March 31 is the end of PDT Co.'s monthly pay period. PDT Co. has one sole employee, Sally, with a monthly gross pay (before any deductions) of $964, Sally has $25 worth of health insurance deducted from her pay each month. The following rates are used for payroll calculations: • El: 1.66% . CPP: 4.95% Income tax: 20% Required: a) Calculate Sally's net pay after El, CPP, Income taxes and health insurance has been deducted from her gross wage. b) Record the journal entry for the payroll deductions for the March 31 pay period. (e. record Sally's wage expense). c) Record the journal entry for the employer's portion of payroll deductions for the March 31 pay period. d) Record the journal entry for the payment to the Receiver General for the related payroll expenses for the March 31 pay period.

March 31 is the end of PDT Co.'s monthly pay period. PDT Co. has one sole employee, Sally, with a monthly gross pay (before any deductions) of $964, Sally has $25 worth of health insurance deducted from her pay each month. The following rates are used for payroll calculations: • El: 1.66% . CPP: 4.95% Income tax: 20% Required: a) Calculate Sally's net pay after El, CPP, Income taxes and health insurance has been deducted from her gross wage. b) Record the journal entry for the payroll deductions for the March 31 pay period. (e. record Sally's wage expense). c) Record the journal entry for the employer's portion of payroll deductions for the March 31 pay period. d) Record the journal entry for the payment to the Receiver General for the related payroll expenses for the March 31 pay period.

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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