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College Accounting 20th Edition Heintz and Parry - Solutions

Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated Depreciation'Cleaning Equipment; 541, Depreciation
A partial work sheet for Jasmine Kah's Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustmentscolumns.
From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.Exercise 5-9B
Indicate with an "X" whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the worksheet.
Insert the dollar amounts where the net income or net loss would appear on the work sheet.
For each journal entry shown below, indicate the accounting method(s) for which the entry would be appropriate. If the journal entry is not appropriate for a particular accounting method, explain the proper accounting treatment for that method.1. Office EquipmentCashPurchased equipment for cash2.
Louie Long started a business called Louie's Lawn Service. The trial balance as of March 31, after the first month of operation, is as follows:REQUIRED1. Analyze the following adjustments and enter them on a work sheet.(a) Ending supplies inventory as of March 31, $165.(b) Insurance expired (used),
Val Nolan started a business called Nolan's Home Appraisals. The trial balance as of October 31, after the first month of operations, is as follows:REQUIRED1. Analyze the following adjustments and enter them on the work sheet.(a) Supplies inventory as of October 31, $210.(b) Unexpired (remaining)
Refer to Problem 5-15B and the following additional information:REQUIRED1. Journalize the adjusting entries on page 3 of the general journal.2. Post the adjusting entries to the general ledger. (If you are not using the working papers that accompany this text, enter the balances provided in this
A beginning accounting student tried to complete a work sheet for Dick Ady's Bookkeeping Service. The following adjusting entries were to have been analyzed and entered in the work sheet:(a) Ending inventory of supplies on July 31, $130.(b) Unexpired insurance on July 31, $420.(c) Depreciation of
Delia Alvarez, owner of Delia's Lawn Service, wants to borrow money to buy new lawn equipment. A local bank has asked for financial statements. Alvarez has asked you to prepare financial statements for the year ended December 31, 20--. You have been given the unadjusted trial balance on page 171
Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.Information for year-end adjustments is as follows:(a) Office supplies on hand at year-end amounted to $100.(b) On January 1,
Your friend, Diane Kiefner, teaches elementary school and operates her own wilderness kayaking tours in the summers. She thinks she has been doing fine financially, but has never really measured her profits. Until this year, her business has always had more money at the end of the summer than at
List three depreciation methods used for financial reporting.
Which depreciation method is used for tax purposes?
A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the
Using the information given in Exercise 5Apx-1A, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the sum-of-the-years’- digits method.Exercise 5Apx-1AA small delivery truck was purchased on January 1 at a cost of
Using the information given in Exercise 5Apx-1A, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the double-declining-balance method.Exercise 5Apx-1AA small delivery truck was purchased on January 1 at a cost of $25,000.
Using the information given in Exercise 5Apx-1A and the rates shown in Figure 5A-4, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the truck
A computer was purchased on January 1 at a cost of $5,000. It has an estimated useful life of five years and an estimated salvage value of $500. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight-line method.
Using the information given in Exercise 5Apx-1B, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the sum-of-the-years’- digits method.Exercise 5Apx-1BA computer was purchased on January 1 at a cost of $5,000. It has an
Using the information given in Exercise 5Apx-1B, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the double-declining-balance method.Exercise 5Apx-1BA computer was purchased on January 1 at a cost of $5,000. It has an
Using the information given in Exercise 5Apx-1B and the rates shown in Figure 5A-4, prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the
Why is it important for payroll accounting purposes to distinguish between an employee and an independent contractor?
Name three major categories of deductions from an employee’s gross pay.
Identify the four factors that determine the amount of federal income tax that is withheld from an employee’s pay each pay period.
In general, an employee is entitled to withholding allowances for what purposes?
Identify the three payroll records usually needed by an employer.
Describe the information contained in the payroll register.
Why is it important to total and verify the totals of the payroll register after the data for each employee have been entered?
Distinguish between the payroll register and the employee earnings record.
Explain what an employer does with the amounts withheld from an employee’s pay.
Explain why payroll processing centers and electronic systems are commonly used in payroll accounting.
Mary Sue Guild works for a company that pays its employees 1Â½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $10.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims
Ryan Lawrence’s regular hourly rate is $15.00. He receives 1½ times the regular rate for any hours worked over 40 a week and double the rate for work on Sunday. During the past week, Lawrence worked 8 hours each day Monday through Thursday, 10 hours on Friday, and 5 hours on Sunday. Compute
Rebecca Huang receives a regular salary of $2,600 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week.(a) Calculate Huang’s overtime rate of pay.(b) Calculate Huang’s total gross weekly pay if she works 45 hours during the week.
Using the table in Figure on pages 286 and 287, determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholdingallowances:
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $106,800 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the followingsituations:
On December 31, the payroll register of Hamstreet Associates indicated the following information:Wages and Salaries Expense $8,700.00Employee Income Tax Payable 920.00United Way Contributions Payable 200.00Earnings subject to Social Security tax 8,000.00Determine the amount of Social Security and
Journalize the following data taken from the payroll register of University Printing as of April 15, 20—:Regular earnings.........$5,418.00Overtime earnings.......... 824.00Deductions:Federal income tax......... 593.00Social Security tax......... 387.00Medicare tax............ 90.51Pension
Donald Chin works for Northwest Supplies. His rate of pay is $8.50 per hour, and he is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, he worked 48 hours. Chin is married and claims three withholding allowances on
Don McCullum operates a travel agency called Don's Luxury Travel. He has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Don's Luxury Travel uses a weekly federal income tax withholding
Don’s Luxury Travel in Problem 8-9A keeps employee earnings records. Judy Carson, employee number 62, is employed as a manager in the ticket sales department. She was born on May 8, 1959, and was hired on June 1 of last year. Her social security number is 544-67-1283. She lives at 28 Quarry
Tom Hallinan works for a company that pays its employees 1Â½ times the regular rate for all hours worked in excess of 40 per week. Hallinan's pay rate is $12.00 per hour. His wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. He is married and claims
Manuel Soto’s regular hourly rate is $12.00. He receives 1½ times the regular rate for hours worked in excess of 40 a week and double the rate for work on Sunday. During the past week, Soto worked 8 hours each day Monday through Thursday, 11 hours on Friday, and 6 hours on Sunday. Compute
Mike Fritz receives a regular salary of $3,250 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week.(a) Calculate Fritz’s overtime rate of pay. (Compute to the nearest half cent.)(b) Calculate Fritz’s total gross weekly pay if he works 46 hours during
Using the table in Figure on pages 286 and 287, determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholdingallowances:
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $106,800 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the followingsituations:
On November 30, the payroll register of Webster & Smith indicated the following information:Wages and Salaries Expense $9,400.00Employee Income Tax Payable 985.00United Way Contributions Payable 200.00Earnings subject to Social Security tax 9,400.00Determine the amount of Social Security and
Journalize the following data taken from the payroll register of Himes Bakery as of June 12, 20--:Regular earnings…………………………… $6,520.00Overtime
Elyse Lin works for Columbia Indu stries. Her rate of pay is $9.00 per hour, and she is paid 1½ times the regular rate for all hours worked in excess of 40 per week. During the last week of January of the current year, she worked 46 hours. Lin is married and claims two withholding allowances on
Karen Jolly operates a bakery called Karen's Cupcakes. She has five employees, all of whom are paid on a weekly basis. Karen's Cupcakes uses a payroll register, individual employee earnings records, and a general journal.Karen's Cupcakes uses a weekly federal income tax withholding table. The
Karen’s Cupcakes in Problem 8-9B keeps employee earnings records. William Barone, employee number 19, is employed as a baker in the desserts department. He was born on August 26, 1959, and was hired on October 1 of last year. His social security number is 342-73-4681. He lives at 30 Timber Lane,
The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher
Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed on the following page are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday
Maura Lowe is a payroll accountant for N & L Company. She prepares and processes the company’s payroll on a weekly basis and has been at N & L for only three months. All employees are paid on Friday. On Wednesday afternoon, Simon Lentz, one of the company’s top sales associates, asks
Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned $1,754.00, so the following adjusting entry was made:The first pay period in 20-2 was on January 4. The totals line from Irina Company's payroll
Why do employer payroll taxes represent an additional expense to the employer, whereas the various employee payroll taxes do not?
At what rate and on what earnings base is the employer’s Social Security tax levied?
What is the purpose of the FUTA tax, and who must pay it?
What is the purpose of the state unemployment tax, and who must pay it?
What accounts are affected when employer payroll tax expenses are properly recorded?
Identify all items that are debited or credited to Social Security Tax Payable and to Medicare Tax Payable.
Explain why an employee whose gross salary is $20,000 costs an employer more than $20,000 to employ.
What is the purpose of Form 8109, Federal Tax Deposit Coupon?
What is the purpose of Form 941, Employer’s Quarterly Federal Tax Return?
What is the purpose of Form 940, Employer’s Annual Federal Unemployment Tax Return?
What information appears on Form W-2, the employee’s Wage and Tax Statement?
What is the purpose of Form I-9, Employment Eligibility Verification?
What is the purpose of workers’ compensation insurance, and who must pay for it?
Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $106,800 of earnings. The Medicare
Earnings for several employees for the week ended March 12, 20--, are as follows:Calculate the employer's payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.8%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is1.45%.
Selected information from the payroll register of Raynette's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $106,800 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.8% and SUTA tax is 5.4% on the first
J. B. Kenton employs Sharla Knox at a salary of $32,000 a year. Kenton is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Knox’s salary. In addition, Kenton must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000
Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees’ withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current
General Manufacturing estimated that its total payroll for the coming year would be $425,000. The workers’ compensation insurance premium rate is 0.2%.REQUIRED1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2,
Selected information from the payroll register of Anderson's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $106,800 of earnings, and
Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Cascade include the following:.:.The following transactions relating to payrolls and payroll taxes occurred during June and July:REQUIRED1. Journalize the
Willamette Manufacturing estimated that its total payroll for the coming year would be $650,000. The workers’ compensation insurance premium rate is 0.3%.REQUIRED1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2,
Portions of the payroll register for Kathy's Cupcakes for the week ended June 21 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $106,800 of earnings. The Medicare rate is 1.45% on
Earnings for several employees for the week ended April 7, 20--, are as follows:Calculate the employer's payroll taxes expense and prepare the journal entry as of April 7, 20--, assuming that FUTA tax is 0.8%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is1.45%.
Selected information from the payroll register of Howard's Cutlery for the week ended October 7, 20--, is presented below. Social Security tax is 6.2% on the first $106,800 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.8% and SUTA tax is 5.4% on the first
B. F. Goodson employs Eduardo Gonzales at a salary of $46,000 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales’s salary. In addition, Goodson must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the
Francis Baker owns a business called Baker Construction Co. She does her banking at the American National Bank in Seattle, Washington. The amounts in her general ledger for payroll taxes and employees’ withholding of Social Security, Medicare, and federal income tax payable as of July 15 of the
Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers’ compensation insurance premium rate is 0.2%.REQUIRED1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--.2.
Selected information from the payroll register of Wray's Drug Store for the week ended July 14, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $106,800 of earnings, and
Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Oxford Company include the following:The following transactions relating to payrolls and payroll taxes occurred during June and July:REQUIRED1. Journalize
Multnomah Manufacturing estimated that its total payroll for the coming year would be $540,000. The workers’ compensation insurance premium rate is 0.2%.REQUIRED1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2,
The director of the art department at an advertising company, Wilson Watson, wants to hire new office staff. His boss tells him that to do so he must find in his budget not only the base salary for this position but an additional 30% for “fringe benefits.” Wilson explodes: “How in the world
The totals line from Nix Company's payroll register for the week ended March 31, 20--, is as follows:Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.8%; and SUTA tax, 5.4%.REQUIRED1. a. Prepare the journal entry for payment of this payroll on March
Bob Estes works at Cliffrock Company in the central receiving department. He unpacks incoming shipments and verifies quantities of goods received. Over the weekend, Bob pulled a muscle in his back while playing basketball. When he came to work on Monday and started unpacking shipments, his back
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were $12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrex’s state is 5.4%, but Payrex qualifies for a rate
What are the three major parts of a T account?
What is the left side of the T account called? the right side?
What is a footing?
What is the relationship between the revenue and expense accounts and the owner’s equity account?
What is the function of the trial balance?
Foot and balance the cash T account shownbelow.
Complete the following statements using either “debit” or “credit”:(a) The cash account is increased with a _________.(b) The owner’s capital account is increased with a _________.(c) The delivery equipment account is increased with a _________.(d) The cash account is decreased with a
Jim Arnold began a business called Arnold’s Shoe Repair.1. Create T accounts for Cash; Supplies; Jim Arnold, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:(a) Invested cash in the business, $5,000.(b) Purchased

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