1). Given ·the following information from the payroll register, calculate the net pay and prepare a journal entry for the month of February for Northern Publishers.

Salaries and wages	$316,458.52
Bonus	$10,538.43
Canada Pensi1on Plan contributions	$15,087.1 4
Employment Insurance premiums	$6,147.54
Income tax	$65,399.39
Registered Retirement Savings Plan contributions	$9,493.76
Union dues	$1,995.00
Charitable donations	$1,.225.00

Journal Entry #12345
Date	Account name	Debit	Credit
Feb. 28
Total

2). Which type of account shows the owners’ or shareholders’ worth or interest in the organization?

• a). Equity
• b). Asset
• c). Liability
• d). Revenue

3).  Which of the following dates will determine the proper remittance date?

• a). The payroll processing date
• b). The pay period end date
• c). The date the statement of wages is delivered to employees
• d). The payroll cheque date

4). The Canada Revenue Agency requires mandatory electronic filing when employers file a total of more than:

• a). 25 of each type of information slips
• b). 25 various in information slips
• c). 50 of each type of information slips
• d). 50 various information slips

5).  In which province is tile group benefits premium subject to the Retail Sales Tax?

• a). Manitoba
• b). Nova Scotia
• c). Northwest Territories
• d). British Columbia

6). The salaries and wages incurred, for employees who actually perform the work or provide the service or sell goods, are referred to as:

• a). direct labor costs
• b). indirect labor costs
• c). employee benefits expenses
• d). commission expenses

7). Which of the following items appear on a Balance Sheet?

• a). Net Profit
• b). Expenses
• c). Revenue
• d). Liabilities

8). If the administration of the pension plan contribution remittance is outsourced to a third-party plan administrator, who is responsible for making sure the remittance deadlines are being met under the requirements of the legislation in each plan member's jurisdiction?

• a). The employer
• b) The provincial, government
• c). The payroll service provider
• d).The plan administrator

Answer rating: 100% (QA)

A22 Calculation of Net Salary payable Salaries and Wages 31645852 Bonus 1053843 Gross Salary a 32699... View the full answer