employees compensation contribution 2,000, PAG-IBIG premums 4,000, PHIC premiums 2,000. Remittances are made at the end of every month.

 

1. What is the balance of Advances for Payroll account at the end of the month?

2. How much is the total personal share?

3. How much is the net pay?

4. How much is the total remittance through cash/check?

5. How much would be recognized as due to GSIS?

6. How much is the total non-cash remittances?

7. What is the balance of due to Officers and Employees account at the end of the month?

8. How much is the total government share?

Answer rating: 100% (QA)

To determine the balance of the Advances for Payroll account at the end of the month we need additional information regarding the amount of advances g... View the full answer