Company A employs its cleaning staff on a ten-day fortnight,

Company A employs its cleaning staff on a ten-day fortnight, with employees being paid on Fridays. The fortnightly wages expense is $148,000 and employees are paid in arrears. That is, when the employees are paid, the wages paid are for work performed in the preceding fortnight. Company A retains the following amounts out of the employees’ wages on behalf of its employees which it then remits at month end to each of the entities noted: $30,000 per fortnight to pay the Australian Taxation Office for pay-as-you-go (PAYG) tax on behalf of the employees. $2,000 per fortnight to pay staff premiums to Healthy Medical a Medical Benefits Fund. $1,500 to the staff union fees to the Mining Employees Union. In addition to paying its employees’ wages and salaries, Company A also contributes to an employees’ Defined Contribution Superannuation Fund as required by the Superannuation Guarantee Charge which is equal to 9.5% of employees’ gross wages.

Required: 

If we assume that the balance date falls on a Tuesday, provide the accounting entries at the balance date to recognise the transactions noted above. You must indicate at the end of each general ledger account name if the account is an asset, liability, expense or revenue account.

How Our Website Works

1. FILL IN OUR SIMPLE ORDER FORM

It has never been easier to place your order. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process.

2. PROCEED WITH THE PAYMENT

All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.

3. WRITER ASSIGNMENT

Next, we match up your order details with the most qualified freelance writer in your field.

4. WRITING PROCESS

Once we have found the most suitable writer for your assignment, they start working on a masterpiece just for you!

5. DELIVERY

Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it. Sometimes, the writer may leave a note for you about the order in case there is any additional information that they need to give you.

Leave a Reply

Your email address will not be published.