Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4) Maritime Industries is a fabrication business located in Fredericton, NB. The following payroll register contains payroll information for the week ended August 21,
4) Maritime Industries is a fabrication business located in Fredericton, NB. The following payroll register contains payroll information for the week ended August 21, 2022. All employees pay the federal income tax rate is 10%, provincial income tax rate is 8%, CPP rate is 4.95%, and El rate is 1.88%. Employee Name Weekly Federal Provincial Gross Pay Income Tax Income Tax CPP EI Total Deductions Net Pay Garnett, A $1,200 120.00 96.00 56.07 22.56 314.63 885.37 Kelly, D.V $900 90.00 72.00 41.22 16.92 240.14 659.86 Molloy, N $1,400 140.00 112.00 65.97 26.32 364.29 1,035.71 Whiting, A $1,050 105.00 84.00 48.64 19.74 277.38 772.62 TOTAL $4,550 455.00 364.00 211.9085.54 1,196.44 3,353.56 Prepare a general journal entry to record the totals in the payroll register for the week ending August 21, 2022 assuming the wages will be paid the following week. (10 MARKS)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started