Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 10, 2024

Employees earn gross pay, but get paid net pay. Why do employers EXPENSE the gross pay calculation even though employees do not receive the gross

Employees "earn" gross pay, but get paid "net pay". Why do employers EXPENSE the gross pay calculation even though employees do not receive the gross pay in their paychecks? What is this expense called?

Also, what's the name of the other EXPENSE that employers book related to payroll?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The TL 9000 Guide For Auditors

Authors: Mark Kempf

1st Edition

087389510X, 978-0873895101

More Books

Students also viewed these Accounting questions

Question

★★★★★

Refer to the statement of cash flows in the CVS Corporation annual report in the Supplementary to Chapter 5 to answer the following questions: 1. Does CVS use the indirect method of reporting cash...

Answered: 1 week ago

Question

★★★★★

The Excel worksheet form that appears below is to be used to recreate Example E and Exhibit 13-8. Download the workbook containing this form from Connect, where you will also receive instructions...

Answered: 1 week ago

Question

★★★★★

=+(5.42) E[n \N2] = a, Var[n 'N.] - B - x2 +H-P n

Answered: 1 week ago

Question

★★★★★

On January 1, 2011, Primavera Corporation had 55,000 shares of common stock outstanding that did not change during 2011. In 2010, Primavera granted options to certain executives to purchase 12,000...

Answered: 1 week ago

Question

★★★★★

NEED HELP PLEASE The account balances of Blossom Company at December 31.2024, the end of the current year, show Accounts Recelvable $133,200 : Allowancefor Doubtful Accounts \$1,600 (credit): Sales...

Answered: 1 week ago

Question

★★★★★

Kumar Ltd acquired all the issued shares of Prasad Ltd at 1 July 2019. Kumar Ltd paid $36, 750 in cash and 10,000 preference shares and 10,000 ordinary shares in Kumar Ltd valued at $3.00 per share...

Answered: 1 week ago

Question

★★★★★

Jane is not a CPA, but has expertise in data analytics. She is a partner at Big4 LLP, a member firm of the AICPA. Jane provides non-attest services to her client, including risk advisory services. In...

Answered: 1 week ago

Question

★★★★★

Oriole Company has gathered the following information: Variable manufacturing overhead costs $13,230 Fixed manufacturing overhead costs $10,260 Normal production level in labour hours 9,000 Standard...

Answered: 1 week ago

Question

★★★★★

A firm is considering two capital investment options. The initial investment for Project Alpha is $25,000, and for Project Beta, it is $22,000. Yearly Cash Flows Year 1 : Project Alpha - $7,000;...

Answered: 1 week ago

Question

★★★★★

The following information is available from Bromfield Company's accounting records for the year ended December 31, 2022 (amounts in millions): Cash dividends declared and paid Interest and taxes paid...

Answered: 1 week ago

Question

★★★★★

Lagle Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 5.05 Direct labor $ 3.50 Variable manufacturing overhead $ 1.75 Fixed manufacturing overhead...

Answered: 1 week ago

Question

★★★★★

1-4 Information systems are too important to be left to computer specialists. Do you agree? Why or why not?

Answered: 1 week ago

Question

★★★★★

1-6 How have federal and state statutes and regulations impacted the use of information systems?

Answered: 1 week ago

Question

★★★★★

1-5 If you were setting up the Web site for a rugby team, what management, organization, and technology issues might you encounter?

Answered: 1 week ago

Previous Question Next Question