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888 4 % 44 17 W 6 E R T Y O U F G P dotate C K B L N M enter return off shift command option 4 4. Journal Entry to record the payroll tax payment to CRA on Feb. 15, 2019. our tot 5. Assume there will be no change in monthly payroll for all employees for 2019, Prepare T4 slips and are usir T4 Summary for 2019. By what date T4 Slips and T4 summary should be submitted to CRA to CALL ofal o avoid penalties? ning ST/HE med alityin mou GST Question 2 (50 marks) TAX Max Inc. is in the business of selling Hand bags. Company is HST registrant. The business is located at 122 Wilson E AI lin Ave, Toronto, Ontario. pa Their "HST" number is 124547721 RTOO01. CRA assigned them a monthly reporting period. The HST/GST return is due on February 28, 2019 for reporting period Jan.1 2019 to January 31, 2019. On December 31st, 2018 Company had following inventories: 2650 Bags purchased on June 15,2018 at a cost of $45 each. 3500 Bags purchased on December 25,2018 at a cost of $52 each. Sales information: Sales amount includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted. Expenses information: Expenses amount includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted. Following transaction occurred in January 2019. 3- Sales on Account to BAC LTD. $5820 Jan Purchased candies and potato chips for client's entertainment $565.00 4- Jan Received invoice from HG Construction for store repair and maintenance $1622.50 6- Jan 7- Cash Sales $2675 Jan Received invoice from AB repair shop to repair company's truck $2826 8- Accounting fees Invoice received from ICLOUD CPA PC for filing corporation taxes for 2018. $2260.00 Jan 8- Received invoice from XYZ Corp. for supplying soft drinks to store for entertaining clients $452.00 Jan 12- Jan Rent $1225.00 for store building 15- JanGet Answer Answers in as fast as 15 minutes with the right tutor shower gel + delete Co O P T Y U enter W E R J K L return S D F G H shift M V B Z X alt ACC 400 NLL Fall 2019 MARKS 10% OF FINAL GRADE ASSIGNMENT #1 (two Questions) DATE DUE: 10th October 2019 LATE ASSIGNMENTS WILL NOT BE ACCEPTED, A Grade of ZERO WILL BE ASSESSED. Question 1 (50 marks) XYZ Company located at 45 Square One Road, Mississauga, Ontario L6P 3T7, has three employees on their payroll. Their personal information is as follows: Employee #1 Mr. Jas Singh (SIN 000 000 000), Address 123 Bank Ave, Milton, ON X4D 4T7, 40 years old Annual Salary $39,000 Married Jas studied part-time at York University for 4 months, and paid tuition fees of $2,250. Spouse, Harpreet Kaur has no income for this year. Employee #2 Mr. Lui Donald (SIN 111 111 111), Address 567 Pond Drive, Ajax, ON A4T 5Y5, 45 years old Annual Salary $60,000 Single Studied full-time at Sheridan college for 4 months, paid tuition fees of $3,200 Employee #3 Ms. Julie Kaur (SIN 222 222 222), Address 89 Seneca Hill, Toronto, ON MOW 478, 21 years old Annual Salary $30,000 Married Spouse, Vishal Sharma has income of $ 70,000 for this year. Required-use the 2019 Payroll Table Assume: 1. All employees have been employed for full year for 2019 2. Pay period-Monthly (Paid last day of the month) Required Calculate and prepare the following, for January. 2019 1. Gross pay, CPP deduction, EI deduction, Federal Taxes, Ontario Taxes for EACH employee 2. Payroll Journals for the Company for the Month of January 2019 (One Journal Entry for the month of January 2019.) 3. Payroll tax deductions (Company & employee) that will be payable to the CRA by Feb. 15, 2019CO O - - belate E R T Y U O P D F G H J K L return C B N M shift command option Sales to UM Corp. on account $10256.00 Jan 15- 1.35 CAD) Advertising expenses invoice was received from MAVIQ IT SOLUTIONS, California, USA- USD $2260.00 (1USD = Jan 15- Invoice received from RK Furniture $ 2652 for furniture purchase Jan 15- Received payment from UM Corporation for sales occurred on 15 Jan Jan 16- Jan Auto Insurance $282.25 pm paid by company to Trader Insurance Company for company's truck insurance 16- Cash Sales $10865 Jan 16- Bad debt recovered $565.00 from BB Company, Sales $1695.00 occurred in November 2018 and bad debt was Jan 17- recorded in December 15, 2018 HST Instalment paid $400.00 Jan 17- Paid for uber services used for business travel $72.65 Jan 19- Received invoice & Legal fees paid on same date to GM Lawyers LLP for handling law suit by a client $1130.00 Jan 20- Purchased bags from GAG Ltd. 280 bags for 25.00 each Jan 22- Credit sales to BAC LTD. on 3rd January become bad and not recoverable Jan 22- Received invoice from GOOD Milk Dairy Farm for supplying milk (used by all employees & clients for tea & coffee) Jan in store for $225.62 22- Purchased Stationary & supplies $452.00 and paid by Company's credit card Jan 23- Received invoice from MUI Courier company $ 246 for deliver of bags. Jan Paid for Hotel accommodation for a business conference held in Ottawa, Ontario $278 by company's employee. 23- Jan Company reimbursed the expenses 27- Sales to California Big corp. in US $ 1080.00 USD (1 USD = 1.35 CAD) Jan Company paid $ 650 for Marketing course taken by sales person to Seneca college. 28- Jan 29- Interest & Bank charges $225 Jan Required: Round all answers to the nearest cent. -COMPLETE and HAND IN all required BACK-UP Schedules a. Prepare the GST/ HST Return Form for the month ending Jan.31, 2019. b. Show how you arrived at the totals by Line item on the GST/HST return by completing the EXCEL worksheet. c. Prepare the journal entries to record the payment/refund of GST/HST