Calculate the employee and employer portion of cpp and ei

Assignment Help Financial Accounting
Reference no: EM132473520

Point 1: Birch Company has 5 sales employees, each of whom earns $3,000 per month and is paid the last working day of the month. Canada Pension Plan is 4.95 percent of the pensionable earnings and Employment Insurance is 1.78 percent of the insurable earnings. Withholdings for each employee also include federal income tax of 15% and medical insurance premiums of $110. Present a general journal entry to accrue the
payroll on March 31, 20XX. [NOTE: CPP exemptions must be considered for the answer]

Point 2: Continuing the facts about Birch Company in 1 above, present the entry to record Birch Company's employer benefits for the month of March.

Question 1: Calculate the employee and employer portion of CPP and EI

Reference no: EM132473520

Questions Cloud

What is the current share price : If the required return is 0.06 and the company just paid a $1.15 dividend, what is the current share price? Answer with 2 decimals (e.g. 45.45).
What is the effective annual interest rate : What is the effective annual interest rate on this lending arrangement?
What is the present value of the costs of operating a series : The cost of capital is 8 percent. What is the present value of the costs of operating a series of such machines in perpetuity?
Determine should the city buy the trucks : In a heavily debated City Council meeting, one year ago, Cobb County learned that by buying larger garbage trucks it could reduce labor cost for garbage.
Calculate the employee and employer portion of cpp and ei : Calculate the employee and employer portion of CPP and EI. present the entry to record Birch Company's employer benefits for the month of March.
Calculate the z-spread-constant yield spread : The one-year and two-year government spot rates are 2.10% and 3.635%, respectively. Calculate the Z-spread, a constant yield spread over a government spot curve
What is the implied value of the warrants : What is the implied value of the warrants attached to each bond? Do not round intermediate calculations. Round your answer to the nearest cent.
Importance of understanding the cost of capital : The importance of understanding the cost of capital to a business. Comment on why it is important, and explain why as debt increases
Create a short summary of the goal of the given law : Create a short summary of the goal of this law in your own words. Use the following following questions to summarize how your legislation got passed.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd