Question

Cooper Physics Consulting Inc. began business on January 1, 2019. Selected transactions from 2019 are described below:

January 2	Issued 10,000 shares of common stock in exchange for equipment worth $300,000.
January 15	Issued 4,000 shares of preferred stock in exchange for cash of $40,000.
February 14	The Board of Directors declares a dividend on the common shares for $0.25 per share.
March 31	The Board of Directors declared the regular quarterly dividend on the preferred shares. The preferred shares pay a quarterly cumulative dividend of $0.50 per share.
April 12	Paid employees a total of $15,600 in gross pay. The following deductions were taken off of the employees’ gross pay: in employee CPP in employee EI in employee income tax Do not record the employer’s portion of payroll taxes.
May 4	Made a cash sale of $10,000 and charged $1,300 in HST.
June 30	Issued bonds with a face value of $100,000. Received cash of $100,000 (i.e. the bonds were issued at par.)
December 31	Paid semi-annual interest on the bonds issued on June 30. The bonds will mature in 10 years’ time. The face rate of interest is 5% and the bonds pay interest semi-annually.

Required:

Record the above transactions in the table below:

Date	Assets      =		Liabilities +						Shareholders’ Equity
	Cash	Equip-ment	Divi- dends Payable	CPP Payable	EI Payable	Income Tax Payable	HST Payable	Bonds Payable	Common Shares	Pre-ferred Shares	Retained Earnings
Jan. 2
Jan. 15
Feb. 14
Mar. 31
April 12
May 4
June 30
Dec. 31

Answer 1

Date	Cash		Equipment		Dividends Payable		CPP Payable		EI Payable		Income Tax Payable		HST Payable		Bonds Payable		Common Shares		Pre-ferred Shares		Retained Earnings
2-Jan	0	+	300000	=	0	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$    300,000.00	+	$                   -	+	$                   -
15-Jan	$      40,000.00	+	$                   -	=	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$      40,000.00	+	$                   -
14-Feb	$        2,500.00	+	$                   -	=	$        2,500.00	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -
31-Mar	$                   -	+	$                   -	=	$        2,000.00	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$       (2,000.00)
12-Apr	$     (14,551.68)	+	$                   -	=	$                   -	+	$           795.60	+	$           252.72	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$     (15,600.00)
4-May	$      10,000.00	+	$                   -	=	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$        1,300.00	+	$                   -	+	$                   -	+	$                   -	+	$        8,700.00
30-Jun	$    100,000.00	+	$                   -	=	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$    100,000.00	+	$                   -	+	$                   -	+	$                   -
31-Dec	$       (5,000.00)	+	$                   -	=	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$                   -	+	$       (5,000.00)
	The Amount of deduction is not provided in the question so according to 2019 CPP deduction was 5.1 % of salary and EI was $1.62 / $100 salary
	since I am Solving from India I am unaware about your tax deductions . Please reduse that from the cash and add to the income tax payable