Question

Texts: Flounder Industries had a total bi-weekly payroll of $16,000. The entire payroll was subject to CPP (5.45%), EI (1.58%), and income tax withholdings tax of $2,112. Union dues of $200 were withheld. (a) Prepare the journal entries on Flounder's books to record the wages and salaries period and the payroll deductions. (b) Prepare the journal entries on Flounder's books to record the employer payroll contributions.

Name: texts flounder industries had a total bi weekly payroll of 16000 the entire payroll was subject to cpp 545 ei 158 and income tax withholdings tax of 2112 union dues of 200 were withheld a pr 37456
Uploaded: 2023-08-07T00:52:27-08:00
Duration: 6 min 40 s
Channel: Akash M
Description: texts flounder industries had a total bi weekly payroll of 16000 the entire payroll was subject to cpp 545 ei 158 and income tax withholdings tax of 2112 union dues of 200 were withheld a pr 37456

          Texts: Flounder Industries had a total bi-weekly payroll of $16,000. The entire payroll was subject to CPP (5.45%), EI (1.58%), and income tax withholdings tax of $2,112. Union dues of $200 were withheld.

(a) Prepare the journal entries on Flounder's books to record the wages and salaries period and the payroll deductions.
(b) Prepare the journal entries on Flounder's books to record the employer payroll contributions.

Added by Andre S.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Akash M

08/07/2023

Step 1

To calculate the total amount of payroll deductions, we need to add up the CPP, EI, income tax withholdings, and union dues. CPP: $16,000 * 5.45% = $872 EI: $16,000 * 1.58% = $253.60 Income tax withholdings: $2,112 Union dues: $200 Total payroll deductions = $872 Show more…

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Texts: Flounder Industries had a total bi-weekly payroll of $16,000. The entire payroll was subject to CPP (5.45%), EI (1.58%), and income tax withholdings tax of $2,112. Union dues of $200 were withheld. (a) Prepare the journal entries on Flounder's books to record the wages and salaries period and the payroll deductions. (b) Prepare the journal entries on Flounder's books to record the employer payroll contributions.