Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. : the payroll of box plot inc. for january 2020 is

: The payroll of Box Plot Inc. for January 2020 is as follows. Total payroll...

90.2K

Verified Solution

Question

Finance

: The payroll of Box Plot Inc. for January 2020 is as follows. Total payroll was $485,000. Pensionable (CPP) and insurable (EI) earnings were $365,000. Income taxes in the amount of $85,000 were withheld, as were $8,000 in union dues. The EI tax rate was 1.60% for employees and 2.24% for employers, and the CPP rate was 4.80% for employees and 4.80% for employers.
a. Prepare the necessary journal entries to record the payroll if the salaries and wages paid and the employer payroll taxes are recorded separately. [2 Marks]
b. Prepare the entries to record the payment of all required amounts to the Receiver General. [2 Mark]
c. For every dollar of salaries and wages that Box Plot commits to pay, what is the actual payroll cost to the company?

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

Finance
1.2K views

QUESTION 2: STOCK CHARACTERISTICS AND VALUATION a) Compute the value of a share of common...

Advance Math
1.2K views

1.) Suppose that the statement form ((p ? ? q)?(p ? ? r))?(? p ? ?...

Geometry
1.2K views

Question 10 Find the enlargement ratio of the circle C with center 3 1 of...

Basic Math
1.2K views

The current population of a town is 10,000. If the population, P, increases by 20%...

Statistics
1.2K views

Select all x values that satisfy the following equation 2x x 11x 10 0000 2...

Calculus
1.2K views

Let R be the region bounded by the following curves Use the shell method to...

Algebra
1.2K views

Insert < or > between the pair of integers to make the statement true.0 4

Algebra
1.2K views

a 16 b 92 c 162

Algebra
1.2K views

V Suppose that the functions g and h are defined for all real numbers x...

Accounting
1.2K views

Describe the purpose of a flexible budget. Suppose a manager claims flexible budgets are useful...

Accounting
1.2K views

stuck, please help Highland Mining and Minerals Company is considering the...

Accounting
1.2K views

PLEASE EXPLAIN EACH STEP Kwon Co. borrows $290,000 cash on...