ants the present arrangement ations only. P11-5C. This comprehensive problem will aid in putting the pieces...
Fantastic news! We've Found the answer you've been seeking!
Transcribed Image Text:
ants the present arrangement ations only. P11-5C. This comprehensive problem will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register, paying the payroll, recording the employer's tax responsibilities, and making payment according to the CRA's requirements. Pete's Market, owned by Pete Reel, is located at 33 Riel Drive, Your Town, Ontario, M5W 2A4. His business number is 12345 6789 RP. The following are the employees of Pete's Market, along with their salaries, exemptions, etc. Income tax is calculated at 20%. CPP is calculated at 5.10% (considering the $3,500 yearly exemption) and EI is calculated at 1.62% Weekly Salaries Date Sept. 7, 2021 Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Note: Fred Flynn received a salary increase September 17, 2021. Name Fred Flynn Fred Flynn Fred Flynn Fred Flynn Weekly Salary $1,190 1,190 1,265 1,265 Sept. 7, 2021. Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Sept. 7, 2021 Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Note: On August 31, 2021, Mary reached her CPP maximum. Also note that Mary reached her maximum deduction for EI in August, so no EI deduction is made from her pay in September. Mary Jones: Mary Jones Mary Jones Mary Jones Lilly Vron. Lilly Vron Lilly Vron Lilly Vron Source deductions payable at August 31, 2021 (employer portion already recorded): CPP Payable $1,576.80 $1,265 1,265 1,265 1,265 14 El Payable $592.08 14 14 21 $940 940 940 940 Required Using the general journal and payroll register, complete the following for the month of September 2021: 21 28 28 2021 Sept. 7 Complete payroll register for September 7 payroll, journalize payroll entry, and journalize entry for all employer's expenses related to payroll. Income Taxes Payable $3,268.75 7 Transfer cash for September 7 payroll net pay from operating account to payroll account. Process payroll (follow the same procedures as for September 7 payroll). Transfer cash for September 14 payroll net pay from operating account to payroll account. Pay CRA for prior month's source deductions payable. Process payroll for September 21. Note change in Fred Flynn's salary. Transfer cash for September 21 payroll net pay from operating account to payroll account. Process payroll for September 28. Note change in Lilly Vron's claim code. Transfer cash for September 28 payroll net pay from operating account to payroll account. Comprehensive problem: completing payroll requirements 00 (120 min) 546 CHAPTER 11 the present arrangement. Do not restrict ations only. ASSIGNMENT P11-5C. This comprehensive problem will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register, paying the payroll, recording the employer's tax responsibilities, and making payment according to the CRA's requirements. Pete's Market, owned by Pete Reel, is located at 33 Riel Drive, Your Town, Ontario, M5W 2A4. His business number is 12345 6789 RP. The following are the employees of Pete's Market, along with their salaries, exemptions, etc. Income tax is calculated at 20%. CPP is calculated at 5.10% (considering the $3,500 yearly exemption) and EI is calculated at 1.62% Date Sept. 7, 2021 Sept. 14, 2021 Weekly Salaries Name Fred Flynn Fred Flynn Fred Flynn Fred Flynn Weekly Salary $1,190 1,190 1,265 1,265 Sept. 21, 2021 Sept. 28, 2021 Note: Fred Flynn received a salary increase September 17, 2021. ants the present arrangement ations only. P11-5C. This comprehensive problem will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register, paying the payroll, recording the employer's tax responsibilities, and making payment according to the CRA's requirements. Pete's Market, owned by Pete Reel, is located at 33 Riel Drive, Your Town, Ontario, M5W 2A4. His business number is 12345 6789 RP. The following are the employees of Pete's Market, along with their salaries, exemptions, etc. Income tax is calculated at 20%. CPP is calculated at 5.10% (considering the $3,500 yearly exemption) and EI is calculated at 1.62% Weekly Salaries Date Sept. 7, 2021 Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Note: Fred Flynn received a salary increase September 17, 2021. Name Fred Flynn Fred Flynn Fred Flynn Fred Flynn Weekly Salary $1,190 1,190 1,265 1,265 Sept. 7, 2021. Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Sept. 7, 2021 Sept. 14, 2021 Sept. 21, 2021 Sept. 28, 2021 Note: On August 31, 2021, Mary reached her CPP maximum. Also note that Mary reached her maximum deduction for EI in August, so no EI deduction is made from her pay in September. Mary Jones: Mary Jones Mary Jones Mary Jones Lilly Vron. Lilly Vron Lilly Vron Lilly Vron Source deductions payable at August 31, 2021 (employer portion already recorded): CPP Payable $1,576.80 $1,265 1,265 1,265 1,265 14 El Payable $592.08 14 14 21 $940 940 940 940 Required Using the general journal and payroll register, complete the following for the month of September 2021: 21 28 28 2021 Sept. 7 Complete payroll register for September 7 payroll, journalize payroll entry, and journalize entry for all employer's expenses related to payroll. Income Taxes Payable $3,268.75 7 Transfer cash for September 7 payroll net pay from operating account to payroll account. Process payroll (follow the same procedures as for September 7 payroll). Transfer cash for September 14 payroll net pay from operating account to payroll account. Pay CRA for prior month's source deductions payable. Process payroll for September 21. Note change in Fred Flynn's salary. Transfer cash for September 21 payroll net pay from operating account to payroll account. Process payroll for September 28. Note change in Lilly Vron's claim code. Transfer cash for September 28 payroll net pay from operating account to payroll account. Comprehensive problem: completing payroll requirements 00 (120 min) 546 CHAPTER 11 the present arrangement. Do not restrict ations only. ASSIGNMENT P11-5C. This comprehensive problem will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register, paying the payroll, recording the employer's tax responsibilities, and making payment according to the CRA's requirements. Pete's Market, owned by Pete Reel, is located at 33 Riel Drive, Your Town, Ontario, M5W 2A4. His business number is 12345 6789 RP. The following are the employees of Pete's Market, along with their salaries, exemptions, etc. Income tax is calculated at 20%. CPP is calculated at 5.10% (considering the $3,500 yearly exemption) and EI is calculated at 1.62% Date Sept. 7, 2021 Sept. 14, 2021 Weekly Salaries Name Fred Flynn Fred Flynn Fred Flynn Fred Flynn Weekly Salary $1,190 1,190 1,265 1,265 Sept. 21, 2021 Sept. 28, 2021 Note: Fred Flynn received a salary increase September 17, 2021.
Expert Answer:
Answer rating: 100% (QA)
2018 Employee Sep 7 Fred Flynn 7 Mary Jones 7 Lilly Vron 2018 Employee Sep 14 Fred Flynn ... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these economics questions
-
This Mini Practice Set will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register,...
-
This Mini Practice Set will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register,...
-
This Mini Practice Set will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register,...
-
Brist Ltd is a UK resident company which prepares annual accounts to 31 March. In the year to 31 March 2021, the company had a UK trading profit of 2,120,000 and received overseas property income of...
-
Thomas earns $ 45,000 per year. What retirement plan should Thomas consider under the following circumstances? a. He works for a large private firm. b. He works at a university. c. He owns a small...
-
Continuation of Exercise 5-100 (a) What is the conditional distribution of the number of bolts rated low given that 16 bolts are rated high? (b) What is the conditional expected number of bolts rated...
-
A ball falling near the surface of the Earth where air friction is not negligible eventually slows down to a constant "terminal" velocity. How is that possible given that frictional force increases...
-
Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 24 percent interest. You would like to know the effective rate of interest for the following types...
-
12345678 7 9 10 Define Corporate Planning. What is Vision? What is Mission? Give an Example. What is Strategy? Define Environmental Scanning. List out elements of Internal Environment. List out...
-
You, CA, an audit senior at Grey & Co., Chartered Accountants, are in charge of this year's audit of Plex-Fame Corporation (PFC). PFC is a rapidly expanding, diversified, publicly owned entertainment...
-
Write a research paper on ways in which we can use web content properly. Including original content, misleading/inaccurate information, copyrighted content, licensing, avoiding infringement
-
Describe issues of healthcare provision during economic downturns. Consider some of the ethical issues presented by government financing. Explain with at least three hundred words
-
Describe the economic impact on healthcare. Elaborate on how consumers and businesses were impacted and evaluate the outcomes for the entire industry. Explain with at least three hundred words
-
2.1 Design and determine data storage requirements from NoSQL data store according to selected vendor technology and business requirements
-
Why do economists bother to calculate real GDP? Why can't economists just be satisfied with comparing nominal GDP from one year to the next?
-
India's trade deficit has risen by almost 88% in financial year 2022. While total exports increased, imports too soared to a great extent. Analyze the impact of this trade deficit on the balance of...
-
Suppose in Dreamland import elasticity M = 0.5 and export elasticity X = 1.2. Currently, Export = 400 & Import = 500. a. To restore trade balance is devaluation effective? Explain! b. To restore the...
-
Sue Deliveau opened a software consulting firm that immediately paid $2,000 for a computer. Was this event a transaction for the business?
-
Explain how PST differs from GST/HST.
-
From the partial worksheet shown below, prepare a formal income statement. PORTER'S PANTS CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 2012 Income Statement Cr. Account Titles Dr. Income Summary...
-
Marcy Moore recently moved to your city from another large Canadian centre. She was employed as an engineer by a large oil company and was rather well paid. She now works as a senior engineer for a...
-
Prove that the product of two symmetric matrices is not necessarily symmetric.
-
a. Find the rank of the given matrix. b. Confirm the result of (a) in MATLAB. 3 5 ST TNT 2 A=1 7
-
BAw Perform the indicated operations, if defined, for the following vectors and matrices. -2 1 -3 1 1 A = 1 -3 2 1 32 B = V= W = 0 0 4 5
Study smarter with the SolutionInn App