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A12-3 Common Financial Liabilities, Taxes: Hendrie reported opening balances as at 1 June 20X8: GST payable $43,000 (cr.) Income tax deductions payable 2,600 (cr.) CPP

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A12-3 Common Financial Liabilities, Taxes: Hendrie reported opening balances as at 1 June 20X8: GST payable $43,000 (cr.) Income tax deductions payable 2,600 (cr.) CPP payable 1,900 (cr.) El payable 800 (cr.) The company had the following transactions in June 20X8: a. Collected $708,000 of GST on sales to customers. b. Recorded the bimonthly payroll, which included CPP deductions of $2.800. EI deductions of $2.400, and income tax withheld of $21.400. c. Recorded the second bimonthly payroll. The payroll included CPP deductions of $3,000, EI deductions of $2,800, and income tax withheld of $23,400. d. Bought capital assets of $1.920,000, plus GST of 5%. e. Recorded the employer portion of payroll expenses for the entire month. f. Paid $533,000 GST to the Receiver General for Canada. Required: Calculate the balances in the four accounts listed above as at 30 June 20X8. There were no payments on account during the month

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