Haines Company Prepared the Following Payroll Summary for the Current

question 15

Essay

Haines Company prepared the following payroll summary for the current month:
CPP is 4.95% and EI is 1.66%, and none of the current month's salaries and wages exceed the CPP or EI limits. Haines makes a pension contribution equal to 9% of each employee's gross earnings. A vacation pay accrual is also made at 3.6% of the gross earnings. Haines has 10 employees. Prepare the journal entries to record:(A) The month's payroll accrual.(B) The month's employer payroll tax expense.(C) The employer's pension contribution and vacation pay accrual.

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Definitions:

Quantity

The amount or number of a material or immaterial good considered as a unit or total.

Perfectly Inelastic

Describing demand that is entirely unresponsive to price changes, represented by a vertical demand curve.

Oysters

Marine mollusks known for their hard shells and edible flesh, often considered a delicacy.

Price Elasticity

An indicator of the sensitivity of the demand for a product to variations in its price.