Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a. omega company pays its employees monthly. for f

A. Omega company pays its employees monthly. For February 2024, Omega Co.'s employees had total...

80.2K

Verified Solution

Question

Accounting

A. Omega company pays its employees monthly. For February 2024, Omega Co.'s employees had total
gross pay of $770,000. Personal income tax was deducted at 23% of total gross pay.
In 2023, CPP contributions are 5.95% for both Omega and its employes. The 2023 El contribution
rate for employees is 1.66% and Omega must contribute 1.4 times the employee amount for its
share as the employer. 100% of employees' February earnings are subject to both CPP and EI.
Employees' contributions to Omega's group RRSP plan equal to 4% of their gross pay were
deducted in February. Omega contributes 50% of the amount contributed by employees and
remits the funds to the group RRSP plan.
Omega paid the employees their net pays on Thursday, February 29th. Omega pays its employees on
the last day of work every month. Any remittances other than net pay will be made in March.
Required:
Prepare the journal entry(ies) on Feb 29 for Omega to record the February payroll.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain the following economic relationships: interest rates and stock prices; money supply and excess liquidity and...

Finance
Q

How does ATP play a role in controlling the citric acid cycle?

Chemistry
Q

The existentialist is interested in addressing various areas of human existence. In this prompt please address...

Psychology
Q

A steel ball of mass 0.920 kg is fastened to a cord that is 34.0 cm...

Physics
Q

A patient with shock has also been diagnosed with MODS. This means:a. the patient's body...

Biology
Q

Consider a parallel-plate capacitor with plates ofarea A and with separation d.Part AFind F (V),...

Physics
Q

A 6 0 8 D 2 2 32 6 1 b 6 2 C 2...

Geometry
Q

Consider the polynomial function f x x 7x 33x 135 What is the distance between...

Basic Math
Q

In 2017, Carla Corporation had pretax financial income of $176,000 and taxable income...

Accounting
Q

Fogerty Company makes two products-titanium Hubs and Sprockets. Data regarding the two products follow: Additional...

Accounting
Q

Woh Che Co. has four departments: materials, personnel, manufacturing, and packaging. In a recent month,...

Accounting
Q

Question No: 4 (Total marks for question 15, 10 for 'a' and 5 for 'b')...

Accounting