Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Robertine is a real company selling technology products online Robert fiscal year and is December 31. Below is selected information about Robert's operations during 2021
Robertine is a real company selling technology products online Robert fiscal year and is December 31. Below is selected information about Robert's operations during 2021 1 During March, Robert yold 200 units of one of its technology products at $200 each, subject to provincial sales tax of 8% of the sales price and goods and services tax of 5% of the sales price Customers paid for their purchases using either MasterCard or Visa, that both charse Robert Inc. a fee of 2% for their service Each unit carries a one-year warranty. Robert promises to repair the unit should it become defective. The estimated cost to the company to honour the warranty is $30 per unit and experience has shown that approximately 7% of all units may have to be repaired during the warranty period. Required Prepare journal entries to record (1) sales during the first quarter of 2021 and (2) the associated warranty expense. 2. The payroll register for February 2021 showed the following totals. Salaries were paid on February 28. Gross salaries $19,500 Income taxes withheld 4.200 Quebec Pension Plan (QPP) withheld 975 Private medical insurance deductions 675 Employment insurance (ET) withheld 448 Union dues withheld 324 Required a. How much cash did Robert Inc. pay to the employees on February 28? b. What is the total compensation expense that should be recorded on Robert Inc.'s books for February 28, assuming that the employer is required to pay a matching amount of the QPP deductions and 1.40 times the El deductions? Hide
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started