Answered step by step
Verified Expert Solution
Question
1 Approved Answer
for the year 2017 and I need it calculated in the 2017 rates i have given all the information i have what is needed 13.
for the year 2017
and I need it calculated in the 2017 rates
i have given all the information i have what is needed
13. Cassie Flohr, employee #375, was hired on May 1, last year at an annual salary of $35,000.00, paid bi-weekly. As of May, of the current year, Cassie was entitled to two weeks/ vacation at 4% of her vacationable earnings. Cassie took her two weeks' vacation leave from July 9 to July 20, of the current year at which time she was paid her vacation pay on a manual cheque. Prepare the monthly journal entry required at the end of May of the prior year and the journal entry or entries required to record the manual cheque Cassie received when she took her vacation leave in July of the current year. For this question use the following rates: CPP 4.95% El 1.63% Income tax 26.00% Debit Credit Account Name Vacation pay Expenses Vacation pay Payable Total To record vacation accrual Journal Entry Account Name Debit Credit Vacation pay Payable CPP plan Payable El Payable Income Tax Payable Net Pay Total Focus Journal Entry Debit Credit Account Name Canada Pension Plan Expense El Expense CPP Payable El Payable TotalStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started