User Account

All Pages

Prepare a combined journal entry to show the payment

Assignment Help Accounting Basics
Reference no: EM133049400

Question - Matyas Company completed the salary and wage payroll for April of the current year. The payroll provided the following details:

Salaries and wages earned $251,000

Employee income taxes withheld 68,500

CPP contributions* 15,600

EI contributions† 7,000

Union dues withheld 3,900

Insurance premiums withheld 1,900

*$15,600 each for employer and employees.

Employment Insurance, employees' share.

Required -

1. Prepare the journal entry to record the payroll for April, including employee deductions.

2. Prepare the journal entry to record the employer's additional payroll expenses.

3. Prepare a combined journal entry to show the payment of amounts owed to governmental agencies and other organizations.

4-a. What was the total compensation expense for the company?

4-b. What percentage of the payroll was take-home pay?

Reference no: EM133049400

Questions Cloud

What the company cost of goods sold for fiscal : Question - Aiello Inc. had the following inventory in fiscal 2016. What the company cost of goods sold for fiscal 2016
What would the effect on operating income : Calculate the total expected manufacturing cost per unit of making CMCBs in 2021 - What would the effect on operating income
What is the variable gasoline cost of going one mile : What is the variable gasoline cost of going one mile in the hybrid car? What is the variable cost of going one mile in the traditional car
Aboriginal people and police services : People can make biased decisions with the best of intentions. In 2014, this reality hit home for the Brandon Police Services when the Manitoba Human Rights Comm
Prepare a combined journal entry to show the payment : Prepare a combined journal entry to show the payment of amounts owed to governmental agencies and other organizations
Describing security vulnerabilities : Three MIT students planned to present a paper at a security conference describing security vulnerabilities in Boston's transit fare system.
Perform a statistical analysis : Discuss the steps to perform a statistical analysis in 100-150 words.
Voyage from tianjin to singapore : On a voyage from Tianjin to Singapore, the cargo ship had an accidental fire. To save the ship and goods, the captain ordered to pour water into the compartment
Determine the factory overhead allocated per unit : Determine the factory overhead allocated per unit for each product using the single plantwide factory overhead rate

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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