Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The following amounts have been withheld: Income taxes $66,000 Canada Pension Plan contributions 32,240 Employment Insurance contributions 5,000 Pension plan contributions 7,540 Charitable contributions 1% of gross pay Union dues 2% of gross pay Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' EI)

Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The following amounts have been withheld: Income taxes $66,000 Canada Pension Plan contributions 32,240 Employment Insurance contributions 5,000 Pension plan contributions 7,540 Charitable contributions 1% of gross pay Union dues 2% of gross pay Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' EI)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Accounts receivable from sales transactions were $48,847 at the beginning of the year and $66,305 at the end of the year. Net income reported on the income statement for the year was $142,809. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is:
How do I do number 2 ?
If a company had retained earnings of $40,000 at the beginning of the year, net earnings of $50,000, and a year ending retained earnings of $90,000, it paid its owners a dividend at some point during the year. True or False
Problem 9-25 Fudge factors An oil company executive is considering investing $10.1 million in one or both of two wells: well 1 is expected to produce oil worth $3.01 million a year for 10 years; well 2 is expected to produce $2.01 million for 15 years. These are real (inflation-adjusted) cash flows. The beta for producing wells is 0.91. The market risk premium is 9%, the nominal risk-free interest rate is 7%, and expected inflation is 3%. The two wells are intended to develop a previously discovered oil field. Unfortunately there is still a 21% chance of a dry hole in each case. A dry hole means zero cash flows and a complete loss of the $10.1 million investment. Ignore taxes and make further assumptions as necessary. a. What is the correct real discount rate for cash flows from developed wells? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Real discount rate b. The oil company executive proposes to add 20 percentage points to the…
Answer Question 4
What about requirement 4+5
can you answer d
D nctions Question 10 Use the diagram below to find each of the following: sine of point a • cose of point b • tane of point c d e
Q4. What is the meaning of: b. n/eom:
What is the difference between a Form 10–K and a Form 10–Q?
what is a P&L
3. What is the NAV?