Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are an employee working for ABC Bookkeeping Inc. This is a small business environment in Alberta, Canada, with a team of 4 people including

You are an employee working for ABC Bookkeeping Inc. This is a small business environment in Alberta, Canada, with a team of 4 people including you. The Director/Owner of the business is very hands on and enjoys having one on one meetings for client issues and resolutions. The Director has a meeting with you in the morning and instructs you to refund tax filing fees of $1400 for Bumble Bee Day Care Inc. Due to the current situation with Corona virus, the day care has decided to suspend its tax filing until a later date. Bumble Bee will instead use its fee payments to pay its works that are currently in isolation. Bumble Bee Day Care Inc. has requested to know when their tax deadline is as per new CRA regulations for business and personal taxes. They have also requested to know if they are eligible for any of the government relief programs being offered for Corona virus affected business. Bumble bee Day Care has earnings of $150,000 per year and employs 4 employees at the minimum hourly wage ($15). They have not laid off any employees. The Director has also asked you to prepare payroll for a new employee that joined 3 weeks ago but was missed in the last pay cycle (Feb 15th, 2018) due to self isolation. Crystal works for $15 an hour @ 40 hours a week for Biweekly pay. Prepare payroll for her using the Payroll Deduction Online Calculator. Show your journal entries for the employee pay cheque and another set for the the employer remittances on behalf of the employee. Alternatively, calculate the same pay cheque in Quickbooks Desktop 2018 and submit a pdf pay cheque dated Feb 15th 2018. The Director wants to increase the number of calculations per client on their financial statements. Give the director a list of formulas applicable to financial statements that you learned and a brief explanation of what each formula can achieve/show. show quick book calculation of payroll for the period stated.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

10th edition

1260481956, 1260310175, 978-1260481952

Students also viewed these Accounting questions