9:41 6. ...28%_ REV QUES - Read-only Sign in to edit and save changes to this file. 1) Harold Munster eamed S2,400 in wages and $650 in sales commissions for the month of November Harold's payroll deductions include income tax of 15 percent, Canada Pension of 4.95 percent on earnings and Employment Insurance of 1.83 percent on earings. Prepare the joumal entries to record the payroll and the payroll taxes imposed on Harold Munster. Explanations are not required and ignore the annual exemption for the CPP calculation 2) The Clancy and Flanagan Partnership incurred a net loss of $40,000 for the current year. The beginning capital balances of the partners were respectively, $35,000 and $45,000. Prepare journal entries to transfer the net loss to the partners' capital accounts based on the following agreements. a) No mention of net income/loss agreement b) "Salary" of $30,000 to Clancy and $10,000 to Flanagan, balance divided in the ratio of 322. Interest of 10% on beginning capital balances, balance divided in the ratio of 2:3. 3) Bueno Corporation has 15,500 shares of S4, cumulative preferred shares outstanding as well as 80,000 common shares. There are no dividends in arrears on the preferred shares. The following transactions were reported during December 2014: Declared the required dividend on the preferred shares and a $0.75 per share dividend on the common shares. The date of record for the dividend declared on December 1. Paid the dividend declared on December 1. Closed out the income summary account. Net income for the year was $345,000 Dec. 1 14 28 31 a) Prepare journal entries to record the above transactions b) Assuming the balance of retained earnings on January 1, 2014, was $49,800, determine the balance on retained earnings on December 31, 2014 1) Harold Munster earned $2,400 in wages and $650 in sales commissions for the month of November. Harold's payroll deductions include income tax of 15 percent, Canada Pension of 4.95 percent on earnings and Employment Insurance of 1.83 percent on earnings. Prepare the joumal entries to record the payroll and the payroll taxes imposed on Harold Munster. Explanations are not required and ignore the annual exemption for the CPP calculation. et raar. The beginnin