Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Baltessen Builders has five employees who are paid on the 1st and 16th of each month for the work they performed in the preceding half-month (paid semi-monthly; for instance Jan 1-15 work is paid Jan 16; and Jan 16-31 work is paid Feb 1). For the pay period February 16 to February 28, each employee is owed gross pay of $1,000, but each one must have 15% of their gross pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.45% of their gross pay and pay Employment Insurance premiums of 1.58% of their gross pay. Each employee has $23 of union dues deducted from their paycheque.
Requirements:
Problem 1. Prepare the payroll general journal entries required to reflect these amounts for the pay period February 16 - 28, along with Baltessen's share of CPP contributions and EI premiums, in Baltessen's February 28 financial statements. Recall that both employers and employees make contributions to CPP and EI. Refer to your textbook for more details.
Problem 2. Show what Baltessen would report on its balance sheet at February 28, and on its income statement for the month ended February 28 before the payment is made.
Problem 3. Prepare the payroll general journal entries required to reflect: (i) the payment of the February 16-28 payroll liabilities to the Canada Revenue Agency (CRA) on March 10, and (ii) the payment of the union dues to Unifor Union Local #123 on March 13.
Rey Company's single product sells at a price of $234 per unit. Data for its single product for its first year of operations follow
Pine Corporation's books showed pretax income of P600,000 for the year ended December 31, 20x1. What amount Pine report as its current income tax liability
If each transaction, including fees earned, is recorded individually in a two-column general journal;
Prepare a detailed multi-step income statement with a detailed explanation of many words. Assume a 25% tax rate
stanton company is planning to produce 2000 units of product in 2012. each unit requires 2.50 pounds of materials at
On May 1, 20X1, Zoey purchased $8,000 of inventory by issuing a $8,500 six-month noninterest- bearing note. What is the effective interest rate
If the purchase price is $45 per tire and the economic order quantity is used, what is the total annual inventory cost
On July 1, 20D, Bill Company signed a two-year $12,000 note payable with 12 percent interest. At due date, July 1, 20F, the principal and interest will be paid.
the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.
Little Book LTD has total assets of $860,000. There are 75,000 shares of stock outstanding, Calculate the companys EPS
For each control identified, briefly indicate the financial mis-statement that could occur if the control is not implemented effectively
suppose a company has 5 different capital budgeting projects from which to choose but has constrained funds and cannot
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd