For the first week (5 day workweek) in Sept. 2021, YoungCompany's records show direct labor,...
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For the first week (5 day workweek) in Sept. 2021, YoungCompany's records show direct labor, P450,000 for 90 workers; indirect factory labor, P75,000 (15 workers); sales salaries, P105,000 (21 employees); and administrative office salaries, P40,800 (5 employees). The workers' daily wage is P1,000.
CoursHeroTranscribedText: 4.For the first week (5 day workweek) in Sept. 2021, Young Company's records show direct labor, P450,000 for 90 workers; indirect factory labor, P75,000 (15 workers); sales salaries, P105,000 (21 employees); and administrative office salaries, P40,800 (5 employees). The workers' daily wage is P1,000. Required: (1) Prepare the entry to record the payroll liability. (2) Prepare the entry to distribute payroll cost. (3) Prepare the entry to record the employer's payroll taxes in one compound entry. Deductions & Contributions Employee Employer Withholding Tax 20% SSS contributions 3.5% 7.5% Philhealth contribution 1.375% 1.375% HDMF P100 P100 EC Contribution P 10
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