Fundamental Accounting Principles, Vol 1, 15th Edition Test Bank

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)Employers never make deductions from employees' wages for:1)A)Workers' Compensation.B)Canada Pension Plan.C)Union dues.D)Federal income taxes.E)Employment Insurance.Answer:AExplanation:A)B)C)D)E)2)Z Company's 6 sales employees earned salaries of $20,000 during the week of May 1-6,all of which were subject to 4.95% CPP and 2 weeks' annual vacation. In addition, ZCompany has agreed with its employees to withhold the following amounts: $376 for EI,$3,200 for federal and provincial income taxes, and $240 for union dues. Which of thefollowing entries should be prepared to record the payroll? If necessary, round allamounts to the nearest dollar.2)A)Sales Salaries Expense15,224Salaries Payable15,224B)Sales Salaries Expense14,970Payroll Taxes Expense5,060CPP Payable990Employees' Income Taxes Payable3,200EI Payable376Union Dues Payable240Salaries Payable15,224C)Sales Salaries Expense20,430CPP Payable990Employees' Income Taxes Payable3,200EI Payable376Union Dues Payable240Salaries Payable15,224Accrued Vacation Pay4001

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Fundamental Accounting Principles b...

Fundamental Accounting Principles, Vol 1, 15th Edition Test Bank

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