Encore Records has two employees who are paid on the 1st and 15th of each month...
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Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. 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 February (Click on the icon to view the journal entries.) Show what Encore would report on its balance sheet at February 28 and on its income statement for the month ended on that date. Prepare the partial income statement sheet for the month ending February 28. (Leave any unused cells blank. Enter amounts to the nearest cent.) Encore Records Expenses Income Statement (partial) For the Month Ended February 28 T ' to ald om For est or A i Journal Entries Date Feb. 28 Date Feb. 28 ◄ 2 of 6 (2 complete) ▼ Accounts and Explanation Salaries Expense Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable Accounts and Explanation Canada Pension Plan Expense Employment Insurance Expense Print Done Debit 2,000.00 Debit 102.00 45.36 Credit 200.00 102.00 32.40 1,665.60 Credit HW Score: - X At ens hon est c Ick Answer gearre now to speed m Ch07- Liabilities i Journal Entries Date Feb. 28 WE 2 of 6 (2 complete) ▼ Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable. Accounts and Explanation Canada Pension Plan Expense Employment Insurance Expense Canada Pension Plan Payable. Employment Insurance Payable To record employer portion of CPP and El withholdings payable Print Done Debit 102.00 45.36 32.40 1,665.60 Credit HW Sce 102.00 45.36 - 1023 Ick A gear now to Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. 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 February (Click on the icon to view the journal entries.) Show what Encore would report on its balance sheet at February 28 and on its income statement for the month ended on that date. Prepare the partial income statement sheet for the month ending February 28. (Leave any unused cells blank. Enter amounts to the nearest cent.) Encore Records Expenses Income Statement (partial) For the Month Ended February 28 T ' to ald om For est or A i Journal Entries Date Feb. 28 Date Feb. 28 ◄ 2 of 6 (2 complete) ▼ Accounts and Explanation Salaries Expense Employee Income Tax Payable Canada Pension Plan Payable Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable Accounts and Explanation Canada Pension Plan Expense Employment Insurance Expense Print Done Debit 2,000.00 Debit 102.00 45.36 Credit 200.00 102.00 32.40 1,665.60 Credit HW Score: - X At ens hon est c Ick Answer gearre now to speed m Ch07- Liabilities i Journal Entries Date Feb. 28 WE 2 of 6 (2 complete) ▼ Employment Insurance Payable Salaries Payable To record salaries and employee withholdings payable. Accounts and Explanation Canada Pension Plan Expense Employment Insurance Expense Canada Pension Plan Payable. Employment Insurance Payable To record employer portion of CPP and El withholdings payable Print Done Debit 102.00 45.36 32.40 1,665.60 Credit HW Sce 102.00 45.36 - 1023 Ick A gear now to
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Expenses Encore Records Income Statement Partial For the Month Ended Febuary 28 Salari... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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