P10.10B On March 31, 2021, Babb Company had the following payroll liability accounts in its ledger.
P. Kilchyk B. Quon C. Pospisil B. Verwey 40 42 40 44 $15.25 15.00 16.25 14.50 $26.86 28.60 28.84 29.68 10.71 10.79 11.07 79.80 80.90 83.90 5.50 8.25 Instructions a. Prepare a payroll register for the weekly payroll. b. Record the payroll on February 17 and the accrual of employee benefits expense. Assume the com- pany accrues 4% for vacation pay. c. Record the payment of the payroll on February 17. d. Record the payment of the remittances to the Receiver General on March 15. Taking It Further Does the owner of a proprietorship have to deduct CPP, EI, and income taxes from his or her own drawings? 1,285 3,024 P10.10B (LO 3) AP on March 31, 2021, Babb Company had the following payroll liability accounts in its ledger: Canada Pension Plan payable $ 756 $ 6,907 Life insurance payable Disability insurance payable 1,134 Union dues payable Employment Insurance payable 3,320 Vacation pay payable Income tax payable 14,364 Workers' compensation payable 3,780 In April, the following transactions occurred: Apr. 4 Sent a cheque to the union treasurer for union dues. 7 Sent a cheque to the insurance company for the disability and life insurance. 13 Issued a cheque to the Receiver General for the amounts due for CPP, EI, and income tax. 20 Paid the amount due to the workers' compensation plan. 28 Completed the monthly payroll register, which shows gross salaries $83,160, CPP with- held $3,799, EI withheld $1,522, income tax withheld $15,800, union dues withheld $1,414, and long-term disability insurance premiums $1,247. 28 Prepared payroll cheques for the April net pay and distributed the cheques to the employees. 28 Recorded an adjusting journal entry to record April employee benefits for CPP, EI, workers' compensation at 5% of gross pay, vacation pay at 4% of gross pay, and life insurance at 1% of gross pay. Instructions a. Journalize the April transactions and adjustments. b. Calculate the balances in each of the payroll liability accounts at April 30, 2021. Taking It Further Why do employers need an employee earnings record for each employee as well as payroll register? P10.11B (LO 4) AP The following selected account balances are from Creative Carpentry's adjusted trial alance at March 31, 2021: Accounts receivable Accounts payable Accumulated depreciation Bank overdraft CPP nayable $184,000 60,000 115,000 55,200 2.300 P. Kilchyk B. Quon C. Pospisil B. Verwey 40 42 40 44 $15.25 15.00 16.25 14.50 $26.86 28.60 28.84 29.68 10.71 10.79 11.07 79.80 80.90 83.90 5.50 8.25 Instructions a. Prepare a payroll register for the weekly payroll. b. Record the payroll on February 17 and the accrual of employee benefits expense. Assume the com- pany accrues 4% for vacation pay. c. Record the payment of the payroll on February 17. d. Record the payment of the remittances to the Receiver General on March 15. Taking It Further Does the owner of a proprietorship have to deduct CPP, EI, and income taxes from his or her own drawings? 1,285 3,024 P10.10B (LO 3) AP on March 31, 2021, Babb Company had the following payroll liability accounts in its ledger: Canada Pension Plan payable $ 756 $ 6,907 Life insurance payable Disability insurance payable 1,134 Union dues payable Employment Insurance payable 3,320 Vacation pay payable Income tax payable 14,364 Workers' compensation payable 3,780 In April, the following transactions occurred: Apr. 4 Sent a cheque to the union treasurer for union dues. 7 Sent a cheque to the insurance company for the disability and life insurance. 13 Issued a cheque to the Receiver General for the amounts due for CPP, EI, and income tax. 20 Paid the amount due to the workers' compensation plan. 28 Completed the monthly payroll register, which shows gross salaries $83,160, CPP with- held $3,799, EI withheld $1,522, income tax withheld $15,800, union dues withheld $1,414, and long-term disability insurance premiums $1,247. 28 Prepared payroll cheques for the April net pay and distributed the cheques to the employees. 28 Recorded an adjusting journal entry to record April employee benefits for CPP, EI, workers' compensation at 5% of gross pay, vacation pay at 4% of gross pay, and life insurance at 1% of gross pay. Instructions a. Journalize the April transactions and adjustments. b. Calculate the balances in each of the payroll liability accounts at April 30, 2021. Taking It Further Why do employers need an employee earnings record for each employee as well as payroll register? P10.11B (LO 4) AP The following selected account balances are from Creative Carpentry's adjusted trial alance at March 31, 2021: Accounts receivable Accounts payable Accumulated depreciation Bank overdraft CPP nayable $184,000 60,000 115,000 55,200 2.300
