Question
Marigold Corp.'s gross payroll for April is $48,200. The company deducted $2,322for CPP, $933for EI, and $9,131for income taxes from the employees' cheques. Employees are
Marigold Corp.'s gross payroll for April is $48,200. The company deducted $2,322for CPP, $933for EI, and $9,131for income taxes from the employees' cheques. Employees are paid monthly at the end of each month.
Question1: create journal entry forMarigoldon April 30 to record the payment of the April payroll to employees.
Questions 2: create journal entry on April 30 to accrueMarigold's employer payroll costs. Assume thatMarigoldis assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month.
Questions 3: On May 15,Marigoldpays the Receiver General the correct amounts for April's payroll. create journal entry to record this remittance.
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