An employer has calculated the following amounts for an employee during the last week of July 2022.
| Gross Wages | $2,200.00 |
| Income Taxes | $506.00 |
| Canada Pension Plan | $116.00 |
| Employment Insurance | $35.00 |
| Workers’ Compensation | $105.00 |
Do not enter dollar signs or commas in the input boxes.
Round your answer to 2 decimal places.
Required
a) Calculate the employee’s net pay.
Net Pay = $Answer
b) Assuming the employer’s contribution is 100% for CPP and 140% for EI, what is the employer’s total expense?
Total Employer Expense = $Answer
c) Prepare the journal entries to record payroll for the employee and record the employer’s contribution. Assume the employee was paid immediately.
For transactions with more than one credit, enter the credit accounts in alphabetical order.
| Date | Account Title and Explanation | Debit | Credit |
| 2022 | |||
| Jul 31 | AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | |
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| Record payroll | |||
| Jul 31 | AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | |
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| AnswerAccounts PayableAccounts ReceivableCashCPP PayableEI PayableEmployee Benefits ExpenseEquipmentIncome Tax PayableSalaries ExpenseSalaries PayableService RevenueWorkers’ Compensation Payable | Answer | ||
| Record additional employer expenses | |||
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