Home / Questions / How to prepare a company’s payroll summary. 1) The posted payroll entry is based on info
How to prepare a company’s payroll summary.
1) The posted payroll entry is based on information obtained from
A) the payroll register.
B) the general journal.
C) each employee's earnings record.
D) a TD-1 form.
2) The Office Salaries Expense account would be used to record
A) net earnings for the office workers.
B) a credit for the amount owed to the office workers.
C) gross earnings for the office workers.
D) a debit for the amount of net pay owed to the office workers.
3) What liability account is reduced when the employees are paid?
A) Income Tax Payable, CPP Payable, EI Payable
B) Wages and Salaries Expense
C) Wages and Salaries Payable
D) Payroll Taxes Payable
4) What type of account is CPP Payable?
A) Asset
B) Liability
C) Revenue
D) Expense
5) What type of account is EI Payable?
A) Asset
B) Liability
C) Revenue
D) Expense
6) Which of the following is a law that has no effect on payroll net earnings?
A) Minimum Wage
B) Federal Income Tax
C) Provincial Income Tax
D) Canada Savings Bond
7) If the employee has $40 withheld from their cheque for CPP, what is the amount that the employer would need to pay?
A) $200
B) $100
C) $40
D) $400
8) If the employee has $200 withheld from their cheque for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?
A) $200
B) $100
C) $0
D) $400
9) Workers' compensation
A) insures employees against losses they may incur due to injury or death while on the job.
B) is based on the total estimated payroll.
C) is paid for by the employer.
D) All of the above are correct.
10) Blue's Tax Service has two types of employees, management and clerical support. The company estimates that it will pay the clerical support $240,000 next year and the managers $315,000. For every $100, the company pays $0.14 into the workers' compensation insurance. Calculate the amount of worker's compensation insurance.
A) $777
B) $336
C) $441
D) None of the above are correct.
Dec 06 2019 Read more Less More
On January 2, 2016, Torres Corporation issued 28,000 shares of $20 par-value common stock for $28 per share. Which of the following statements is true?a). The Paid-in Cap...
Mar 21 2020Develop a class encapsulating the concept of a college course, assuming that a course has following attributers: code (for instance COSC1337), a description, and a numbe...
May 10 2020What are the primary challenges Nordstrom faces in the current retail climate? How has the competition changed in recent years, along with consumer expectations?
Jul 27 2020Barry works at Larry's Computer Outlet. He receives a weekly salary of $310 plus 3.05% commission based on his sales. Last year, he sold $1,015,092 worth of computer equ...
Aug 31 2020Scenario You have received the following information and are asked to fill out Bowen and Bonnie's 2019 form 1040 for them. Bowen and Bonnie are married and do not have ch...
Aug 31 2020Please answer all the questions Determine if the demand curve will increase (shift right) or decrease (shift left) for the specified good given the event that happened. A...
Jun 03 2020A bank is attempting to determine where its assets should be invested during the current year. At present, $500,000 is available for investment in bonds, home loans, auto...
Apr 11 2020I want to buy coursehero tutor Account with business profile. I will check First then pay. Don't need any rating
Nov 29 2019Using the base case data in question 10, analyze how the value of a loyal customer (VLC) will change if the average customer defection rate varies between 15 and 40 perce...
Aug 24 2020What are differences between men and women in terms of self-employment? Give an example of an on-call worker profession that is female dominated. Given an example of a on...
Apr 14 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
