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Questions and Answers of Accounting and Finance

To what extent are cash tips treated as remuneration subject to federal income tax withholding?
How is the amount of a fringe benefit that is taxable to an employee determined?
During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees€™ salaries or wages and the amount of
The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year:a. The total wages of
Stan Barker opened Quik-Stop Market on January 3, 2017. The business is subject to FICA taxes. At the end of the first quarter of 2017, Barker, as president of the company, must file Form 941,
Refer to Problem 3-11B. Complete Parts 2, 4, and 5 of Form 941 (on page 3-57) for Gallagher Company for the third quarter of 2017. Gallagher Company is a monthly depositor with the following monthly
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2017. Using the information presented below, complete Part 1 of Form 941,# of
Cam Fitzer, a white-collar exempt employee, started working for Villan Company on Thursday of this week. He worked 9 hours on both Thursday and Friday. His annual salary is $77,000, and he is paid
George Parker was paid a salary of $74,700 during 20-- by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of
Ernie Gilmore began working as a part-time waiter on June 1, 2017, at Sporthouse Restaurant. The cash tips of $390 that he received during June were reported on Form 4070, which he submitted to his
During 2017, Matti Conners, president of Maggert Company, was paid a semimonthly salary of $5,500. Compute the amount of FICA taxes that should be withheld from her: HI OASDI a. 9th paycheck b. 22nd
How does an employer file an application for an employer identification number
What is Miami’s living wage rate?
Nelson operates a placement service for companion-sitting for the elderly. He placed Martha Jackson with Mrs. Mock, an elderly woman who needed a person to assist with her personal needs, household
The biweekly taxable wages for the employees of Wee-Ones Foods follow. Compute the FICA taxes for each employee and the employer€™s FICA taxes. FICA Taxes Biweekly Taxable Wages Employee
The taxable wages and withheld taxes for Stafford Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2017 follow.a. Complete Schedule B of Form 941 on page 3-49 for the first
Karen Kluster opened Lube and Wash on January 3, 2017. The business is subject to FICA taxes. At the end of the first quarter of 2017, Kluster, as president of the company, must file Form 941,
Refer to Problem 3-11A. Complete Parts 2, 4, and 5 of Form 941 (on page 3-41) for Cruz Company for the third quarter of 2017. Cruz Company is a monthly depositor with the following monthly tax
During 2017, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $7,000. Compute the amount of FICA taxes that should be withheld from her: OASDI HI a. 9th paycheck b.
The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2017 follow.a. Complete Schedule B of Form 941 on page 3-65 for the first
Your assistant has just completed a rough draft of Form 941, shown on pages 3-70 and 3-71, for the quarter ending March 31, 20--. As the supervisor and authorized signer, you are auditing the form
Which employers must deposit their employment taxes electronically?
What are the self-employment tax rates for 2016?Explain how the tax is computed
John Luis receives wages from three employers during 2017. Is he entitled to a refund on the OASDI taxes paid on wages in excess of the $118,500 limit? If so, how can he receive a refund
What is the FICA tax liability status of pretax contributions to a qualified deferred compensation arrangement?
Summarize the test conditions under which a worker is classified as an independent contractor.
Under what conditions does a common-law relationship exist between an employee and an employer?
Are commissions included in determining an employee’s regular rate of pay?
In the case of a salaried nonexempt employee, how is the regular rate of pay determined?
If the overtime premium approach is used, how is the overtime premium pay calculated?
What is the Wage and Hour Division’s position on the rounding off of fractional parts of an hour in determining an employee’s time worked?
How does a biometric time system identify an employee?
In order to get caught up, an employee takes work home. Must the employee be paid for this extra time?
What are the types of exempt white-collar employees?
Under the Affordable Care Act, what are the minimum essential coverage tests that the insurance provided by the employer must satisfy?
What kinds of establishments may employ full-time students at 85 percent of the minimum wage?
In determining the existence of an employer / employee relationship, the IRS groups the items of evidence into which general categories?
Goliath plc is a food wholesaler. The most recent financial statements of the business are as follows:All sales and purchases are made on credit.The business is considering whether to grant extended
The chief financial officer of Sparkrite Ltd, a trading business, has just received summary sets of financial statements for last year and this year:The chief financial officer has expressed concern
Gainsborough Fashions Ltd operates a small chain of fashion shops. In recent months the business has been under pressure from its suppliers to reduce the average credit period taken from three months
Russell Ltd installs and services heating and ventilation systems for commercial premises.The business€™s most recent statement of financial position and income statement are as follows:The
Raphael Ltd is a small engineering business that has annual sales revenue of £2.4 million, all of which is on credit. In recent years, the business has experienced credit control problems. The
The accountant of your business has recently been taken ill through overwork. In his absence his assistant has prepared some calculations of the profitability of a project, which are to be discussed
C. George (Controls) Ltd manufactures a thermostat that can be used in a range of kitchen appliances. The manufacturing process is, at present, semi-automated. The equipment used cost £540,000
Arkwright Mills plc is considering expanding its production of a new yarn, code name X15. The plant is expected to cost £1 million and have a life of five years and a nil residual value. It
Brive plc has the following standards for its only product:Selling price: ..........................................£110/unitDirect labour: 1 hour at ........................£10.50/hourDirect
Mowbray Ltd makes and sells one product, the standard costs of which are as follows:...........................................................................................£Direct materials
Brown and Jeffreys, a West Midlands business, makes one standard product for use in the motor trade. The product, known as the Fuel Miser, for which the business holds the patent, when fitted to the
Daniel Chu Ltd, a new business, will start production on 1 April, but sales will not start until 1 May. Planned sales for the next nine months are as follows:Sales ................UnitsMay
You have overheard the following statements:(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’(b) ‘Monthly budgets must be prepared with a column for
A business manufactures refrigerators for domestic use. There are three models: Lo, Mid and Hi. The models, their quality and their price are aimed at different markets. Product costs are computed
Pisces plc produced the following statement of financial position and income statement at the end of the third year of trading:An analysis of the underlying records reveals the following:1 The
Comment critically on the following statements that you have overheard:(a) ‘Direct labour hours are the most appropriate basis to use to charge indirect cost (overheads)to jobs in the modern
Athena Ltd is an engineering business doing work for its customers to their particular requirements and specifications. It determines the full cost of each job taking a
Pieman Products Ltd makes road trailers to the precise specifications of individual customers.The following are predicted to occur during the forthcoming year, which is about to start:Direct
Bodgers Ltd, a business that provides a market research service, operates a job costing system.Towards the end of each financial year, the overhead recovery rate (the rate at which indirect cost will
A hotel group prepares financial statements on a quarterly basis. The senior management is reviewing the performance of one hotel and making plans for next year.The managers have in front of them
The management of a business is concerned about its inability to obtain enough fully trained labour to enable it to meet its present budget projection.The amount of labour likely to be available
Lannion and Co. is engaged in providing and marketing a standard advice service. Summarised results for the past two months reveal the following:There were no price changes of any description during
A business places substantial emphasis on customer satisfaction and, to this end, delivers its product in special protective containers. These containers have been made in a department within the
A business in the food industry is currently holding 2,000 tonnes of material in bulk storage. This material deteriorates with time. In the near future, it will, therefore, be necessary for it to be
SJ Services Ltd has been asked to quote a price for a special contract to render a service that will take the business one week to complete. Information relating to labour for the contract is as
Threads Limited manufactures nuts and bolts, which are sold to industrial users. The abbreviated financial statements for 2014 and 2015 are as follows:Dividends were paid on ordinary shares of
Conday and Co. Ltd has been in operation for three years and produces antique reproduction furniture for the export market. The most recent set of financial statements for the business is set out as
The directors of Helena Beauty Products Ltd have been presented with the following abridged financial statements:Required:Using six ratios, comment on the profitability (three ratios) and efficiency
Amsterdam Ltd and Berlin Ltd are both engaged in retailing, but they seem to take a different approach to it according to the following information:Required:Describe what this information indicates
The following are the financial statements for Nailsea plc for the years ended 30 June 2014 and 2015:Income statement for years ended 30 JuneStatements of financial position as at 30 JuneThere were
Chen plc€™s income statements for the years ended 31 December 2014 and 2015 and the statements of financial position as at 31 December 2014 and 2015 are as follows: Income statements for
The following information has been taken from the financial statements of Juno plc for last year and the year before last:Required:What is the figure for cash generated from the operations for Juno
The following is a list of assets and claims of a manufacturing business at a particular point in
The following is the statement of financial position of TT and Co. (see Self-Assessment Question 3.1 on page 113) at the end of its first year of trading: Statement of financial position as at 31
Spratley Ltd is a builders€™ merchant. On 1 September the business had, as part of its inventories, 20 tonnes of sand at a cost of £18 per tonne and, therefore, at a total cost of
Singh Enterprises, which started business on 1 January 2012, has a reporting period to 31 December and uses the straight-line method of depreciation. On 1 January 2012 the business bought a machine
The statement of financial position of a business at the start of the week is as follows:..............................................................................................£ASSETSProperty
You have overheard the following statements:(a) ‘The role of independent auditors is to prepare the financial statements of the company.’(b) ‘International Accounting Standards (IASs) apply to
It has been suggested that too much information may be as bad as too little information for users of annual reports. Explain.
The size of annual financial reports published by limited companies has increased steadily over the years. Can you think of any reasons, apart from the increasing volume of accounting regulation, why
Rose Limited operates a small chain of retail shops that sell high-quality teas and coffees. Approximately half of sales are on credit. Abbreviated and unaudited financial statements are as
Hudson plc’s outline statement of financial position as at a particular date was as follows:.....................................................................£mNet assets (assets less
Briefly explain each of the following expressions that you have seen in the financial statements of a limited company:(a) dividend(b) audit fee(c) share premium account.

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