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Silver Records has five employees who are paid on the 1st and 15th of each month for the work they performed in the preceding
Silver Records has five employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At September 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. The following entries were recorded for the month of September: (Click on the icon to view the journal entries.) Show what Silver would report on its balance sheet at September 30 and on its income statement for the month ended on that date. Prepare the liability section of Silver Records' balance sheet at September 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Silver Records Balance Sheet (partial) Liabilities: Current Liabilities: As at September 30 Amounts Prepare the partial income statement sheet for the month ending September 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Silver Records Income Statement (partial) For the Month Ended September 30 Expenses: Amount
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