Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE SOLVE THIS AS SOON AS POSSIBLE WITH ALL THE STEPS. THANK YOU Waterkraft rents canoes and other water crafts to campers and hikers. On

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

PLEASE SOLVE THIS AS SOON AS POSSIBLE WITH ALL THE STEPS.

THANK YOU

Waterkraft rents canoes and other water crafts to campers and hikers. On June 15, 2021, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is \5.45, the current El rate is \1.58, and the appropriate income tax rate is \22. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes \100 toward CPP and \140 toward El. Payroll information for June 15, 2021 is listed below. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. *Remember to properly account for the \\( \\$ 3,500 \\) exemption c) Prepare the payroll journal entries for June 15,2021 to record the salaries payable to the employees and accrue the employer contributions. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit f) Prepare the entry to pay the liabilities to the government on July \\( 15,2021 \\)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

A Reference Guide To Essentials Of Accounting

Authors: Robert N. Anthony

1st Edition

020110234X, 978-0201102345

More Books

Students also viewed these Accounting questions