i need the answer asap SUBJECT:accounting qiestion: Hidden Dragon Restaurant’s gross payroll for April is $46,600. The c
Posted: Sun Jun 05, 2022 5:36 pm
i need the answer asap
SUBJECT:accounting
qiestion:
Hidden Dragon Restaurant’s gross payroll for April is $46,600.
The company deducted $2,162 for CPP, $853 for EI, and $9,011 for
income taxes from the employees’ cheques. Employees are paid
monthly at the end of each month.
Instructions
1. Prepare the journal entry for Hidden Dragon on April 30 to
record the payment of the April payroll to employees.
2. Prepare the journal entry on April 30 to accrue Hidden
Dragon’s employer payroll costs. Assume that Hidden Dragon is
assessed workers’ compensation premiums at a rate of 1% per month
and accrues for vacation pay at a rate of 4% per month. (Round
answers to 0 decimal places, e.g. 5,276.)
3. On May 15, Hidden Dragon pays the Receiver General the
correct amounts for April’s payroll. Prepare the journal entry to
record this remittance.
SUBJECT:accounting
qiestion:
Hidden Dragon Restaurant’s gross payroll for April is $46,600.
The company deducted $2,162 for CPP, $853 for EI, and $9,011 for
income taxes from the employees’ cheques. Employees are paid
monthly at the end of each month.
Instructions
1. Prepare the journal entry for Hidden Dragon on April 30 to
record the payment of the April payroll to employees.
2. Prepare the journal entry on April 30 to accrue Hidden
Dragon’s employer payroll costs. Assume that Hidden Dragon is
assessed workers’ compensation premiums at a rate of 1% per month
and accrues for vacation pay at a rate of 4% per month. (Round
answers to 0 decimal places, e.g. 5,276.)
3. On May 15, Hidden Dragon pays the Receiver General the
correct amounts for April’s payroll. Prepare the journal entry to
record this remittance.