Question
Matyas Company completed the salary and wage payroll for April of the current year. The payroll provided the following details: Salaries and wages earned $
Matyas Company completed the salary and wage payroll for April of the current year. The payroll provided the following details:
Salaries and wages earned | $ | 242,000 |
Employee income taxes withheld | 64,000 | |
CPP contributions* | 14,100 | |
EI contributions | 5,500 | |
Union dues withheld | 3,600 | |
Insurance premiums withheld | 1,600 | |
*$14,100 each for employer and employees. Employment Insurance, employees share.
Required:
1. Prepare the journal entry to record the payroll for April, including employee deductions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare the journal entry to record the employers additional payroll expenses. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Prepare a combined journal entry to show the payment of amounts owed to governmental agencies and other organizations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
4-a. What was the total compensation expense for the company?
4-b. What percentage of the payroll was take-home pay? (Round the final answer to nearest whole percentage.)
Step 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