Question
- Employees salaries are $1,800,000, from this amount: $450,000 are income taxes; $71,000 are CPP contributions; and $35,000 are EI contributions. - As Employers we
- Employees salaries are $1,800,000, from this amount: $450,000 are income taxes; $71,000 are CPP contributions; and $35,000 are EI contributions.
- As Employers we also have to contribute an equal amount to CPP and 1.4x the amount to EI: $71,000 to CPP and $49,000 to EI
What are the correct journal entries?
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The correct journal entry is as follows General Journal Debit Cre...
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
