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Gross salaries for the period are $27,500 The CPP employer and employee rate is 5.25% The El employer rate is 2.21% The El employee rate is 1.58% Total union dues are $1,740 Medical premiums are $3,000, split equally betwe The income tax rate is 20% epare the journal entry to record payroll on Ja lia

Gross salaries for the period are $27,500 The CPP employer and employee rate is 5.25% The El employer rate is 2.21% The El employee rate is 1.58% Total union dues are $1,740 Medical premiums are $3,000, split equally betwe The income tax rate is 20% epare the journal entry to record payroll on Ja lia

FINANCIAL ACCOUNTING
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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D3.

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Ethan's Eggplants has the following payroll information for the pay period ending January 17, 2020: . Gross salaries for the period are $27,500 • The CPP employer and employee rate is 5.25% • The El employer rate is 2.21% The El employee rate is 1.58% Total union dues are $1,740 • Medical premiums are $3,000, split equally between the employer and employee. The income tax rate is 20% Prepare the journal entry to record payroll on January 17th 2020 Prepare the journal entry to remit the payroll liabilities to CRA on January 25th 2020
Transcribed Image Text:Ethan's Eggplants has the following payroll information for the pay period ending January 17, 2020: . Gross salaries for the period are $27,500 • The CPP employer and employee rate is 5.25% • The El employer rate is 2.21% The El employee rate is 1.58% Total union dues are $1,740 • Medical premiums are $3,000, split equally between the employer and employee. The income tax rate is 20% Prepare the journal entry to record payroll on January 17th 2020 Prepare the journal entry to remit the payroll liabilities to CRA on January 25th 2020
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