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Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. The following entries were recorded for the month of November: (Click on the icon to view the journal entries.) Show what Platinum would report on its balance sheet at November 30 and on its income statement for the month ended on that date. Prepare the liability section of Platinum Records' balance sheet at November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Prepare the partial income statement sheet for the month ending November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Journal Entries Platinum Records has five employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes. i) (Click on the icon to view the journal entries.) Show what Platinum would report on its balance sheet at November 30 and on its income statement for the month ended on that date C Journal Entries X Prepare the liability section of Platinum Records balance sheet at November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Platinum Records Balance Sheet (partial) As at November 30 Date Accounts and Explanation Nov. 30 Salaries Expense Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable. Debit Credit 7,500.00 Liabilities: 750.00 382.50 121.50 6,246.00 Current Liabilities: Amounts Date Accounts and Explanation Debit Credit 382.50 170.10 382.50 170.10 Prepare the partial income statement sheet for the month ending November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.) Nov. 30 Canada Pension Plan Expense Employment Insurance Expense Canada Pension Plan Payable Employment Insurance Payable Platinum Records Income Statement (partial) For the Month Ended November 30 Expenses: Amount To record employer portion of CPP and E withholdings payable. Print Done

Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. The following entries were recorded for the month of November:
(Click on the icon to view the journal entries.)
Show what Platinum would report on its balance sheet at November 30 and on its income statement for the month ended on that date.
Prepare the liability section of Platinum Records' balance sheet at November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.)
Prepare the partial income statement sheet for the month ending November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.)
Journal Entries
Platinum Records has five employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $1,500, but each one must have 10% of their pay withheld for income taxes.
i) (Click on the icon to view the journal entries.)
Show what Platinum would report on its balance sheet at November 30 and on its income statement for the month ended on that date
C
Journal Entries
X
Prepare the liability section of Platinum Records balance sheet at November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.)
Platinum Records Balance Sheet (partial) As at November 30
Date Accounts and Explanation Nov. 30 Salaries Expense Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable.
Debit
Credit
7,500.00
Liabilities:
750.00 382.50 121.50 6,246.00
Current Liabilities:
Amounts
Date
Accounts and Explanation
Debit Credit 382.50 170.10 382.50 170.10
Prepare the partial income statement sheet for the month ending November 30. (Leave any unused cells blank. Enter amounts to the nearest cent.)
Nov. 30
Canada Pension Plan Expense Employment Insurance Expense Canada Pension Plan Payable Employment Insurance Payable
Platinum Records
Income Statement (partial)
For the Month Ended November 30 Expenses:
Amount
To record employer portion of CPP and E withholdings payable.
Print
Done

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