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Prepare the journal entry to record the payroll for April

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Reference no: EM133025141

Problem - Matyas Company completed the salary and wage payroll for April of the current year. The payroll provided the following details:

Salaries and wages earned $251,000

Employee income taxes withheld 68,500

CPP contributions* 15,600

EI contributions† 7,000

Union dues withheld 3,900

Insurance premiums withheld 1,900

*$15,600 each for employer and employees.

Employment Insurance, employees' share.

Required -

1. Prepare the journal entry to record the payroll for April, including employee deductions. Record payroll for April including employee deductions.

2. Prepare the journal entry to record the employer's additional payroll expenses. Record employee's additional payroll expenses for April.

3. Prepare a combined journal entry to show the payment of amounts owed to governmental agencies and other organizations. Record entry for remittance of employee deductions and employer-related amounts for April.

4-a. What was the total compensation expense for the company?

4-b. What percentage of the payroll was take-home pay?

Reference no: EM133025141

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