Present a general journal entry to accrue the payroll

Assignment Help Accounting Basics
Reference no: EM133035957

Question - 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 -

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

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

Reference no: EM133035957

Questions Cloud

What is the wholesale sell price : The total manufacturing cost is $30.00 and the desired wholesale mark-up is 40%. What is the wholesale sell price
Advise the effect on net income and debt-equity ratio : Without the lease agreement, the machines would have required an upfront price tag of $10.5 million. Advise the effect on net income and Debt-Equity ratio
Calculate the geometric average rate of return : Capital Venture Fund has set up a portfolio that comprises ABC shares and XYZ shares. The following information relates to these shares.
Discuss the organization current customer strategy : 1. Discuss the organization's current customer strategy as reflected in the business case from the article below.
Present a general journal entry to accrue the payroll : A & K audio has 5 sales employees, each of whom earns $3,000 per month. Present a general journal entry to accrue the payroll on March 31, 2021
Develop and implement a food safety program : Conduct an internal audit in one of the Holmes kitchens and then develop and implement a food safety program.
Strategies of community and stakeholder engagement : Program Planning, Implementation and Evaluation Plan - examine and apply the principles of evaluation, comparing the types and stages of evaluation
What is the minimum purchase value of transactions : Assume that the purchase value of transactions, x, at Edgars stores are normally distributed with a mean of R244 and a standard deviation of R68.
What is the standard deviation for this sample : Assume graduates in 2017 earn $36,882, $35,854, $43,692, $40,776, $70,869 and $47,468. What is the standard deviation for this sample

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the carrying amount of investment on december

What is the carrying amount of investment on December 31, 2020? On May 1, 2019, Lucky Company purchased 12% P3,000,000 face value bonds for P3,360,000

  Journalize April transactions

Bought $650 of supplies on account. Collected $ 4,000 cash on outstanding customer accounts. Journalize April's transactions

  What are the ethical issues involved

As a result of this policy, Richard Nies, corporate controller, recognized revenue ratably over the life of the membership. What are ethical issues involved

  What interest rate should american bank use to calculate

What interest rate should American Bank use to calculate the loss on the debt restructuring?

  On january 1 2012 adams corporation signed a 5-year

on january 1 2012 adams corporation signed a 5-year noncancelable lease for a machine. the terms of the lease called

  Prepare journal entry to close variable overhead variancre

Prepare the journal entry to close the variable overhead variance accounts under the assumption that the amount is immaterial.

  Balance in the deferred tax liability

The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is:

  Determine the amount of the available itemized deductions

Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018

  What the foreign exchange market expects the peso

Based on this information, the foreign exchange market expects the peso to [A] (appreciate, depreciate) against the won by [B] percent in 1 years' time

  Calculate the carrying value of the bond investment

The fair value of the bonds on December 31, 2013, was $190,000. The carrying value of the bond investment at December 31, 2013, at

  What is the value of the building contributed by alex

The partners agreed that Gabbie would be given a salary of P15,000. What is the value of the building contributed by Alex

  Calculate the return from buying the stock on margin

The price per share is Rs. 75. Salman Buy maximum number of Arif Habib odd lot share on margin. Calculate the return from buying the stock on margin

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