User Account

All Pages

Calculate the employer portion of cpp and ei

Assignment Help Financial Accounting
Reference no: EM132949920

A &K audio 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.

Required:

Problem 1. Present a general journal entry to accrue the payroll on March 31, 2021.

Problem 2. Calculate the employer portion of CPP and EI (Journal Entry)

Reference no: EM132949920

Questions Cloud

Prepare the general journal entry to record reimbursement : The Crown Company established a $1,000 petty cash, Prepare the general journal entry to record the reimbursement and increasing of the fund on October 15.
Prepare the bank reconciliation for brown company : Prepare the bank reconciliation for Brown Company. The Brown Company bank statement for September 30, 2020 showed a balance of $1,681.50.
What amount should mackeral report : Ignoring income taxes, what amount should Mackeral report on its 2021 income statement as loss on extinguishment of debt
How much is the total income tax expense for the year : Ellie, a resident citizen, in merchandising business, in a year, had: Dividend from domestic corporation, P30,000. How much is total income tax expense for year
Calculate the employer portion of cpp and ei : Calculate the employer portion of CPP and EI. A &K audio has 5 sales employees, each of whom earns $3,000 per month and is paid the last working day
State the total transaction price with calculations : Absco is quite uncertain how quickly it can manufacture these jeans. State the total transaction price with calculations in one page
Prepare a journal entry to record the estimated vacation pay : 70 percent of employees will be granted vacation time. Prepare a journal entry to record the estimated vacation pay resulting from the weekly payroll.
What required reserves ratio is implied : If total bank reserves were $15 million with $2 million considered to be excess reserves, what required reserves ratio is implied?
Record this transaction only under ifrs and aspe requirement : Record the transaction only under IFRS and ASPE requirements. The restoration work on the soil is expected to take approximately 12 hours per acre

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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