For this exercise, please assume a province that has three rates for worker’s compensation: General Office Workers, $1.85 per $100; Sales Staff, $2.45 per $100; Management Personnel, $1.25 per $100.
In this province, DSK Enterprises operates a business that has workers in each of these categories. The company has projected the following salary expense for each category of employee for the calendar year:
General Office Worker………….$286,000
a. Calculate the WCB premium that DSK would submit to its provincial WCB for the year.
b. Given that actual salary expenses turned out to be as shown below, calculate the refund or added premium that the company receives from, or has to send to, its WCB early in January of next year.
General Office Worker…………$292,000
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June, are shown below:
Union dues must be remitted to the union treasurer by the 15th of the following month. Candy Co. matches the employees’ charitable contributions to Save the Children Canada on a 2-to-1 basis. Donations are mailed to this organization semiannually. A cheque will be sent for the first half of the year on July 5. Employee deductions for Charitable have remained consistent since January 1.
a. Assuming that the payroll register has been posted, but no entries have been made for employee benefits expense for June, make the two journal entries that are necessary to record this expense of Candy Co. for June.
b. Give details of the various cheques that will be issued in July based on Candy Co.’s payroll activities for the year so far.
A must disclose in the annual report how inventory is valued and costed. Go to the of five retail stores, such as The Home Depot (www.homedepot.com), American Eagle Outfitters (ae.com), Kroger (www.kroger.com), or others. Make a comparison chart showing the inventory dollars listed in the for the current and previous years. Go to the notes included in the annual report. The notes are listed in the same order as the accounts in the Find the note about inventory. List the valuation and costing methods for each Is the inventory the same for each type of Has the inventory decreased, remained the same, or increased? Is there a dollar difference between the LIFO and FIFO methods?