Prepare the journal entry to record pina colada payroll

Assignment Help Financial Accounting
Reference no: EM132905664

Hawaeii Inc.'s weekly payroll of $21,000 included employee income taxes withheld of $2,982, Canada Pension Plan (CPP) withheld of $904, and Employment Insurance (EI) withheld of $420. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withholdings.

Problem 1: Prepare the journal entry to record Pina Colada's payroll-related expenses.

Reference no: EM132905664

Questions Cloud

What is the expected value of the selection : Kevin is watching an old game show rerun on television called Let's Make a Deal in which the contestant chooses a prize behind one of two curtains. Behind one o
What is the latest date on which payment can be made : The terms of trade as stated on the invoice read "2/10, net 40, May 1 dating." What is the latest date on which payment can be made
What is the nominal interest rate on the loan : What is the nominal interest rate on the loan? The loan will cost 10% simple interest, for 4 months, with a 20% compensating balance.
What is a compensating balance : Question - What is a compensating balance? What effect does a compensating balance requirement have on the effective interest rate on a loan
Prepare the journal entry to record pina colada payroll : Prepare the journal entry to record Pina Colada's payroll-related expenses. Hawaeii Inc.'s weekly payroll of $21,000 included employee income taxes withheld.
What is authentication-authorization and accounting : What is Authentication, authorization and Accounting?Please provide Examples.
What amount of retained earnings will be capitalized : The corporation declared 25,000 shares dividend. What amount of retained earnings will be capitalized as a result of the dividend declaration?
What is the uncollected balances schedule : What is the uncollected balances schedule? What advantages does it have over the DSO and the aging schedule for monitoring receivables
What is the chief responsibility of the sba : What is the chief responsibility of the SBA and why do you think that the federal govt. is so concerned with the success of small businesses in the first place?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what rate of interest will you receive on investment

Find what rate of interest will you receive on this investment. The note is certain to pay $2000 at the end of each of the next 15 years. If you buy the note.

  Prepare in good form the cash flow statement for bell ltd

Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. During 2017, the company sold old equipment costing $100,000 (net book value, $62,000)

  Prepays insurance coverage-considered product-period costs

A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,330 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percen..

  Find the size of quarterly payments

After 3 years, bank decreases the rate to j4= 7%. Find the size of quarterly payments for last 2 years required to meet the 8.000 TL goal?

  Explain how much in personal taxes will ernest need to pay

Ernest, an individual, receives $100 from Vernon Corp. in dividends and is in the 28% tax bracket. Vernon Corp. already paid corporate taxes on the $100 at a 20% tax rate. Explain how much in personal taxes will Ernest need to pay?

  Which is classified as part of investing activities

Which is classified as part of 'investing activities' in the statement of cash flows? proceeds from an issue of shares./ acquisition of non-current assets.

  What return is this investment offering

A financial planning service offers a college savings program. The plan calls for you to make six annual payments of $13, 300 each, with the first payment occurring today, your child's 12th birthday. Beginning on your child's 18th birthday, the plan ..

  What the change in the company cash and cash equivalents

What The change in the company's cash and cash equivalents for the year ended 31 December 2019 were?Extracts from Statement of Financial position as at 31 Dec

  Determine the unit contribution margin

Sally Company sells 16,000 units at $38 per unit. Variable costs are $23.56 per unit, and fixed costs are $115,500. Determine the unit contribution margin

  What steps should cart and blanche take

What steps should Cart and Blanche take in evaluating the new client? Cart and Blanche, a regional accounting firm is determining

  ACCT559 Advanced Financial Accounting and Reporting Issues

ACCT559 Advanced Financial Accounting and Reporting Issues Assignment Help and Solution, DeVry University, USA. Prepare the journal entry to record the issuance

  What level of payment is needed on an annual basis

What level of payment is needed on an annual basis for the bond you did not select to become the preferred bond

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