Union Restaurants Ltd. had the following transactions: May 31 Wages earned by the employees during the month,
Question:
Union Restaurants Ltd. had the following transactions:
May 31 Wages earned by the employees during the month, which amounted to $75,000 were paid. The source deductions on these wages were CPP of $3,700, EI of $1,222, union dues of $650, and income taxes of $18,750.
May 31 Recorded the employer’s portion of CPP and EI.
June 17 Made the remittance to the government related to the May 31 payroll and paid the union dues to the union.
Required
a. Determine the amount of the employees’ net wages.
b. Prepare the journal entries necessary to record these transactions.
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Step by Step Answer:
a Employees net wages Gross wages 75000 Less source deductions CPP 3700 EI 1222 Union dues 650 Emplo...View the full answer
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Related Book For 
Understanding Financial Accounting
ISBN: 9781119406921
2nd Canadian Edition
Authors: Christopher D. Burnley
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