Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.
Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned $150,000. The company must pay $17,000 to the government for amounts withheld from the employees for income taxes, and $10,000 for amounts withheld for CPP contributions and El premiums. The employer also owes an additional $12,000 for its required contributions of CPP and El. The employer pays all costs of insurance plans; it owes $5,000 for health and life insurance premiums.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 32E
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