Refer to the information for Whirled Corporation in BE13-13. Assume now that the employer is required to

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Refer to the information for Whirled Corporation in BE13-13. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withholdings.

(a) Prepare the journal entry to record Whirled's payroll-related expenses.

(b) Prepare Whirled's entry to record its payroll-related payment to the CRA.


Data From BE13-13

Whirled Corporation’s weekly payroll of $23,000 included employee income taxes withheld of $3,426, CPP withheld of $990, EI withheld of $920, and health insurance premiums withheld of $250. Prepare the journal entry to record Whirled’s weekly payroll.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Intermediate Accounting

ISBN: 978-1118300855

10th Canadian Edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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