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PLEASE answer ASAP q 14 and 23 and of you can double check 15&16 answers. NO NEED FOR EXPLANATION THANKS The North Pole Toy Factory
PLEASE answer ASAP q 14 and 23 and of you can double check 15&16 answers. NO NEED FOR EXPLANATION THANKS
The North Pole Toy Factory Inc. is gearing up for the holiday season. The following transactions and events have occurred: Borrowed $18,000 from the Arctic Bank Dec. 1 for three years, at 5% interest. Interest is due on the first day of every month, starting on January 1 next year. Hired seven elves to package toys (they Dec. 5 start work tomorrow) and nine reindeer to deliver them on Christmas Eve. Since they were hired, the seven elves have worked for 12 days each, Dec. 24 7.5 hours per day, and today Santa pays them $25 per hour. As the North Pole is in Canada, Santa has deducted the following in total Dec. 24 from the elves' pay: EIT $2300; CPP $650; ad El $400. The appropriate employer portion is also accrued The deliveries were successful and the Dec. 26 reindeer are paid with apples, oats, honey, and whatever milk and cookies Santa was able to take away. Santa's accountants, Scrooge, Grinch & Dec. 28 Partners, tell Santa that he owes $6000 for last year's income taxes. He has not paid this amount yet. It will be paid in April. The first interest amount on the loan, Dec. 31 due tomorrow, is accrued. The bank deducts the interest from Jan. 1 Santa's account Santa pays Revenue Canada the Jan. 15 amount owed with respect to the elves' payroll Question 14 (2 points) How much interest does Santa pay on January 1? (2 marks) A Question 15 (2 points) Saved How much, in total, was the elves' gross pay on December 24? (2 marks) 15750 Question 16 (2 points) Saved How much does Santa pay the elves on December 24? (2 marks) 12400 A Question 23 (4 points) Saved Which accounts will be affected, and how, by the January 15 payment? Select all that apply. (4 marks) a) Cash decreases b) El Payable increases c) Wages Expense increases d) Cash increases e) Wages Payable decreases f) EIT Payable increases Og) Employee Benefits Expense decreases h) EIT Payable decreases 1) CPP Payable decreases OP) CPP Payable increases k) Wages Expense decreases 1) Employee Benefits Expense increases O m) El Payable decreases On) Wages Payable increases Step by Step Solution
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