Calculate the employee and employer portion of cpp and ei

Assignment Help Accounting Basics
Reference no: EM132675431

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

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

Reference no: EM132675431

Questions Cloud

Briefly outline the research methodology : Power Co is an electricity provider operating in a very competitive New Zealand market place. The company has enlisted your help
Find what amount of eic is tyler eligible to receive : Find what amount of EIC is Tyler eligible to receive, Assuming all EIC requirements are met? Tyler is a qualifying widower and has 10-year old twin boys.
Impact the accounting and financial statements : List and discuss ten factors that can impact the accounting and financial statements. Further, what actions can be taken to mitigate ongoing losses.
What are the indicators of the credibility of evidence : Describe the four elements that need be present in order to conclude that one variable influences another?
Calculate the employee and employer portion of cpp and ei : Birch Company has 5 sales employees, each of whom earns $3,000 per month. Calculate the employee and employer portion of CPP and EI.
Establishment of credibility in evidence-based management : What role do 'statistics' play in the establishment of credibility in evidence-based management?
List the audit procedures used by jenna : Jenna is working on the audit of a client's accounts. List the audit procedures used by Jenna to gather evidence and comment on the reliability of the evidence.
Principles of servant leadership : In other words, how do we practice the principles of servant leadership to our supervisors or stakeholders? What might this look like?
Risks of posting information on social media for advertising : What are the risks of posting information on social media for advertising, marketing, and sales? Provide examples.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a cash flow table to represent the situation

Sally Stanford is buying a car that costs $12,000. She will pay $2000 immediately and the remaining $10,000 in four annual end-of-year principal payments.

  Identify the dollar amounts of apple

Use Apple's September 26, 2009, financial statements, in Appendix A near the end of the book, to answer the following: a. Identify the dollar amounts of Apple.

  Determine the total amount of costs for operating department

Using the direct method to allocate service department costs, determine the total amount of costs for each operating department (X and Y)

  Calculate the minimum acceptable selling price per unit

Assume that direct labour is an avoidable cost in this decision. In negotiating a price for the special order, calculate the minimum acceptable selling price

  What was dollar profit or loss and holding period return

If we assume that the dividend policy has no impact on the value of the firm and that the capital gains tax rate is lower than the ordinary tax rate?

  On september 20 20x1 ott purchased bonds issued by

on september 20 20x1 ott purchased bonds issued by buy-a-lot company with an amortized cost of 100 and a fair value of

  Define journal entry to record the receipt of payment

Prepare the journal entries to record these transactions on the books of Alonzo Company. Alonzo uses a perpetual inventory system.

  Prepare the correcting entries

Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

  What will moores total revenue be at the break-even point

How many units must Moore make and sell to break even? What will Moore's total revenue be at the break-even point?

  Compare the projected cost of one transaction

Hometown Bank is determining the price for its newest mini debit card. The card can be used at any retail outlet with a swipe reader. No PIN number or signature is required.

  What is the increase in revaluation surplus

What is the increase in revaluation surplus to be recognized as component of other comprehensive income on January 1, year 4

  Discuss what was the cost per share of the treasury stock

What was the cost per share of the treasury stock. Round your answer to the nearest cent

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