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Monty Corp.'s gross payroll for April is $62,500. The company deducted $3,241 for CPP, $680 for EI, and $8,930 for income taxes from the employees'
Monty Corp.'s gross payroll for April is $62,500. The company deducted $3,241 for CPP, $680 for EI, and $8,930 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Create a journal entry on April 30 to accrue Sarasota's employer payroll costs. Assume that Sarasota is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month.
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