Homework Answers
| Xavier Corporation | ||||
| Journal entries in the month of September 2018 | ||||
| As per the given information the journal entries are as follows: | ||||
| Debit | Credit | |||
| Journal entry for the monthly payroll | ||||
| 1 | Salaries | 14800 | ||
| Income tax withheld | 3995 | |||
| Union tax | 60 | |||
| Alberta Health care | 440 | |||
| Canada pension premiums | 732.6 | |||
| Employment Insurance Premium | 245.68 | |||
| Salaries Payable | 9326.72 | |||
| Journal entry for employer's portion of monthly payroll | ||||
| 2 | Salaries | 9326.72 | ||
| Salaries Payable | 9326.72 | |||
| Journal entry for payment of monthly taxes | ||||
| 3 | Income tax withheld | 3995 | ||
| Union tax | 60 | |||
| Alberta Health care | 440 | |||
| Canada pension premiums | 732.6 | |||
| Employment Insurance Premium | 245.68 | |||
| Cash | 5473.28 | |||
Add Answer to:
Xavier Corporation pays its five employees on a monthly basis. Following is the information for the...
Best Company has 7 sales employees, each of whom earns $1,800 semi-monthly. CPP is 5.25% and...
Best Company has 7 sales employees, each of whom earns $1,800 semi-monthly. CPP is 5.25% and EI is 1.58%. Withholdings for the employees also include federal and provincial income tax of $2,300 (total for all seven) and medical insurance premiums of $185 for each employee. 1) Prepare the journal entry to record the employee payroll. 2) Prepare the journal entry to record Best Company's payroll tax expense. 3) Prepare the entry to remit the payroll taxes to the CRA and...
Question 2 Best Company has 7 sales employees, each of whom earns $1,800 semi-monthly. CPP is...
Question 2 Best Company has 7 sales employees, each of whom earns $1,800 semi-monthly. CPP is 5.25% and EI is 1.58%. Withholdings for the employees also include federal and provincial income tax of $2,300 (total for all seven) and medical insurance premiums of $185 for each employee. 1) Prepare the journal entry to record the employee payroll. 2) Prepare the journal entry to record Best Company's payroll tax expense. 3) Prepare the entry to remit the payroll taxes to the...
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019,...
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. Paul Parker, president, gross monthly salary of $20,000; gross earnings prior to October 31, $160,000. Carolyn Wells, vice president, gross monthly salary of $15,000; gross earnings paid prior to October 31, $150,000. Michelle Clark, independent accountant who audits the company’s accounts and performs consulting services, $16,500; gross amounts paid...
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. 1....
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. 1. Paul Parker, president, gross monthly salary of $20,100; gross earnings prior to October 31, $171,400. 2. Carolyn Wells, vice president, gross monthly salary of $16,300; gross earnings paid prior to October 31, $152,400. 3. Michelle Clark, independent accountant who audits the company's accounts and performs consulting services, $16,200;...
Exercise 10.11 ACCOUNTING FOR THE PAYROLL Giovanni SpA pays its employees on a monthly basis. The...
Exercise 10.11 ACCOUNTING FOR THE PAYROLL Giovanni SpA pays its employees on a monthly basis. The payroll is processed on the 6th day of the month and payable on the 7th day of the month. Gross salaries for July were €500 000, from which €125000 was deducted in tax. All of Giovanni SpA's salaries are accounted for as expenses. Deductions for health insurance were €10 000. Payments for health insurance and employee withheld income taxes are due on the 15th...
complete the tables Required information Use the following information for the Exercises below. The following information...
complete the tables
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 62% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX,its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information
Use the following information for the Exercises below.
[The following information applies to the questions
displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
of the first $128,400 paid to its employee, and FICA Medicare taxes
are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
6,100
$...
Muller Corp. pays its employees monthly. The payroll information listed below is for January 2018, the...
Muller Corp. pays its employees monthly. The payroll information listed below is for January 2018, the first month of Muller’s fiscal year. Salaries $ 320,000 Federal income taxes to be withheld 72,000 Federal unemployment tax rate 0.60 % State unemployment tax rate (after FUTA deduction) 5.40 % Social Security tax rate 6.20 % Medicare tax rate 1.45 % Required: Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2018 pay period....
Chapter 09 Homework Saved Required information Part 1 of 3 [The following information applies to the...
Chapter 09 Homework Saved Required information Part 1 of 3 [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of grosS pay. For BMx, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. polnts Gross Pay through August 31 5,100 3,100 Gross Pay for September $2,200...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Administrative salaries $ 82,000 Sales salaries 62,000 Office salaries 50,000 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted to $12,000 and is...
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given. 1. Paul Parker, president, gross monthly salary of $20,100; gross earnings prior to October 31, $171,400. 2. Carolyn Wells, vice president, gross monthly salary of $16,300; gross earnings paid prior to October 31, $152,400. 3. Michelle Clark, independent accountant who audits the company's accounts and performs consulting services, $16,200;...
Exercise 10.11 ACCOUNTING FOR THE PAYROLL Giovanni SpA pays its employees on a monthly basis. The payroll is processed on the 6th day of the month and payable on the 7th day of the month. Gross salaries for July were €500 000, from which €125000 was deducted in tax. All of Giovanni SpA's salaries are accounted for as expenses. Deductions for health insurance were €10 000. Payments for health insurance and employee withheld income taxes are due on the 15th...
complete the tables
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 62% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX,its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay...
Required information
Use the following information for the Exercises below.
[The following information applies to the questions
displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
of the first $128,400 paid to its employee, and FICA Medicare taxes
are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
6,100
$...
Chapter 09 Homework Saved Required information Part 1 of 3 [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of grosS pay. For BMx, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. polnts Gross Pay through August 31 5,100 3,100 Gross Pay for September $2,200...
Most questions answered within 3 hours.
-
The activation energy for a given reaction is 50.3 kJ/mol. If
the rate constant for the...
asked 43 minutes ago -
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 2 hours ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 4 hours ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 4 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 5 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 5 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 6 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 6 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 6 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 7 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 7 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 7 hours ago