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On 21 November, the weekly payroll register of Python Ltd showed gross wages and salaries of $87 000. The organisation withheld $20 880 for income tax, $1670 for life insurance, $2500 for medical insurance premiums, and $8700 for superannuation deductions made on behalf of employees. Prior to this transaction the entity's current liabilities (extract) were as follows. then,
Question (a) Make the general journal entry to record the payroll and payroll deductions.
Question (b) Make the general journal entry to record the employer's contributions to the employees' superannuation fund at the rate of 12% of gross payroll.
Question (c) Make the entries in the cash payments journal to record payment of the above liabilities.
Australian Taxation Office $41 760Life Insurance Payable 2 505Health Insurance Payable 3 750Superannuateon Deductions Payable 17 400
Kelly Steinman is the manager of a medium-size company. A few years ago, Steinman persuaded the owner to base a part of her compensation on the net income the company earns each year. What effect does lowering the estimate for doubtful accounts have ..
A machine will reach the end of its useful life in year 5. What is the tax implication on the sale of the new machine at year 5
Imagine that you work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization. Two presentations have been requested. The first is a presentation that explains the differences between the..
question arrow enterprises uses a normal costing system. the standard cost sheet for product no. 549 follows.direct
question a review of selected financial activities of viscontis throughout 20xx disclosed the
Watson Clinic is evaluating a project that costs $51,100 and has expected net cash inflows of $11,000 for eight years. The first inflow occurs one year after
Determine the ending inventory and cost-of-goods-sold amounts for the March financial statements under (a) average cost, (b) FIFO cost, and (c) LIFO cost.
Prepare a forecast statement of cash flows for the six months to 31 March 2012 and an income statement for the six months ended on that date
A number of business transactions carried out by Smalling Manufacturing Company are as follows: a.Borrowed money from a bank. b.Sold land for cash at a price equal to its cost. c.Paid a liability. d.Returned for credit some of the office equipment pr..
On December 31, 2012, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $250,300 zero-interest-bearing note due December 31, 2014, as payment in full. Prepare the jour..
When comparing corporate and individual taxation, the following statements are true, except:
adjustment entry for allowance for doubtful accounts at the end of the year .the draber company uses the allowance
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