Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p10-3b. the bookkeeper for pinto co. of peterborou

P10-3B. The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings...

60.1K

Verified Solution

Question

Accounting

image
P10-3B. The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings records as well as daily time cards. Your task is (a) to complete a payroll register on November 5 and (b) to journalize the appropriate entry to record the payroll Income tax is calculated at 20%, CPP at 5.10%, and El at 1.62%. Remember to take into consideration the $3,500 deduction for CPP and consider maximum amounts. Claim Daily Time Hourly Cum. CPP Before Employee Code M T W T F Rare Dept. This Payroll Mary Cardinal* 2 8 6 9 10 8 $22 Sales $2,349.53 Bill Smith 4 9 10 9 10 7 14 Office 1,380.00 Joe Kingle 3 8 10 12 8 9 25 Sales 2,478.90 Anita Tsui 1 97 8 10 8 12 Office 942.54 *Both of these employees reached the El maximum last period. Assumptions 1. Each employee contributes 512 per week for health insurance 2. Overtime is paid at a rate of time-and-a-half over 40 hours per week or over 8 hours in any day

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students