Trax Ltd. has six employees, each of whom earns $3,000 per month. Income taxes are 20% of

Question:

Trax Ltd. has six employees, each of whom earns $3,000 per month. Income taxes are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31 journal entry to record payroll for the month.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles Volume 1

ISBN: 9781259259807

15th Canadian Edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

See More Books

Question Posted: Jul 10, 2018 01:38 PM

See More Questions

Toroton Ltd. has six employees participating in its defined benefit pension plan. The pension plan vests after six years of employment. The current years of service and expected years of future...
Toroton Ltd. has six employees participating in its defined benefit pension plan. The pension plan vests after six years of employment. The current years of service and expected years of future...
Use the information in QS AI-2 to record the payment of the wages to the employees for March. I nformation QS AI-2 Trax Ltd. has six employees, each of whom earns $3,000 per month. Income taxes are...
Litchfield Industries gathered the following information for the month ended June 31: The static budget volume is 5000 units: Overhead flexible budget: Number of units 8,000 9,000 10,000 Standard...
Pear Investments began operations in 2020 and invests in securities classified as trading securities. During 2020, it entered into the following trading security transactions: Purchased 20,000 shares...
Georgia Products offers the following discount schedule for its 4- by 8-foot sheets of good-quality plywood: ORDER UNIT COST ($) 9 sheets or less .......18.00 10 to 50 sheets .......17.50 More than...
Write some interviewer instructions for in-home personal interviews to be conducted by students. How would your instructions change if the survey is administered in social media?
Suppose (This is, incidentally, the simplest possible spherical wave. For notational convenience, let (kr wt) u in your calculations.) (a) Show that E obeys all four of Maxwell's equations, in...
How can open innovation frameworks such as crowdsourcing and hackathons be integrated into corporate R&D strategies to accelerate product development cycles and leverage external expertise ?
Although organizations in the manufacturing sector usually carry more inventory than service firms, effective inventory management is nonetheless important to both manufacturers and service...
A company deducts $260 in Employment Insurance and $205 in Canada Pension from the weekly payroll of its employees. How much is the companys expense for these items for the week?
Go to the library or the Internet and get the annual report of a company with which you are familiar. Read through the financial statements, then write up an analysis of the firms performance using...
What are shock ads? Do you think they are designed to create sales, or to bring attention to specific issues? Do they work?
A sixth grade class has 12 boys and 24 girls. Consider this statement: For every 2 boys there are 4 girls. Do you agree with this statement? Also explain your answer.
A retail store collects 6 months' rent in advance in the amount of $18,000 on October 1, 2016. How much unearned revenue should the retail store record in its balance sheet on December 31, 2016 as a...
These questions In one or two sentences, describe your product, the company you represent and the brand image you want the product to project. Considering the 5 Cs mentioned in this module, what type...
You are a senior hospital administrator. Currently, you are being paid $15,000 (prospectively, for an episode of care) by Aetna (a private insurer) for every knee replacement surgery. You have just...
GEE Limited need to raise finance to expand its product range. In the last board meeting, it was agreed that the additional Kenya Shilling 40 million be raised as follows: i. 100,000 new ordinary...
For Problem 16.25, you do need some software support. Can you think and outline how you would go about acquiring this? Explain.
An environmentalist wants to determine if the median amount of potassium (mg/L) in rainwater in Lincoln County, Nebraska, is different from that in the rainwater in Clarendon County, South Carolina....
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized,20,800 shares issued and outstanding...
Fisher Inc. began operations on January 1, 2020. During its first year, $750,000 of common shares were issued and a loss of $28,000 was realized. In 2021, Fishers second year of operations, an...
What strategies and frameworks do you employ to prioritize strategic initiatives and allocate resources effectively, balancing short-term imperatives with long-term sustainability and growth...
The following table shows the data from 2000 general social survey. The table cross classifies gender and political party identifications. Subjects indicated whether they identified more strongly...
The Information Richness of Communication Media The four types of communication media are Face-to-face Communication, Spoken Communication Electronically Transmitted, Personally Addressed Written...

Trax Ltd. has six employees, each of whom earns $3,000 per month. Income taxes are 20% of

Question:

Step by Step Answer:

Mar 31 Wages Expense 1800000 CPP Payable 3000 29167 49...View the full answer

Fundamental Accounting Principles Volume 1

Students also viewed these Business questions