In a firm, there were 750 employees on 1st April. During the month, 120 employees were left and 250 employees were appointed. How many employees will be on the firm's payroll as on 30th April? a. 880 b. 630 c. 1,000 d. 550

In a firm, there were 750 employees on 1st April. During the month, 120 employees were left and 250 employees were appointed. How many employees will be on the firm's payroll as on 30th April? a. 880 b. 630 c. 1,000 d. 550

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 6R: In the space provided below, prepare the journal entry to record the November payroll for all...

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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