Rainmark Company Employees Had The Following Earnings Records At The Close Of The November 30 Payroll Period Employees 1 (49.49 KiB) Viewed 11 times
Rainmark Company Employees Had The Following Earnings Records At The Close Of The November 30 Payroll Period Employees 2 (48.98 KiB) Viewed 11 times
Rainmark Company employees had the following earnings records at the close of the November 30 payroll period. Employees S. Ahmed R. Knightly M. Rogers E. Watson B. Rowland Earnings Through Last Pay Period 9,500 25,000 5,400 47,600 18,300 Earnings This Pay Period (one week of service) 160 500 270 650 430 Rainmark Company's payroll Liabilities for each employee include: 4.95% CPP on the annual pensionable earnings of $51,100, and 1.4 times the employees El rate of 1.88% paid to a maximum of $45,900 annually. 20% in taxes have been deducted from each of the employees cheques for the week. Prepare the journal entries to record: (a) The payroll accrual (payroll register information). (b) The employer payroll expense resulting from the payroll.
a) Employee Gross Pay S. Ahmed R. Knightly M. Rogers E. Watson B. Rowland Totals b) 160 500 270 650 430 2010 CPP ΕΙ Premiums Date November 30 Salaries Expense CPP Payable El Payable Employee's Income Tax Payable Salaries Payable Account Name November 30 CPP Expense El Expense Income Total Tax Deductions EMPLOYEE'S PAYROLL DEDUCTION & NET PAY CPP Payable El Payable EMPLOYER'S PAYROLL EXPENSE Dr Net Pay Salaries Expense 160 500 270 650 430 Cr
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!