Question
Acme Cleaning Company pays its employees, a total fixed monthly salary of $4593 As required, each pay issued to the employees features the following statutory
Acme Cleaning Company pays its employees, a total fixed monthly salary of $4593 As required, each pay issued to the employees features the following statutory deductions:
- Income tax: $738.96
- CPP: $249.15
- EI: $70.15
Acme Cleaning Company is required to pay a matching amount of CPP and 1.4 times the amount of EI deducted from employees' pay.
Required:
Provide answers to each of the following questions. Input all your answers to the nearest penny (i.e. 2 decimal places). For example, enter $100 as "100.00". ONLY ENTER NUMERIC RESPONSES. DO NOT ENTER LETTERS, DOLLAR SIGNS, COMMAS, OR OTHER CHARACTERS OF KIND.
What amount should be recorded each month for Salary Expense? | |
What amount will be credited to Cash for each pay issued by Acme Cleaning Company? | |
What is the total amount debited to Employee Benefits Expense each month? | |
What is the total liability related to payroll deductions (employee & employer remittances) recorded each month? |
PART B:
Acme Cleaning Company earned service revenue of $9275 during its most recent month of operations. Acme Cleaning Company's revenues are subject to the 13% HST. Assuming all sales are made on credit.
what is Total liability for the month for HST
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