Assume that Leanne Worthington is a vice-president in Countrywide Capital's leasing operations. O (Click the icon...
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Assume that Leanne Worthington is a vice-president in Countrywide Capital's leasing operations. O (Click the icon to view the payroll information.) Required 1. Compute Worthington's gross pay. payroll deductions, and net pay for the full year 2018. 2. Compute Countrywide Capital's total 2018 payroll expense for Worthington. 3. Prepare Countrywide Capital's general journal entries for August 31 (axplanations are not required) to record its expense for the following: a. Worthington's total carnings for the year, her payroll deductions, and her net pay. Debil Salary Expense and Bonus Expense as appropriate for salary and bonus. Credit liability accounts for the payrol deductions and Cash for net pay. b. Employer payroll expenses for Worthington. Credit the appropriate liability accounts. C. Benefits provided to Worthington, Credit Health insurance Payable and Company Pension Payable. Requirement 1. Compute Worthington's gross pay, payroll deductions, and net pay for the full year 2018. (Round all amounts to the nearest cent.) Total grosa pay Payroll Information During 2018, she worked for the company all year at a $8,300 monthly salary. She also earned a year-end bonus equal to 20 percent of her salary. Worthington's federal income tax withheld during 2018 was $2,470 per month. Also, there was a one-time federal withholding tax of $4,580 on her bonus cheque. She paid $394.91 per month into the CPP until she had paid the maximum of $2,593.80. In addition, Worthington paid $174.30 per month El through her employer until the maximum $858.22 had been reached. She had authorized Countrywide Capital to make the following payroll deductions: RRSP contribution of $70 per month and United Way of $41.50 per month. Countrywide Capital incurred CPP expense equal to the amount deducted from Worthington's pay and El expense equal to 1.4 times the amount Worthington paid. In addition, Countrywide Capital paid dental and drug insurance of $52 per month and pension benefits 7 percent of her base salary. Print Done Assume that Leanne Worthington is a vice-president in Countrywide Capital's leasing operations. O (Click the icon to view the payroll information.) Required 1. Compute Worthington's gross pay. payroll deductions, and net pay for the full year 2018. 2. Compute Countrywide Capital's total 2018 payroll expense for Worthington. 3. Prepare Countrywide Capital's general journal entries for August 31 (axplanations are not required) to record its expense for the following: a. Worthington's total carnings for the year, her payroll deductions, and her net pay. Debil Salary Expense and Bonus Expense as appropriate for salary and bonus. Credit liability accounts for the payrol deductions and Cash for net pay. b. Employer payroll expenses for Worthington. Credit the appropriate liability accounts. C. Benefits provided to Worthington, Credit Health insurance Payable and Company Pension Payable. Requirement 1. Compute Worthington's gross pay, payroll deductions, and net pay for the full year 2018. (Round all amounts to the nearest cent.) Total grosa pay Payroll Information During 2018, she worked for the company all year at a $8,300 monthly salary. She also earned a year-end bonus equal to 20 percent of her salary. Worthington's federal income tax withheld during 2018 was $2,470 per month. Also, there was a one-time federal withholding tax of $4,580 on her bonus cheque. She paid $394.91 per month into the CPP until she had paid the maximum of $2,593.80. In addition, Worthington paid $174.30 per month El through her employer until the maximum $858.22 had been reached. She had authorized Countrywide Capital to make the following payroll deductions: RRSP contribution of $70 per month and United Way of $41.50 per month. Countrywide Capital incurred CPP expense equal to the amount deducted from Worthington's pay and El expense equal to 1.4 times the amount Worthington paid. In addition, Countrywide Capital paid dental and drug insurance of $52 per month and pension benefits 7 percent of her base salary. Print Done
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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