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Madawaska Timber Inc. had the following transactions: Feb. 14 The board of directors for Madawaska Timber Inc. approved a bonus payout to employees in the
Madawaska Timber Inc. had the following transactions: Feb. 14 The board of directors for Madawaska Timber Inc. approved a bonus payout to employees in the amount of S290,000. The source deductions on the bonus sarned vers CPP of $13.960, which Madawaska matched: El of $4,564, which it matched at 1.4 times and income taxes of $56,000 and finally, $2,800 to the Union of Forest Workers (UFW) to cover union dues. In addition, Madawasica was required to pay Workers' Compensation Board (WCB) of British Columbia premiums of 6.5495 based on the bonus costs. Paid the bonus approved by the board of directors on February 14. Feb. 15 Feb. 20 Made the remittance to the government related to the February 14 bonus. Feb 21 Made the remittance to UFW related to the February 14 bonus. Determine the amount of the employees' nstwages, the total wages expense for Madawasica and the total amount that is payable to the government on Feb. 20. (Round answers to decimal places, eg 125.) Employees' Net Wages S 205.576 Total Wages Expense S Total amount that is Payable to the Government s e Textbook and Media List of Accounts Prepare all the journal entries for the transactions listed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts Date Account Titles and Explanation Debit Crec Feb 14 V T (Employee Entry Feb. 15 V (Employer Entry) Feb 20 V (Pay) Feb. 20 (Govt Remittance Entry) Feb. 21 V (UFW Remittance Entry) e Textbook and Media List of Accounts
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