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Questions and Answers of
College Accounting
Mayberry Company has a fringe benefit plan for its employees. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of
Podsednik Corporation has 20 employees who each earn $140 a day. The following information is available. 1. At December 31, Podsednik recorded vacation benefits. Each employee earned 5 vacation
Match the four functions of payroll activities with their related internal controls: 1. Hiring employees. 2. Timekeeping. 3. Preparing the payroll. 4. Paying the
Ramirez Company has the following data for the weekly payroll ending January 31. Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. The
At Harmon Company, the following activities occurred on January 31. 1. Completed monthly payroll register, which shows salaries and wages $58,000, FICA taxes withheld $4,437, federal income
Imel Company just began operations on the first of the month. As the owner, Phillip, prepares the first payroll, he would like to inform his two employees of the amount of take-home
Identify three types of employee payroll taxes.
In January, gross earnings in Tuyen Company were $40,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of
What are three types of paid absences?
Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 45 hours. Beth’s federal income tax
Medical costs are substantial and rising. But will they be the most substantial expense over your lifetime? Not likely. Will it be housing or food? Again, not likely. The answer is taxes. On average,
The following control procedures are used at Newton Company for payroll. 1. The human resources department requires a background check for each employee. 2. Wage employees arrive to work
When federal and state income taxes are withheld from employee paychecks, are these payroll tax expenses for the employer? Explain your answer.
Shelly Eckert has prepared the following list of statements about internal control related to payroll. 1. Supervisors monitor hours worked through time cards and time reports. 2. Payroll
Your friend Morgan has been running his own landscaping business for a few years. Now, he plans to hire two employees to help him as the business grows. He asks you for advice on how to set up the
What information is shown in Form W-2?
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of
Alex Yeoman Painting Co. of Yellowknife uses a purchases journal (page 21) and a general journal (page 32) to record the following transactions. The GST rate is 5%. 2018 Aug. 3 Purchased paint
From the following, prepare a schedule of accounts receivable for Blue Co. for May 31, 2018. Accounts Receivable Subsidiary Ledger General Ledger Bon Co. Accounts Receivable 5/6 SJ1 105 5/31
From the accompanying purchases journal, record in the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Sundry-Dr. Accounts
From the accompanying purchases journal, post to general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Prepaid GST Dr. Accounts Sundry-Dr. Date of Account Credited Payable Cr.
Abbey Joy owns Abbey’s Toy House in Halifax. As her newly hired accountant, your task is to a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post
As the new accountant for Monique’s Toy House in Halifax, your task is to a. Journalize the transactions for the month of March. b. Record in subsidiary ledgers and post to the general
On July 8, 2020, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for merchandise returned from invoice No. 312, which originally included GST at 5%. Your task is to journalize, record,
On July 7, 2020, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for merchandise returned from invoice No. 632, which originally included GST at 5%. Your task is to journalize, record,
Ronald Howard has been hired by Green Company to help reconstruct the sales journal, general journal, and cash receipts journal, which were recently destroyed in a fire. The owner of Green has
Journalize, record, and post when appropriate the following transactions into the cash payments journal (page 2) for Morgan’s Clothing. Use the same headings as found in the text for Art’s
Journalize, record, and post when appropriate the following transactions into the cash payments journal (page 2) for Jackie’s Clothing. Use the same headings as found in the text for Art’s
From exercise E11-7A, prepare a schedule of accounts payable, and verify that the total of the schedule equals the amount in the controlling account. Data From Exercise E11-7A.Journalize,
From exercise E11-7B, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. Data From Exercise E11-7BJournalize, record,
Indicate the normal balance and category of each of the following accounts: a. Cost of Goods Sold b. Inventory c. Payroll Tax Expense d. Sales Discount e. CPP Payable f.
Indicate the normal balance and category of each of the following accounts: a. Sales Returns and Allowances b. Inventory c. Miscellaneous Income d. Payroll Tax Expense e.
From the following, calculate (a) Net sales, (b) Gross profit, (c) Net income. Data Sales, $35,000; Sales Discounts, $800; Sales Returns and Allowances, $5,000; Cost of Goods
From the following, calculate (a) Net sales, (b) Gross profit, (c) Net income. Data Sales, $22,000; Sales Discounts, $500; Sales Returns and Allowances, $250; Cost of Goods Sold,
From the following trial balance, complete a worksheet for Jim’s Hardware of Halifax: Assumptions a. Physical count of inventory on December 31, $615 b. Insurance expired,
From the following trial balance and additional data, complete a worksheet for Corocan Tile Company of Cranbrook for the 12-month period ending October 31, 2019. Additional Data a. Physical
A low-volume, high-unit-price inventory requires a company to use a periodic inventory system. Accept or reject this statement and support your answer.
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column
The owner of Waltz Company in Fairview has asked you to prepare a worksheet from the following trial balance and additional data: Additional Data a. Physical count of inventory on December
From the following, complete a worksheet for Waltz Company of Fairview. Additional Data a. Physical count of inventory on December 31, $5,000 b. Office supplies on hand, $470 c.
Explain why unearned revenue is a liability account.
Prepare a worksheet from the following information: (A) Inventory physical count........................$13 (B) Store supplies on hand..............................4 (C) Depreciation
Prepare a worksheet from the following information: (A) Inventory physical count........................$11 (B) Store supplies on hand..............................5 (C) Depreciation
From the following trial balance and additional data, complete the worksheet for Ron’s Wholesale Clothing Company of Winnipeg.Additional Data a. Physical count of inventory on December 31,
From the following trial balance and additional data, complete the worksheet for Ron’s Wholesale Clothing Company of Winnipeg Additional Data a. Physical count of inventory on December
Kim Andrews prepared the following income statement on a cash basis for Ed Sloan, M.D.: Ed Sloan has requested information from Kim as to what his professional fees earned would be under the
What is the purpose of an inventory physical count?
Why do many unearned revenue accounts have to be adjusted?
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June are shown below: First half of June: Second half of June: Union dues must be remitted to
For the first two weeks of March, the Star Company had payroll details as shown below: Prepare the general journal entry to record the employee benefits expense for the two-week period.
For the last two weeks in March, the Star Company had the following payroll details. Prepare the general journal entry to record the employee benefits expense for the last two-week period.
For the last two weeks in March, the Star Company had the following payroll details: Prepare the general journal entry to record the employee benefits expense for the last two-week period.
Fred Blake has agreed to work for the Cummings Foundation at a total annual salary of $55,000. He is uncertain whether he should be paid bi-weekly or semimonthly and has asked for your assistance.
The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February 2018 are shown below. Assumptions Employees pay
Gibraltor Co. of Sussex recorded the following payroll details in its payroll journal for the month of March: Union dues are remitted by the end of the following month to the employees’ union
Gibraltor Co. of Sussex recorded the following payroll details in its payroll journal for the month of March. Union dues are remitted by the end of the following month to the employees’ union
From the following information, prepare a general journal entry to record the employee benefits expense of Windsor Company for the monthly payroll for April. Deductions Employee Total Salary
From the following information, prepare a general journal entry to record the employee benefits expense for Jones Company for the weekly payroll of July 9. Deductions Net Pay Employee Troy Ness
The Fisher Company had two employees for the week ended July 24. On the basis of the following information, prepare a general journal entry to record the employee benefits expense for that
This Mini Practice Set will aid in putting the pieces of payroll together. In this project, you are the bookkeeper and will have the responsibility of recording payroll in the payroll register,
Because it is the end of the calendar year, Tony Freedman knows that, in addition to recording the normal entries for December 2019, he will need to complete certain tasks that relate to payroll.
From the following transactions for Lowe Company for the month of July, (a) Prepare journal entries (assume that it is page 1 of the journal), (b) Post to the ledger (use three-column
a. Given the following, journalize the adjusting entry. By December 31, 2020, $210 worth of the unearned dog-walking fees were earned. b. What is the account category of unearned dog-walking
When would a company consider using a perpetual inventory system?
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold c. Gross profit d. Net income Accounts
From the following accounts, calculate(a) Net sales,(b) Cost of goods sold,(c) Gross profit,(d) Net income. Sales Discounts.....................................................................$
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold c. Gross profit d. Net income Accounts
When would a company consider using a periodic inventory system?
Why does GST/HST on a debit note act to increase the net amount of GST/HST payable?
State why it is so important for firms to keep track of the GST/HST that they pay each period.
Why would a purchaser issue a debit memorandum? Would it include any PST?
Sales discounts are taken on GST or PST amounts. Agree or disagree and say why.
Sudbury Outdoor Wear sells a line of specialized clothing to customers in its local area. For the calendar year 2019, the company sold $280,000 worth of clothing before taxes. HST in Ontario is 13%.
Sudbury Outdoor Wear sells a line of specialized clothing to customers in its local area. For the calendar year 2019, the company sold $325,000 worth of clothing including HST. HST in Ontario is 13%.
When a seller issues a credit memorandum with both PST and GST included, what accounts are affected?
What effect on the liability account “PST Payable” does a credit memorandum have?
Explain why a retail business includes a column for PST in its sales journal, but does not include a similar column in its purchases journal.
Why doesn’t the purchase requisition generally mention GST/HST?
What is a value-added tax?
Draw a transaction analysis box for the following credit memorandum: Issued credit memorandum to North Corp. for defective merchandise—$315, including GST. Inventory was not returned.
Complete the following table for Sales, Sales Returns and Allowances, Sales Discounts, PST Payable, and HST Payable. Accounts Affected Category Rules Temporary or Permanent
A remittance form (PD7A) must be sent to the federal government once every pay period. True or false?
Which of the following accurately summarizes the correct formula for determining the monthly remittance to the CRA? (IT = income tax) a. (2 * IT) + (2.4 * CPP) + (2 * EI)b. (1 * IT) + (2 * CPP)
Each employer matches the amount of income tax deducted from employees each month when remitting to the CRA. True or false?
Why could failure to remit employees’ deductions on time be costly?
What amount will the Windsor Company send to the CRA in the month of May (for the April payroll)? See exercise E10-2A above. Data From Exercise E10-2A From the following information,
List at least two items that make up employee benefits expense?
The Ripcord Parachute Club of Burlington employs three people and pays them on a weekly basis. Payroll data for the four weeks in February are shown below:Assumptions Employees pay 100% of the
The payroll register for Rice Company of Sackville is summarized below for the month of April. The union dues are remitted to the treasurer of the union by the 10th day of the next month. Rice
The payroll register for Rice Company of Sackville is summarized below for the month of April, 2018. The union dues are remitted to the treasurer of the union by the 10th day of the next month.
From the following information, prepare a general journal entry to record the employee benefits expense for Jones Company for the weekly payroll of July 9. Deductions Total Salary Net Pay
From the following transactions for Lowe Company for the month of July,(a) Prepare journal entries (assume that it is page 1 of the journal),(b) Post to the ledger (use three-column account
Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month.Transactions on May 1:1. Jay Bradford invested $40,000 cash in the company, as its sole
The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Instructionsa. Prepare the complete general journal (including explanations)
The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2022. Accounts Receivable Accounts Payable Cash Prepaid Insurance Maintenance and Repairs Expense
Selected transactions from the journal of June Feldman, investment broker, are presented below. Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at August 31, 2022.
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Cappshaw Company Trial Balance December 31, 2022 Debit
From the following ledger balances, prepare a trial balance for the Amaro Company at June 30, 2022. Accounts Payable $8,100, Cash $5,800, Owner’s Capital $15,000, Owner’s Drawings $1,200,
Companies record transactions in journals and then post to the ledger. How do you keep track of your personal finances? Do you record your everyday transactions in a journal? Or, do you have an app
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