Take me to the text -rect out The payroll records of Russon Company's district office provided the following information for the weekly pay period ended March 27, 2019. All employees are paid 1.5 times their hourly wage for hours worked in excess of 40 hours per week. The company contributes 100% for its share of CPP, and 140% of El. Employee Hours Worked Hourly Rate Income Tax CPP EI Union Dues Karen Cooper 41 $17.00 $71 $33 $11 $20 Caron Prosser 46 $18.00 $88 $42 $14 $20 Jonas Brittany 47 $15.00 $76 $35 $12 $20 Stephen James 48 $15.00 $78 $36 $13 $20 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. Payroll Register Deductions Employer's Cost Employee Gross Income Tax CPP Union Dues CPP Karen Cooper Caron Prosser $ Jonas Brittany $ Stephen James Total $ b) Prepare the payroll journal entries for March 27, 2019, assuming they will be paid later. 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. 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 2019 Mar 27 Salaries Expense Canada Pension Plan Payable Employment Insurance Payable Income Tax Payable Salaries Payable Union Dues Payable Record payroll Mar 27 Employee Benefits Expense Canada Pension Plan Payable Employment Insurance Payable Record additional employer expenses c) Prepare a journal entry to record the cash payment of the payroll liabilities due to the CRA on April 15, 2019. Account Title and Explanation Credit Date 2019 Debit Apr 15 Canada Pension Plan Payable Employment Insurance Payable Income Tax Payable Cash HRM732 - Introduction to Financial & Management Accounting Case #3 - Due July19, 2022 (Worth 10%) Very Smooth Inc. manufactures mats that are sold to wholesalers and retailers and which are ultimately sold to homeowners and business owners. Management is preparing detailed budgets for the first quarter, January to March, and has put together the following information to assist. 1. The Marketing Department has estimated sales as follows for the first six months of the year. January February March 6,500 April 5,000 May 4,000 June 3,000 2,500 2,000 The selling price of each mat is $60. 2. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern. 50% in the month of sales 45% in the month following sale 5% uncollectible The beginning accounts receivable balance (excluding the uncollectible amounts) on January 1 will be $160,000. 3. The company maintains finished goods inventories equal to 20% of the following month's sales. The inventory of finished goods on January 1 will be 1,300 mats. 3. The company maintains finished goods inventories equal to 20% of the following month's sales. The inventory of finished goods on January 1 will be 1,300 mats. 4. Each mat requires 3 kilograms of rubber. To prevent shortages, the company would like the inventory of rubber on hand at the end of each month to be equal to 20% of the following month's production needs. The inventory of rubber on hand at January 1 will be 3,720 kilograms. 5. The rubber costs $3.50 per kilogram. Very Smooth pays for 70% of its purchases in the month of purchase and the remainder is paid in the following month. The accounts payable balance for rubber purchases will be $11,400 on January 1. Page 1 of 2 Required: a) Explain why organizations budget and describe the processes they use to create budgets. b) Prepare the master budget the first quarter for Very Smooth Inc. The following budgets are required: Sales budget, by month and in total Production budget, by month and in total i. ii. iii. Direct materials purchases budget, by month and in total iv. V. Schedule of expected cash disbursements, by month and in total Schedule of expected cash collections, by month and in total Note: Spreadsheet or word document format is acceptable based upon each part of question and a report format is not required