You are an employee working for ABC Bookkeeping Inc. This is a small business environment in Alberta, Canada, with a team of 4 people including you. The Director/Owner of the business is very hands on and enjoys having one on
You are an employee working for ABC Bookkeeping Inc. This is a small business environment in Alberta, Canada, with a team of 4 people including you. The Director/Owner of the business is very hands on and enjoys having one on one meetings for client issues and resolutions.
The Director has a meeting with you in the morning and instructs you to refund tax filing fees of $1400 for Bumble Bee Day Care Inc. Due to the current situation with Corona virus, the day care has decided to suspend its tax filing until a later date. Bumble Bee will instead use its fee payments to pay its works that are currently in isolation.
Bumble Bee Day Care Inc. has requested to know when their tax deadline is as per new CRA regulations for business and personal taxes. They have also requested to know if they are eligible for any of the government relief programs being offered for Corona virus affected business. Bumble bee Day Care has earnings of $150,000 per year and employs 4 employees at the minimum hourly wage ($15). They have not laid off any employees.
The Director has also asked you to prepare payroll for a new employee that joined 3 weeks ago but was missed in the last pay cycle (Feb 15th, 2018) due to self isolation. Crystal works for $15 an hour @ 40 hours a week for Biweekly pay. Prepare payroll for her using the Payroll Deduction Online Calculator. Show your journal entries for the employee pay cheque and another set for the the employer remittances on behalf of the employee.
Alternatively, calculate the same pay cheque in Quickbooks Desktop 2018 and submit a pdf pay cheque dated Feb 15th 2018.
The Director wants to increase the number of calculations per client on their financial statements. Give the director a list of formulas applicable to financial statements that you learned and a brief explanation of what each formula can achieve/show.
Please explain the journal entries showing reversing out tax filing fees to pay the missed employee and other staff and any other journal entries necessary to show this transaction.
provide a list of formulas for the director that can be potentially used and detail the use/efficacy of each one briefly.
- Expert Answer
TRANSACTIONS WITH BUMBLE BEE DAY CARE INC 1 The Director has a meeting with you in the morning and instructs you to refund tax filing fees of 1400 for View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit