Homework Answers
Journal entries:
| Date | Account title | debit | credit |
|---|---|---|---|
| August 24 |
Salaries expenses CPP payable EI payable Income taxes payable Cash |
$16400 . . . . |
. $801 $308 $6148 $9143 |
| August 24 |
Payroll tax expenses CPP payable EI payable |
$1232 . . |
. $801 $431 |
| September 3 |
CPP payable EI payable Income taxes payable Cash |
$1602 $739 6148 . |
. . . $8489 |
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Brief Exercise 10-3 Zerbe Consulting Inc.'s gross salaries for the biweekly period ended August 24 were...
*Brief Exercise 10-3 Zerbe Consulting Inc.'s gross salaries for the biweekly period ended August 24 were...
*Brief Exercise 10-3 Zerbe Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $ 14,400. Deductions included $729 for CPP, $271 for El, and $6,393 for income tax. The employer's payroll costs were $729 for CPP and $379 for EI. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March....
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but...
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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...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages...
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...
Please help me with REQUIRED 4 AND 5 ONLY. THANK YOU Ryster Corporation is a publicly...
Please help me with REQUIRED 4 AND 5 ONLY. THANK YOU
Ryster Corporation is a publicly traded Canadian Corporation. On September 1, 2020, the Corporation's trial balance was as follows (right after the August 31" year end). The company prepares its adjusting entries monthly. Ryster Corporation Trial Balance September 1, 2020 Debit Credit Cash S 35,000 Accounts receivable 23,000 Allowance for doubtful accounts $ 1,600 Supplies Inventory 2,200 Equipment 50,000 Accumulated depreciation equipment 5,000 Accounts payable 10,000 Salaries payable 2,000...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. Assum...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500....
Please prepare T accounts. Question 3 Wascana Ltd. is a small wholesaler of restaurant supplies. The...
Please prepare T accounts.
Question 3 Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: Credit 23,400 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $78,000 Accounts receivable 468,000 Allowance for doubtful accounts Inventory 352,000 Equipment 1,800,000 Accumulated depreciation equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable Common shares...
PLEASE HELP!!!!! Read the information. Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company...
PLEASE HELP!!!!! Read the information.
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2015, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank Jan. 3: Issued a check to establish a petty cash fund of...
QuesLIUI Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at...
QuesLIUI Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented Credit 26,250 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $82,000 Accounts receivable 525,000 Allowance for doubtful accounts Inventory 345,000 Equipment 1,800,000 Accumulated depreciation-equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable Common shares Retained earnings $2,752,000 480,000 316,000 3,000 56,000...
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040...
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040 Accumulated Depreciation-Equipment $ 600 Cash Accounts Receivable Notes Receivable Supplies Equipment 2,910 4,000 1,030 10,000 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 2,300 1,260 1,420 12,000 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid...
*Brief Exercise 10-3 Zerbe Consulting Inc.'s gross salaries for the biweekly period ended August 24 were $ 14,400. Deductions included $729 for CPP, $271 for El, and $6,393 for income tax. The employer's payroll costs were $729 for CPP and $379 for EI. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but...
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...
Please help me with REQUIRED 4 AND 5 ONLY. THANK YOU
Ryster Corporation is a publicly traded Canadian Corporation. On September 1, 2020, the Corporation's trial balance was as follows (right after the August 31" year end). The company prepares its adjusting entries monthly. Ryster Corporation Trial Balance September 1, 2020 Debit Credit Cash S 35,000 Accounts receivable 23,000 Allowance for doubtful accounts $ 1,600 Supplies Inventory 2,200 Equipment 50,000 Accumulated depreciation equipment 5,000 Accounts payable 10,000 Salaries payable 2,000...
Please prepare T accounts.
Question 3 Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: Credit 23,400 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $78,000 Accounts receivable 468,000 Allowance for doubtful accounts Inventory 352,000 Equipment 1,800,000 Accumulated depreciation equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable Common shares...
PLEASE HELP!!!!! Read the information.
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2015, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank Jan. 3: Issued a check to establish a petty cash fund of...
QuesLIUI Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented Credit 26,250 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $82,000 Accounts receivable 525,000 Allowance for doubtful accounts Inventory 345,000 Equipment 1,800,000 Accumulated depreciation-equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable Common shares Retained earnings $2,752,000 480,000 316,000 3,000 56,000...
On August 1,2019, the following were the account balances of B&B Repair Services. Credit Debit 6,040 Accumulated Depreciation-Equipment $ 600 Cash Accounts Receivable Notes Receivable Supplies Equipment 2,910 4,000 1,030 10,000 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 2,300 1,260 1,420 12,000 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. Paid...
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