a.Into which type of account are employer's payroll contributions entered?i.AssetExpenseRevenueRetained Earningsii.iii.iv.b. What type of account is the Employee Advances account?i.Assetii.iii.iv.c. What is the employer premium amount for Employment Insurance?i.3.3 times the employee premiumii.iii.iv.LiabilityEquityExpenseii.iii.iv.d. What is the employer contribution amount for Canada Pension Plan (CPP)?The same as amount as the employee's premiumi.The same amount as the employee premium1.4 times the employee premiumNone of the aboveiii.iv.3.3 times the employee's premium1.2 times the employee's premium1.6% of the employee's premiume. The payroll taxes are remitted to thei.ii.Ontario Revenue AgencyMinistry of FinanceCanada Revenue AgencyReceiver General of Canada

Employer's payroll contribution is the amount which the employer is obliged to pay to or on behalf…

Answered: a. Into which type of account are…

a. Into which type of account are employer's payroll contributions entered? i. Asset ii. iii. iv. Expense Revenue Retained Earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

a.
Into which type of account are employer's payroll contributions entered?
i.
Asset
Expense
Revenue
Retained Earnings
ii.
iii.
iv.
b. What type of account is the Employee Advances account?
i.
Asset
ii.
iii.
iv.
c. What is the employer premium amount for Employment Insurance?
i.
3.3 times the employee premium
ii.
iii.
iv.
Liability
Equity
Expense
ii.
iii.
iv.
d. What is the employer contribution amount for Canada Pension Plan (CPP)?
The same as amount as the employee's premium
i.
The same amount as the employee premium
1.4 times the employee premium
None of the above
iii.
iv.
3.3 times the employee's premium
1.2 times the employee's premium
1.6% of the employee's premium
e. The payroll taxes are remitted to the
i.
ii.
Ontario Revenue Agency
Ministry of Finance
Canada Revenue Agency
Receiver General of Canada

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