Reference no: EM132818046
Kai Inc., an HST registrant, began operations on February 1, 2021. In February, Kai purchased $300,000 of equipment and $75,000 of inventory. During February, Kai also sold 50% of its inventory for $112,500.
As Kai Inc is an Ontario company, all purchases and sales were subject to 13% HST. Kai uses a perpetual inventory costing system.
i. How much HST is owed/owing (refund) for February?
ii. Make the journal entries to record the February transactions.
B For the pay period ending February 26, 2021, Alpha Co.'s employees had total gross pay of $256,667. Personal income tax was deducted at 23% of gross pay.
In 2021, CPP contributions are 5.45% for both employee and Alpha. The 2021 EI contribution rate for employees is 1.58% while Alpha must contribute 1.4 times the employee amount. 100% of employee earnings are subject to both CPP and EI
Employees' contributions to Alpha's group RRSP plan $6,417 were also deducted. Alpha contributes an additional 50% of the amount contributed by employees to the group RRSP.
ABC paid the employees their net pay on February 26. All other remittances will be made in March.
Make the journal entry(ies) on Feb 26 to record Alpha's payroll
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