Net wages Payable is calculated as follows:
Recorded wages = 35000
Less:
CPP = 1733
EI =570
Income Tax = 5250
Net wages =27447
Hilton Ventures Ltd. had the following transactions: Oct. 31 Recorded wages earned by the employees during...
Hilton Ventures Ltd. had the following transactions: Recorded wages earned by the employees during the month, which amounted to $35,000. The source deductions on these wages were CPP of $1,733, EI of $570, and income taxes of $5,250 Paid the wages recorded on October 31 Oct. 31 Nov. 2 Nov. 15 Made the remittance to the government related to the October 31 payroll. Your answer is correct. Determine the amount of the employees' net wages. 27447 Net wages SHOW LIST...
Lyrtricks Ltd., which has a December 31 year end, had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Dec. 31 The company borrowed $135,000 from a bank on a five-year loan payable. The terms of the loan stipulate that Lyrtricks must repay 1/5 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 8% per annum. Recorded employee wages for December. The wages earned by employees amounted to...
During October 2020 Juliana engaged in the following transactions: 01 Oct Negotiated a line of credit with their bank to replace the bank overdraft for Juliana Limited has an October 31 year e 05-Oct Provided services on which they had previously received a deposit. The balance is due in 30 days. 52,250 On October 1, 2020 Juliana had the follo Value of sale current liabilities listed on its books: 31,500 Previous deposit Bankoverdraft 12,000 24,000 12-Oct Bought inventory on credit,...
Do It! Review 10-2 During the month of February, Morrisey Corporation’s employees earned wages of $73,400. Withholdings related to these wages were $5,635 for Social Security (FICA), $7,090 for federal income tax, and $1,810 for state income tax. Costs incurred for unemployment taxes were $130 for federal and $180 for state. Prepare the February 28 journal entries for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles...
During the month of March, Cullumber Company’s employees earned wages of $54,000. Withholdings related to these wages were $4,131 for FICA, $6,480 for federal income tax, $2,700 for state income tax, and $324 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $540 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages for the month of March 2020 $ 214,000 Income Taxes withheld from employees 47,372 EI withheld from employees 1.66% CPP withheld from employees 4.95% Union dues withheld from employees 20,914 Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada...
Exercise 10-2 Chen Wholesalers Ltd. incurred the following transactions related to current liabilities: 1. Chen's cash register showed the following totals at the end of the day on March 17: pre-tax sales $52,000; GST $2,600; and PST $3,640. 2. Chen received its property tax bill for the calendar year for $48,600 on May 1, payable July 1. 3. Chen's gross payroll for the week of August 15 was $75,600. The company deducted $3,790 for CPP, $1,421 for EI, $5,900 for...
During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA, $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
Question 3 On February 28, 2018, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable CPP payable $40,700 2,520 EI payable 1,198 Sales tax payable Employee income tax payable Unearned revenue 6,400 5,615 14,700 The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $9,400. Interest is due at maturity. 5 Sold inventory for cash totalling $39,500, plus 13% HST. The cost...
During the month of February, Whispering Winds Corp's employees earned wages of $9.200,094,000. Withholdings related to these wares were $703,807,191 for FICA. $17.750 for federal income tax, and $4,750 for state income tax. Costs incurred for unemployment taxes were $275 for federal and $400 for state. Prepare the February 28 journal entries for (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (b) The company's payroll tax expense. No....