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M Company's 24 Sales Employees Earned Salaries of $20,000 During

Question 144

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M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense?


A) M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense? A) B) C) D) E)
B) M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense? A) B) C) D) E)
C) M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense? A) B) C) D) E)
D) M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense? A) B) C) D) E)
E) M Company's 24 sales employees earned salaries of $20,000 during the week ofFebruary 1-6, all of which were subject to 4.95% CPP, and 3 weeks' annual vacation. The salaries are also subject to federal and provincial income tax withholdings of$3,500. M Company's employees also pay EI at the rate of 1.88%, and M Company'sshare is 1.4 times the employees' contributions. Which one of the following entries should be prepared to record M Company's payroll benefits expense? A) B) C) D) E)

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