Prepare the journal entry to record Pina Colada payroll

Assignment Help Financial Accounting
Reference no: EM132933242

Question - 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. Prepare the journal entry to record Pina Colada's payroll-related expenses.

Reference no: EM132933242

Questions Cloud

Determine how much will have to deposit now : How much will they have to deposit now so that can make their withdrawals at the end of each month, if the bank offers them a monthly interest rate of 2.89%?
Find the amount of each deposit : Pays 8.18% per annum with tetramestral capitalization. He needs to make deposits in equal amounts during 4 tetramesters. Find the amount of each deposit.
What is Zipp Inc net income on a cash basis : Zipp Inc. records revenue of $92,000 and expense of $78,000, all on the cash basis. What is Zipp Inc net income on a cash basis
Determine the amount to be paid each month : Mr. Gates borrowed $5,000 from the bank to repay in 16 monthly installments. If the interest rate is 1.5% per month, determine the amount to be paid each month.
Prepare the journal entry to record Pina Colada payroll : Hawaeii Inc.'s weekly payroll of $21,000 included employee income taxes withheld of $2,982, Prepare the journal entry to record Pina Colada payroll
How much should save each month to get the money needs : How much should he save each month to get the money he needs, if he is paid a rate of 24% per annum compounded monthly, and the deposits are made
Calculate the amortised cost of the bonds : Calculate the amortised cost of the bonds as at 30 June 2019 by preparing a schedule of amortised cost/interest payment
Calculate the amount of tax paid by simmental ltd : Calculate the amount of tax paid by Simmental Ltd during the year ended 30 June 20X2. Simmental Ltd for the year ended 30 June 20X2.
Determine the amount of equity to report : Use the following information for Meeker Corp. to determine the amount of equity to report. Cash $68,000 Buildings 124,000 Land 204,500 Liabilities 129,500

Reviews

Write a Review

Financial Accounting Questions & Answers

  Can you perform an arbitrage

Can you perform an arbitrage assuming you have no XYZ shares in your portfolio? Ignore all other transaction costs

  What amount of overhead will be assigned to a unit of output

What amount of overhead will be assigned to a unit of output which requires 0.5 machine hours and 0.25 labor hours to complete?

  How the deferred income taxes should be reported

Show how the deferred income taxes should be reported on the Balance Sheet at December 31, 2020. How the taxes should be reported on the Income Statement

  What a miner is

What A miner is? Computers that validate and process blockchain transactions. / An algorithm that predicts the next part of the chain

  Create an excel chart for each growth rate in sales

determine the 'sensitivity' of the model by adjusting the values of growth rate in sales and cost of goods sold/net sales. Create an Excel chart for each growth

  What is the present value to be received in five years

What is the present value of $2,500,000 to be received in 5 years at a cost of capital of 12% ? What is the present value of $10,000 to be received in 20 years

  What subjects or issues should be explored with lucas

Robert wondered why he was always so stressed out when he was dealing with Lucas, the latest addition to his team. On the face of it, the new hire seemed very agreeable and supportive, but whatever interactions he had had with him left him wondering ..

  Account and explanation debit credit record adjusting entry

Percentage of Credit Sales Clarissa Company has credit sales of $550,000 during 2013 and estimates at the end of 2013 that 2.5% of these credit sales will eventually default. Prepare the journal entry to record the defaulted account. Account and Expl..

  Find what sensitivity of ocf to changes in the variable cost

Find What is the sensitivity of OCF to changes in the variable cost figure? Explain what your answer tells you about a $1 decrease in estimated variable costs.

  Find the total amount of interest earned by the investor

Later, he deposits $4000 at time 2 and withdraw $3000 at time 3.5. Find the total amount of interest earned by the investor over the period [1,3].

  Why is immunosuppression in diabetes

Why is there immunosuppression in diabetes? Dextrose infusion in quinine induced hypoglycaemia causes more hypoglycaemia, so what is to be used?

  Elucidate the technique company is using that may constitute

Elucidate the technique the company is using that may constitute a financial shenanigan. Indicate both the technique used and how the auditor should react.

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