Accounting 1049 Pf2 Mid Term Exam April 21 2020

This study source was downloaded by 100000802832151 from CourseHero.com on 11-11-2022 03:27:10 GMT -06:00https://www.coursehero.com/file/99285642/PF2-Midter-Apr-2020-Solutiondocx/ PF2 Mid-Term Exam April 21, 20201. An employer in Qubec has deducted a total of $3,462.00 from the current payroll for Employment Insurance premiums. Calculate the total Employment Insurance premium remittance owing to the Canada Revenue Agencyon this payroll, assuming they do not have a reduced rate. 8308.803462.00 x 1.4 = 4846.80 Employer portion4846.80 + 3462.00 = 8308.80 Total EI Premiums2. Which of the following amounts reported in the Other Information area are also included in Box 14 of the T4?A. Housing, board and lodging at a special work siteB. Interest-free and low-interest loansC. Security options deduction under 110(1)(d) - Public corporation stockD. Medical travel assistance3. Which financial statement is used to reflect revenue, expenses and net profit or loss of an organization during a specified period of time?A. General LedgerB. Income StatementC. Balance SheetD. Shareholders' Equity Statement4. Employers are classified as regular remitters when their average monthly withholding amount for the second preceding calendar year is:A. less than $3,000.00B. between $3,000.00 and $24,999.99C. between $25,000.00 and $99,999.99D. $100,000.00 or more5. If an underpayment is discovered when reconciling the Canada Revenue Agency account, the employer should:A.