Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 10-6 Various liabilities LO2 Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance

Exercise 10-6 Various liabilities LO2

Designer Architects had the following additional information at its November 30, 2020, year-end:

  1. The Unearned Revenue account showed a balance of $72,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020.
  2. The payroll register showed the following unpaid amounts as at November 30:
    EI* Premium Income Taxes* CPP* Total Deductions Net Payable Office Salaries Sales Salaries
    180.41** 1,390.00 283.98** 1,854.39 4,445.61 3,500.00 2,800.00
    *These values are based on assumed payroll deductions. **The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively.
  3. The November utility bill in the amount of $3,160 was unpaid and unrecorded at November 30.

Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.)Analysis Component:

If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet? (Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.)

question 2///

Paradise Hills Berry Farm has 22 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2018.

Gross Pay EI Premium Income Taxes CPP Medical Ins. United Way
68,950.00 1,144.57 9,509.00 3,266.43 1,225.00 1,394.00

Required: Prepare a journal entry to record the employers share of payroll deductions. (Round the final answers to 2 decimal places.)

question 3//

Exercise AI-9 Payment of payroll deductions LO3

Paradise Hills Berry Farm has 22 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2018.

Gross Pay EI Premium Income Taxes CPP Medical Ins. United Way
79,950.00 1,327.17 11,027.00 3,810.93 1,500.00 1,669.00

Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.)

please solve them all they have a short solution

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISO IEC 27001 Lead Auditor Mastering ISMS Audit Techniques

Authors: Dr Tamuka Maziriri

1st Edition

107903160X, 978-1079031607

More Books

Students also viewed these Accounting questions

Question

Describe the nature of negative messages.

Answered: 1 week ago