Reference no: EM13858111
The following is thejournal entry for Monopoly Corporation's bi-weekly payroll for the period ended May 22, 2015.
| Salary Expense |
81,670 |
|
| Income Tax Payable |
8,200 |
| CPP Contributions Payable |
1,600 |
| EI Premiums Payable |
1,450 |
| Union Dues Payable |
920 |
| Life Insurance Premium Payable |
160 |
| Salary Payable |
69,340 |
In addition to the mandatory statutory benefits, Monopoly also pays 100% of medical insurance at a rate of 3.45% of gross payroll.
a) Record the employer portion of payroll related expenses for May 22nd:
b) Record the entries for allcash payments resulting from the May 22 payroll:
c) Monopoly awards vacation on the basis of 4% of salary. The company anticipates a 1.5% increase in pay rates for 2016.Prepare the adjusting journal entry for vacation related to the May 22 payroll, assuming vacation days earned in any year are only available to be used in the subsequent year:
d) One employee, Sara White, has applied for parental leave, which will begin May 25th. Her annual salary is $62,400. Employment Insurance will pay her $480 per week for the next 52 weeks, and Monopoly will top up the amount to provide 90% of her salary. Prepare the entry related to the parental benefits plan:
e) Prepare the entry on June 5th, the following (bi-weekly) payroll period, for Sara White's parental leave pay:
f) Assume vacation taken, and paid out, on June 5th (the following payroll period end) amounts to $4,867. The vacation accrual was made during 2014 at an assumed salary increase (for 2015) of 1.5%. However, the union successfully negotiated an increase of 1.75% for 2015 salaries. The vacation accrual was not adjusted for the negotiated actual increase. Prepare the journal entry for the vacation pay, ignoring all payroll related deductions.
|
Explanation of how the values of geometric design parameters
: Plan of the new road and junctions superimposed on the site plan, and detailed drawings of the vertical and horizontal alignments. These should be folded and attached to the end of the report. Explanation of how the values of the geometric design p..
|
|
The cleaving poem
: "The Cleaving" is full of cycles: the cycles of food and nourishment, cycles of being born and creating new life and dying, cycles of reading and writing, etc. Choose one of these (or any other you happen to notice) and discuss how the cycle is de..
|
|
What are the implications of allowing people such choices
: What are the implications of allowing people such choices (positive or otherwise)to be evaluated indivdually or as a team.
|
|
What four areas should always be addressed in a team charter
: What four areas should always be addressed in a team charter? A charter usually consists of 1) project purpose/goals 2) team member roles and responsibilities 3) ground rules 4) communication protocol.
|
|
Prepare the journal entry for the vacation pay
: Prepare the entry on June 5th, the payroll period, for Sara White's parental leave pay - Prepare the journal entry for the vacation pay, ignoring all payroll related deductions.
|
|
What each article is trying to find out
: 8 articles that need to be summarized, telling the following points: Research Question (what each article is trying to find out) and Methods used (how they collected their data)
|
|
What is rule of thumb as to when a system should be replaced
: All systems eventually grow old and become obsolete. What is the rule of thumb as to when a system should be replaced?
|
|
Data for a community health center
: Given the following data for a community health center, calculate the average and marginal cost for each output level and (in case of marginal cost) between successive output levels.
|
|
Develop inventory-tracking system for your business services
: As a systems analyst, you have been involved in a project to develop an inventory-tracking system for your business services office. The project is now coming to its final stages and you have been asked to write a training manual.
|