The payroll of Ayayai Corp. for September 2020 is as follows. Total payroll was $400,000. Pensionable...
The payroll of Ayayai Corp. for September 2020 is as follows. Total payroll was $400,000. Pensionable (CPP) and insurable (EI) earnings were $300,000. Income taxes in the amount of $75,000 were withheld, as were $5,980 in union dues. The Employment Insurance tax rate was 1.66% for employees and 2.324% for employers, and the CPP rate was 4.95% for employees and 4.95% for employers.
Prepare the entries to record the payment of all required
amounts to the Receiver General for Canada and to the employees’
union. (Round answers to 0 decimal places, e.g. 5,275.
Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record remittance |
||
|
enter an account title to record remittance |
||
|
enter an account title to record remittance |
||
|
enter an account title to record remittance |
||
|
(To record remittance) |
||
|
enter an account title to remit union dues collected |
||
|
enter an account title to remit union dues collected |
||
|
(To remit union dues collected) |
Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Employee
insurance taxes payable [400,000*(1.66%+2.324%)] |
15936 | |
| Canada
Pension Plan payable [400,000*(4.95%+4.95%)] |
39600 | |
| Employee income taxes payable | 75000 | |
| Cash | 130536 | |
| Employee Union dues payable | 5980 | |
| Cash | 5980 |
Add Answer to:
The payroll of Ayayai Corp. for September 2020 is as follows. Total payroll was $400,000. Pensionable...
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