College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 9, Problem 5MC
To determine
Identify the correct entry from the given option for the
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If an employee has paid $34.21 in
employment insurance, what is the amount
payable on a journal entry?
An employer's obligation for post-retirement benefits that are expected to be provided to an employee must be fully accrued by the date the
a. Benefits are utilized
b. Employee is fully eligible for benefits
c. Employee retires
d. Benefits are paid
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
Chapter 9 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 9 - Prob. 1TFCh. 9 - Prob. 2TFCh. 9 - Prob. 3TFCh. 9 - Prob. 4TFCh. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MCCh. 9 - LO2 Joyce Lee earns 30,000 a year. Her employer...Ch. 9 - Prob. 3MCCh. 9 - Prob. 4MCCh. 9 - Prob. 5MC
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Identify all items that are debited or credited to...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - Prob. 4SEACh. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEACh. 9 - Prob. 7SPACh. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - Prob. 9SPACh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - Prob. 2SEBCh. 9 - Prob. 3SEBCh. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEBCh. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - Prob. 9SPBCh. 9 - The director of the art department at an...Ch. 9 - Prob. 1ECCh. 9 - The totals line from Nix Companys payroll register...Ch. 9 - Payrex Co. has six employees. All are paid on a...
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Similar questions
- Recording employee payroll deductions may involve: Multiple Choice Liabilities to the employer. Liabilities to federal and state governments. Expenses for state unemployment. Expenses for the gross wages and salaries. Expenses for the employer portion of any medical insurance.arrow_forwardThe Federal Insurance Contributions Acta. requires employer FICA liabilities to be recorded upon issuance of an employee's paycheck.b. prohibits employees from paying FICA taxes before their paycheck is received.c. requires the employer to deposit FICA taxes immediately upon issuance of the employee's paycheck.d. requires deduction from employee paychecks to be made; these amounts are recorded as liabilities when withheld.arrow_forwardQuestion 1 – Which one of these lists contain ALL items that are used when computing net employment income (Division B, Subdivision a)? A) employee contributions to a registered pension plan; signing bonus on accepting employment; use of an employer-owned automobile. B) monthly automobile allowance; dental plan paid for by the employer; promotional cost incurred in selling the employer's products. C) subsidized meals in employer's facilities; life insurance paid by the employer; legal fees incurred to collect unpaid salary. D) tips and gratuities; dental insurance paid by the employer; exercise of options to purchase shares of the publicly traded employer.arrow_forward
- 1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) planarrow_forwardAn employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer’s payroll taxes and other expenses?arrow_forwardWhat is the journal entry for other post-employment benefits of the total obligation is $533,362.58? What would you do with the remainder and why?arrow_forward
- (To accrue the expense and liability for sick pay) Salaries and Wages Expense Salaries and Wages Payable Cash (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable cash (To record sick leave paid) 1056 7392 8448 3840arrow_forwardIdentify all correct statements concerning payrolls andrelated payroll costs.a. Both employers and employees pay Social Security andMedicare taxes.b. Workers’ compensation premiums are withheld fromemployees’ wages.c. An employer’s total payroll costs usually exceed totalwages expense by about 71⁄2 percent.d. Under current law, employers are required to pay SocialSecurity taxes on employees’ earnings, but they are notrequired to pay for health insurance.arrow_forwardUnder IAS 19 on Employee Benefits, which of the following terms best describes other long-term employee benefits a. Benefits not falling due wholly within twelve months of the end of the period in which the service is rendered. b. Benefits which are payable after completion of employment c. Benefits payable as a result of an entity's decision to end an employment before the normal retirement care. d. Benefits which fall due within twelve months of the end of the period in which the service is rendered.arrow_forward
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