Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Take me to the text Daytona Hotel has three employees who are paid on an hourly basis, plus time and one half for hours in

image text in transcribedimage text in transcribedimage text in transcribed

Take me to the text Daytona Hotel has three employees who are paid on an hourly basis, plus time and one half for hours in excess of 44 hours per week. Payroll information for the week ending September 14, 2020 is listed below. Employee Hours Worked Hourly Rate Income Tax CPP A. Knopf 42 $17.10 $71.82 $34.17 $11.35 B. Penguin 40 $13.60 $54.40 $25.03 $8.60 T. Cruise 37 $15.40 $56.98 $26.38 $9.00 Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. a) Calculate gross pay for each employee and the amount the employer will have to pay for CPP and El. Employee Gross Employer CPP Employer El A. Knopf $ $ $ B. Penguin $ $ $ T. Cruise $ $ $ Total $ $ $ b) Prepare the journal entries for the September 14 payroll and the employer's portion of payroll. Employees will not be paid until next wool b) Prepare the journal entries for the September 14 payroll and the employer's portion of payroll. Employees will not be paid until next week. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2020 Sep 14 Salaries & Wages Expense Canada Pension Plan Payable Employment Insurance Payable - Income Tax Payable Salaries Payable Record payroll Sep 14 Employee Benefits Expense Canada Pension Plan Payable Employment Insurance Payable - Record additional employer expenses Canada Pension Plan Payable . Employment Insurance Payable Income Tax Payable Salaries Payable Record payroll Sep 14 Employee Benefits Expense Canada Pension Plan Payable Employment Insurance Payable - Record additional employer expenses c) Record the payment of the statutory deductions to the CRA on September 30, 2020. Date Account Title and Explanation Debit Credit 2020 Sep 30 Canada Pension Plan Payable Employment Insurance Payable - Income Tax Payable Cash Pay payroll liabilities due to CRA

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

Acca Financial Reporting Practice And Revision Kit

Authors: BPP Learning Media

1st Edition

1509738053, 978-1509738052

More Books

Students also viewed these Accounting questions

Question

Carry out an interview and review its success.

Answered: 1 week ago