The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)-P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end? * The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)-P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end? *
Expert Answer:
Answer rating: 100% (QA)
Answer I Accrued salaries and wages payable on January 5 2021 P660000 ... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
The following paragraphs describe fraudulent accounting committed by the company Rite-Aid in 1999. After reading the paragraphs, list the journal entries you think Rite-Aid would have used to do what...
-
The unclassified balance sheet accounts for Sorkin Corporation, which is a public company using IFRS, for the year ended December 31, 2011, and its statement of comprehensive income and statement of...
-
Copper Products Limited leases property on which copper has been discovered. The lease provides for an immediate payment of $472,000 to the lessor before drilling has begun and an annual rental of...
-
A thin uniform rod (mass = 0.50 kg) swings about an axis that passes through one end of the rod and is perpendicular to the plane of the swing. The rod swings with a period of 1.5 s and an angular...
-
At what efficiency is a photovoltaic array running if insolation on the collector is \(650 \mathrm{~W} / \mathrm{m}^{2}\), the total collector area is \(10 \mathrm{~m}^{2}\), the voltage across the...
-
Tristate Recreation Park (TRP) finances operations with both bonds and stock. Suppose TRP issued \(\$ 200,000\) of 10 -year, \(6 \%\) bonds payable under various market conditions. Match each market...
-
Brite Lite Inc. manufactures light bulbs. Their purchasing policy requires that the purchasing agents place each quarters purchasing requirements out for bid. This is because the Purchasing...
-
1) State the MVT 2) Suppose that t (1)=6 and '(x) <2. , use the MVT to give an upper bound for rf (10). (In other words say how big it can be)
-
You have been hired by Agirich Appraisal. Your next assignment is to provide the indicated value for a subject property using the cost approach. Be sure to adjust for land classification, financing...
-
How will a tax preparer or CPA verify if an organization is on the list or not, and how will you treat a donation that was made a prior year and carry over to this year with an organization that is...
-
Why is hedging value-creating?
-
In the Schaffer case, the United States Supreme Court resolved some issues regarding who has the burden of proof at an administrative due process hearing. As noted in this chapter, the Court found...
-
Which of the issues noted above would best be resolved through litigation? Which through legislation? Which through regulation? Which through education? Which through communication?
-
What is the chartist approach to forecasting exchange rates?
-
Most special education disputes are now resolved through mediation, resolution sessions, or some other non-adversarial process. Why is that so? What are some of the advantages of resolving the...
-
Four observations taken for two variables, price of pork and price of lamb, are provided in the following Table: Price of pork ($/Kg) Price of lamb ($/Kg) 1 2 2 4 4 4 5 6 4.1. Develop a scatter...
-
How can NAFTA be beneficial to suppliers of Walmart?
-
Espinosa Corporation has been using the FIFO cost flow method during a prolonged period of inflation. During the same time period, Espinosa has been paying out all of its net income as dividends....
-
The degree of operating leverage for Montana Corp. and APK Co. are 1.6 and 5.4, respectively. Both have net incomes of $50,000. Determine their respective contribution margin s. Discuss.
-
These are two independent situations: 1. Eusey Cosmetics acquired 12% of the 300,000 shares of common stock of High Fashion at a total cost of $14 per share on March 18, 2014. On June 30, High...
-
Is the color of a smartphone nominal or ordinal?
-
A pollster wants to estimate the proportion of voters in a certain town who are Democrats. He goes to a large shopping mall and approaches people to ask whether they are Democrats. Is this a simple...
-
Provide an example of a qualitative variable and an example of a quantitative variable.
Study smarter with the SolutionInn App