Indicate using an 'X' which financial statement would report the following payroll related accounts: El Payable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Indicate using an 'X' which financial statement would report the following payroll related accounts: El Payable Salaries Expense Payable CPP Employer Benefits Expense Employee Income Tax Payable Answer: Balance Sheet Income Statement Salaries Payable If net pay was $4,750 and CPP was $350, El was $125, and income tax $500. What would be the employer's total payroll expense (including employer's benefit expense) assuming they match CPP 100% and El 140%? Indicate using an 'X' which financial statement would report the following payroll related accounts: El Payable Salaries Expense Payable CPP Employer Benefits Expense Employee Income Tax Payable Answer: Balance Sheet Income Statement Salaries Payable If net pay was $4,750 and CPP was $350, El was $125, and income tax $500. What would be the employer's total payroll expense (including employer's benefit expense) assuming they match CPP 100% and El 140%?
Expert Answer:
Answer rating: 100% (QA)
solution 1a Payable Balance Sheet 1b Salaries Expense Income Statement 1c CPP Income Statement 1... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
Which financial statement would indicate whether there is enough cash to purchase new equipment and how much money is owed to suppliers? a. Income statement b. Balance sheet c. Statement of owners...
-
Which financial statement would be most useful to answer each of the following questions? a. Does the corporation have enough resources to pay its short-term debts? b. What is the corporations policy...
-
1. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days? A. Income statement B. Balance sheet C. Statement of retained...
-
Please answer the following e-commerce problem in at least 350 words (I encourage you to write more to fully respond to the prompt). This assignment will be graded. Electronic Commerce Problem: Erin...
-
Name and describe the types of consumer promotions.
-
Write a balanced chemical equation using condensed structural formulas for (a) the formation of butyl propionate from the appropriate acid and alcohol, (b) the saponification (base hydrolysis) of...
-
On December 31, 2020, for GAAP purposes, Clubs Inc. reported a balance of \(\$ 70,000\) in Prepaid Maintenance Expense for services to be received over the following year. For tax purposes, however,...
-
The comparative statements of Beulah Company are presented below. Additional data:The common stock recently sold at $19.50 per share.InstructionsCompute the following ratios for 2013.(a) Current. (b)...
-
"EZ Mow" is a small lawn mowing business which provides a service to corporate customers. It offers a 30 day account. The companies "Complete Computing" and "PowerBuild Gymnasium" have taken...
-
In this mini-case, you will complete the test of details on accounts receivable for the 2019 audit of EarthWear Clothiers, Inc. The principal test of detail involves sending "confirmations" or...
-
a. i. Describe global purchasing strategy. ii. Explain three (3) ways in which global purchasing strategy is important to global businesses. b. Differentiate between outsourcing and off-shoring in...
-
Any manufacturing supply chain with (say) one stage of value addition or processing can be located close to the source of raw materials or close to the demand centres, or something in between. For...
-
Two masses, each weighing 3.50 kg and each with a charge of +9.50 C, are placed 9.10 m away from each other. What would be the magnitude of the electric force on one mass?
-
From an ethics point describe how you intend to staff a skilled nursing facility dealing with hiring, retention and firing post covid. What recruitment and retention strategies are in place. Can the...
-
If your pace on a treadmill is 65 meters per minute (m/min), howmany minutes will it take for you to walk a distance of 7500 feet?(1 ft = 12 inches, 1 inch = 2.54cm) Please show me how to set this up...
-
Write a function getDifference that does the following - a: Write a function get Values that takes two values from the user, r and c, and construct a two dimensional list using those values. The...
-
A project has an initial investment of $765,342. The cash flows over the four-year life of the investment are projected to be $312,815, $253,408, $75,380, and $245,348. (a) If the opportunity cost of...
-
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
-
Selected information for Metro Inc. for the most recent three years is as follows (dollar amounts are in millions): Instructions (a) What event most likely caused the high amount of profitability in...
-
Selected horizontal percentages of a base-year amount from Coastal Ltd.'s income statement are listed here: _______________________________2018.............2017...............2016 Net...
-
Selected data (in thousands) from the income statement of JTI Inc. are shown below. Using vertical analysis, calculate the percentage of the base amount for each year....
-
Using Google, determine the number of hits for these terms: a. Forensic accounting. b. Fraud auditing. c. Forensic auditing. d. Fraud examination.
-
Search the Internet: Is plagiarism fraud?
-
Search the Internet and learn about the AICPA's site on Business Valuation and Forensic/Litigation Services.
Study smarter with the SolutionInn App