Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part A Brenda Jones worked for Cool Corner Store for straight-time earnings of $ 15.00 per hour with time and a half for hours

    

Part A Brenda Jones worked for Cool Corner Store for straight-time earnings of $ 15.00 per hour with time and a half for hours in excess of 35 hours per week. Brenda Jones' payroll deductions included the following: Income tax of 25% CPP of 4.95% on earnings (Account for the $3,500 basic annual exemption.) . EI of 1.88% on earnings In addition, Brenda Jones contributed $ 20 per week to her Registered Retirement Savings Plan (RRSP). Brenda Jones worked 40 hours during the week. She had not reached the CPP or EI maximum earning levels. Required: 1. Calculate Brenda Jones's gross pay and net pay for the week. 2. Make an October 17 journal entry in the general journal to record Cool Corner Store's wage expense for Brenda Jones' work, including her payroll deductions and the employer's payroll costs. Round all amounts to the nearest cent. Explanations are not required. Employment Salaries Union Dues Charitable Donations Employee CPP Contributions Employee EI Contributions Employee Income Tax Withheld $ 180,000 4,000 1,000 7,000 3,000 40,000 Part A 1. + 2. DATE General Journal ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 Brenda jones calculation of gross pay and n... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

10th Canadian edition Volume 1

978-0134213101, 134213106, 133855376, 978-0133855371

More Books

Students also viewed these Business Writing questions

Question

y=-3cos2x Plot all points corresponding to x-int e

Answered: 1 week ago

Question

List the conditions for making an election to split gifts.

Answered: 1 week ago

Question

Describe the limitations on the deduction of transfers to charity.

Answered: 1 week ago