Question

The payroll of Culver Corp. for September 2020 is as follows. Total payroll was $475,000. Pensionable (CPP) and insurable (EI) earnings were $335,000. Income taxes in the amount of $86,000 were withheld, as were $6,861 in union dues. The Employment Insurance tax rate was 1.66% for employees and 2.324% for employers, and the CPP rate was 4.95% for employees and 4.95% for employers.

Prepare the necessary journal entries to record the payroll if the salaries and wages paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
enter an account title to record the salaries and wages paid and the employee payroll deductions	enter a debit amount	enter a credit amount
(To record the salaries and wages paid and the employee payroll deductions)
enter an account title to record employer contributions	enter a debit amount	enter a credit amount
enter an account title to record employer contributions	enter a debit amount	enter a credit amount
enter an account title to record employer contributions	enter a debit amount	enter a credit amount
(To record employer contributions)

eTextbook and Media

List of Accounts

  

  

Prepare the entries to record the payment of all required amounts to the Receiver General for Canada and to the employees’ union. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record remittance	enter a debit amount	enter a credit amount
enter an account title to record remittance	enter a debit amount	enter a credit amount
enter an account title to record remittance	enter a debit amount	enter a credit amount
enter an account title to record remittance	enter a debit amount	enter a credit amount
(To record remittance)
enter an account title to remit union dues collected	enter a debit amount	enter a credit amount
enter an account title to remit union dues collected	enter a debit amount	enter a credit amount
(To remit union dues collected)

eTextbook and Media

List of Accounts

  

  

For every dollar of salaries and wages that Culver commits to pay, what is the actual payroll cost to the company? (Round answer to 3 decimal places, e.g. 5.275.)

Cost per dollar

$enter the Cost per dollar rounded to 3 decimal places

Answer 1