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College Accounting Chapters 1-26 6th Edition Douglas J. McQuaig, Patricia A. Bille - Solutions
In regard to a bank statement reconciliation, what is the similarity between outstanding checks and NSF checks?
What are the purposes served by endorsing checks?
a. Explain the purpose served by a Petty Cash Fund.b. Describe the entries to establish and reimburse the fund.
The Ledger Balance of Cash section of the bank reconciliation for Hyung Company is shown below.Ledger Balance of CashJournalize the entries required to bring the general ledger up to date as of August 31 of this year. Add: Note collected (principal $800.00, interest $32, signed by M. Williams)
Fill in the missing amounts for the following bank reconciliation: Bank Statement Balance Add: Deposit in transit Cathy's Cooking Bank Reconciliation April 30, 19- $4160 00 (a) $435000 Deduct: Outstanding checks No. 110 No. 124 No. 127 Adjusted Bank Statement Balance Ledger Balance of Cash Add:
When the bank statement is received on November 4, it shows a balance of $2,000 on October 29, before reconciliation. After reconciliation, the adjusted balance is $1,500. If there was one deposit in transit amounting to$300, what was the total of the outstanding checks, assuming that there was no
In reconciling a bank statement, indicate the placement of the fol¬lowing items by recording a check mark. Item a. A check-printing charge b. An outstanding check c. A deposit for $168 listed on the bank statement as $186 d. A collection charge the bank made for a note it collected for its
The Belmont Company’s Cash account shows a balance of P.O. 2$699.41 as of October 31 of this year. The balance on the bank statement on that date is $1,149.40. Checks for $47.30, $326.95, and $416.00 are outstand- Determine the adjusted ledger bal¬ing. The bank statement shows a check issued by
Make entries in general journal form to record the following: P.O. 4a. Established a Petty Cash Fund, $100. Issued Ck. No. 746. )ournalize entries pertaining to ab. Reimbursed the Petty Cash Fund for expenditures of $97: Store Supplies, $37; Petty Cash Fund.Office Supplies, $19; Miscellaneous
At the end of the day, the cash register tape lists $914.29 as total income from services. Cash on hand consists of $12.26 in coins, $587.00 in cur¬rency, $40.00 in traveler’s checks, and $424.20 in customers’ checks. The amount of the Change Fund is $150. In general journal form, record the
Mario’s Men’s Shop deposits all receipts in the bank each eve- P.O. 2,3 ning and makes all payments by checL On November 30 its Cash in Bank account has a balance of $1,967.65. The bank statement of November 30 shows a balance of $2,122.25. The following information pertains to reconciling the
On May 1 of this year, Berger and Company established a Petty Cash Fund. The following petty cash transactions took place during the month:May 1 Cashed check no. 956 for $70 to establish a Petty Cash Fund, and put the $70 in a locked drawer in the office.3 Bought postage stamps, $6, voucher no. 1
Errol Horn, owner of Horn’s Dry Cleaners, makes bank deposits in the night depository at the close of each business day. The following infor¬mation for the last three days of July is available.Instructions Check Figure , , , , . , , , • u u Cash Short and Over, July 31, In general journal
On August 31, Bronski and Company receives its bank state¬ment. The company deposits its receipts in the bank and makes all payments by check. The debit memo for $49 is for an NSF check written by N. Collins. Check no. 924 for $37, payable to Johnson Company (a creditor), was recorded in the
The Mallon Company deposits all receipts in the bank and makes all payments by check. On November 30 its Cash account has a balance of $2,829.42. The bank statement on November 30 shows a balance of$2,999.42. You are given the following information with which to reconcile the bank statement:a. A
On March 1 of this year, the Stenn Company established a Petty Cash Fund, and the following petty cash transactions took place during the month:Mar. 1 Cashed check no. 314 for $60 to establish a Petty Cash Fund, and put the $60 in a locked drawer in the office.4 Issued voucher no.‘'l for taxi
Betty Rice, owner of Betty’s Beauty Salon, makes bank deposits in the night depository at the close of each business day. The following infor¬mation for the first three days of April is available.Instructions In general journal form, record the cash deposit for each day, assuming that there is a
On August 2, Northway Hotel receives its bank statement (on the following page). The company deposits its receipts in the bank and makes all payments by check. The debit memo for $37 is for an NSF check written by T. N. Rankin. Check no. 1617 for $72.50, payable to Melville Company (a cred¬itor),
Calculate total earnings based on an hourly, piece-rate, or commission basis.
Determine deductions from tables of employees’ income tax withholding.
Complete a payroll register.
Journalize the payroll entry from a payroll register.
Maintain employees’ individual earnings records.
How is an employee’s individual earnings record related to the payroll register?
What information is included in an employee’s individual earnings record, and what is its function?
Distinguish between an employee’s gross earnings and net earnings for a pay¬roll period.
Describe how a special payroll bank account is useful in paying the wages of employees.
List three possible required deductions and four voluntary deductions from employees’ total earnings.
What is the difference between an employee and an independent contractor?Give three examples of independent contractors.
What information is included in a wage-bracket withholding table? What is the title of the federal form?
Determine the gross pay for each employee listed below.a. Greg Dalton is paid time-and-a-half for all hours over forty. He worked fortyfive hours during the week. His regular pay rate is $9.90 per hour.b. Marge Elder worked fifty-two hours during the week. She is entitled to timeand-a-half for all
Leon Ruiz works for Paschal Company, which pays its employees time-and-a-half for all hours worked in excess of forty per week. Ruiz’s pay rate is $14.10 per hour. His wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction
Using the income tax withholding table in Figure 7-3, page 256, P.O. 2,3 for each employee of National Discount Stores, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Med- Determine net pay.icare tax of 1.45 percent. All employees have
For the week ended September 7, the totals of the payroll register for Hanson, Inc., are presented above. The regular and overtime earnings are correct. List six errors that exist.P.O. 3 Locate errors in a payroll register.
For tax purposes, assume that the maximum taxable earnings are$62,700 for Social Security and $7,000 for the unemployment tax, and all earn¬ings are taxable for Medicare. For the payroll register for the month of Novem¬ber, determine the taxable earnings for each employee. Akers, C. B. Carn, T.
On January 21, the column totals of the payroll register for Regal Distributors showed that its sales employees had earned $13,620, its driver employees had earned $8,460, and its office employees had earned $6,220. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare
Boyle Laboratory has two employees. The information shown P.O. 1,2 below was taken from their individual earnings records for the month of Sep-tember. Determine the missing amounts, assuming that the Social Security tax is 6.2 percent and the Medicare tax is 1.45 percent. All earnings are subject
Assume that the employees in Exercise 7-7 are paid from the com- P.0.4 pany’s regular bank account (check numbers 931 and 932). Record the payroll entry in general journal form, dated September 30.
Lee Symmons, an employee of Herrington Distributing Com- P.0.1,2 pany, worked forty-six hours during the week of February 9 through 15. Flis rate of pay is $16.00 per hour, and he gets time-and-a-half for work in excess of forty hours per week. He is married and claims one exemption on his W-4
Hanson Mobile Homes has the following payroll information for the week ended February 21:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000.
The Babson Company pays its employees time-and-a-half for P.0.1,2,3,4 hours worked in excess of forty per week. The information available from time cards and employees’ individual earnings records for the pay period ended Octo¬ber 14 is as follows;Taxable earnings for Social Security are based
The following information for the Robledo Company is avail- P.O. 3,4 able from Robledo’s time books and the employees’ individual earnings records for the pay period ended December 22:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based on
Dinah Perez, an employee of Kiersten Shipping Company, P.0.1,2 worked forty-four hours during the week of October 11 through 17. Her rate of pay is $18.00 per hour, and she receives time-and-a-half for all work in excess of forty hours per week. Perez is married and claims two exemptions on her W-4
Holland Company has the follotving payroll information for the pay period ended May 14:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000.
The Ramsey Company pays its employees time-and-a-half for P.O. 1,2,3,4 hours worked in excess of forty per week. The following information is available from time cards and employees’ individual earnings records for the pay period ended September 21.Taxable earnings for Social Security are based
For the Robledo Company the following information is available P.O. 3,4 from the time books and employees’ individual earnings records for the pay period ended December 22:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based on all earnings.
Calculate the amount of payroll tax expense and journalize the related entry.
Journalize the entry for the deposit of employees’ federal income taxes with¬held and FICA taxes (both employees’ withheld and employer’s matching share) and prepare the deposit coupon.
Journalize the entries for the payment of employer’s state and federal unem¬ployment taxes.
Journalize the entry for the deposit of employees’ state income taxes withheld.
Complete Employer’s Quarterly Federal Tax Return, Form 941.
Prepare W-2 and W-3 forms and Form 940.
Calculate the premium for workers’ compensation insurance, and prepare the entry for payment in advance.
Determine the amount of adjustment for workers’ compensation insurance at the end of the year, and record the adjustment.
How many copies are made of a Form W-2, and who uses the copies of the W-2 form?
What payroll taxes are included under the Payroll Tax Expense account?
Explain the deposit requirement for federal unemployment insurance.
List the correct sequence of the steps for recording payroll entries, and identify the specific source of information for each entry. The company uses a special payroll bank account.
Maxil Company’s partial payroll register for the week ended Jan- P.0.1 uary 7 is shown below.Assume that the payroll is subject to a Social Security tax of 6.2 percent of the Journalize the entry for payroll tax first $62,700 and a Medicare tax of 1.45 percent on all earnings. Also assume
On January 14, at the end of the second week of the year, the totals of Broadmoor Floor Covering’s payroll register showed that its store employees’ wages amounted to $29,260, and its installers’ wages amounted to$10,240. Withholdings consisted of federal income taxes, $3,980; Social Security
Briggs Diet Systems had the following payroll data for the week P.0.1 ended February 5:a. Record the payroll entry as of February 5 in general journal form. The firm uses a special payroll bank account for wage payments. Journalize the payroll entries.b. Journalize the entry to record the
The following information on earnings and deductions for the pay P.0.1 period ended December 14 is from McMaster Company’s payroll records:For each employee, the Social Security tax is 6.2 percent of the first $62,700, and the Medicare tax is 1.45 percent on all earnings. The federal unemployment
Selected columns of Flynn Company’s payroll register for the month of January are shown at the top of the next page. The employees’ FICA taxes are matched by the employer.Flynn Company qualifies as a monthly depositor. Record the entry for payment of federal taxes for employees and employer in
On September 30, Brooks Company’s selected account balances are as follows:Flynn Company qualifies as a monthly depositor. Record the entry for payment of federal taxes for employees and employer in general journal form. Journalize entries for payment of federal payroll taxes.
On September 30, Brooks Company’s selected account balances are as follows:In general journal form, prepare the entries to record the following:Oct. 15 Payment of liabilities for FICA and federal income tax.31 Payment of liability for state unemployment tax.31 Payment of liability for federal
On September 30, Vivaldi Furniture’s selected payroll accounts are as follows:Prepare general journal entries to record the following:Oct. 15 Payment of federal tax deposit of FICA and federal income tax.31 Payment of state unemployment tax.31 Payment of federal unemployment tax. FICA Tax Payable
The Beckett Optical Laboratory had the following payroll for the week ended February 28:Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each employee and Medicare, 1.45 percent (.0145) on all earnings for each employee.b. State unemployment
Browning Appraisal Service has the following payroll informa¬tion for the week ended December 7.Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each employee and Medicare, 1.45 percent (.0145) on all earnings for each employee.b. State
For the third quarter of the year, Fisher Company, 6227 Fleming P.O. 5 Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Fisher Company is 76-421317. Its payroll for the quarter ended September 30 is as follows:The company has had six
The Lacey Company has the following balances in its general P.0.1,2,3 ledger as of June 1 of this year:a. FICA Tax Payable (liability for May), $1,706.56.b. Employees’ Federal Income Tax Payable (liability for May), $976.c. Federal Unemployment Tax Payable (liability for April and May),
Hirsch and Company had the following payroll for the week P.0.1 ended March 21:Salaries Sales salaries $7,380.0Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each employee and Medicare, 1.45 percent (.0145) on all earnings for each employee.b.
Harris Insurance Agency has the following information for the week ended December 14:Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each employee and Medicare, 1.45 percent (.0145) on all earnings for each employee.b. State unemployment tax,
For the third quarter of the year, Romano Construction, of 7144 Stone Boulevard, San Francisco, California 94421, received Form 941 from the District Office of the Internal Revenue Service. The identification number for Romano Construction is 77-627116. Its payroll for the quarter ended September
The Davis Company has the following balances in its general P.0.1,2,3 ledger as of March 1 of this year:a. FICA Tax Payable (liability for February), $1,315.18.b. Employees’ Federal Income Tax Payable (liability for February), $714.c. State Unemployment Tax Payable (liability for January and
The chart of accounts of the Findlay Flying School is given here, P.0.1 followed by the transactions that took place during November of this year:Nov. 1 Paid $1,640 for liability insurance for one year.2 Received bill for advertising from the City Gazette, $316.4 Paid hangar rent for the month,
The journal entries in the Working Papers relate to Jean’s Car Repair for its second month of operation. The balances of the accounts as of June 30 have been recorded in the accounts in the ledger.Instructions 1. Post the journal entries to ledger accounts.2. Prepare a trial balance as of July
Following is the chart of accounts of A. L. Guest, M.D.:Dr. Guest completed the following transactions during November:Nov. 2 Bought laboratory equipment on account from Gorton Surgical Sup¬ply Company, $1,075.50.3 Paid office rent for the month, $700.3 Received cash on account from patients,
Salazar Building Security uses the following chart of accounts:The following transactions were completed during October:Oct. 1 Salazar transferred cash from a personal bank account to an account to be used for the business, $24,300.3 Salazar invested in the business personal weapons having a fair
The chart of accounts of the Fisher Dance Studio is given below, followed by the transactions that took place during October of this year:Oct. 1 Bought a tape recorder and speaker system on account from C and H Electronics, $2,700. Paid $1,200 as a down payment with the bal¬ance due in thirty
The journal entries in the Working Papers relate to Paul’s Auto P.O. 2,3 Body for its second month of operation. The balances of the accounts as ofJune 30 have been entered in the accounts in the ledger.Instructions 1. Post the journal entries to the ledger accounts.2. Prepare a trial balance as
The chart of accounts of E. L. Thompson, M.D., is as follows:Dr. Thompson completed the following transactions during November:Nov. 1 Paid office rent for the month, $600.2 Bought laboratory equipment from Guy Company on account, $930.3 Bought bandages and other supplies on account from Dow
Leahy Building Security uses the following chart of accounts;The following transactions were Apr. 2 Leahy transferred cash from a personal bank account to an account to be used for the business, $18,600.2 Paid rent for the month, $340.5 Bought a used patrol car for $8,400 from the City of Pembrook,
Which of the following is not considered an account?a. Liabilitiesd. Cashb. Suppliese. Accounts Payablec. Equipment
Which of the following transactions would not be recorded as revenue?a. Sold services on account.b. Collected on an account receivable.c. Received cash for services performed.d. All of these should be recorded as revenue.e. None of these should be recorded as revenue.
The net income appears on which of the following statements?a. Statement of owner’s equityb. Balance sheetc. Income statementd. Statement of owner’s equity and balance sheete. Statement of owner’s equity and income statement
On a statement of owner’s equity, if beginning capital is $52,000, and there are an additional investment of $5,000, a net loss of $12,000, and owner withdrawals of $20,000, the ending capital amount would bea. $20,000.d. $89,000.b. $15,000.e. none of these.c. $37,000.
If a $28 cash purchase of supplies is recorded as a $38 debit to Supplies and a $38 credit to Cash, the result will be thata. the trial balance will be in balance.b. the Supplies account will be overstated.c. the Cash account will be understated.d. Supplies will be overstated and Cash will be
When a T account has several items on both sides, the balance of the account is writtena. on the side with the greatest number of items.b. on the side with the least number of items.c. on the side with the larger total.d. on the side with the smaller total.e. in none of these locations.
Which of the following is/are not true about a proper journal entry?a. An explanation is needed immediately after each debit and imme¬diately after each credit.b. All credits are indented.c. A debit is never indented, even if a liability or owner’s equity account is involved.d. All debits are
A person who wanted to know the balance of a particular account would refer toa. the ledger.b. the chart of accounts.c. the book of original entry.d. the source document.e. none of these.
Define a fiscal period and a fiscal year.
List the classifications of the accounts that occupy each column of a tencolumn work sheet.
Complete a work sheet for a service-type enterprise, involving adjustments for supplies used, expired insurance, depreciation, and accrued wages.
Prepare an income statement, a statement of owner’s equity, and a balance sheet for a service-type business directly from the work sheet.
Journalize and post the adjusting entries.
Prepare an income statement, a statement of owner’s equity, and a balance sheet for a business with more than one revenue account and more than one accumulated depreciation account.
What is the amount of the adjusting entry for supplies, if the balance of the account before adjustment is $1,560 and the amount on hand at the end of the fiscal period is $750?
What is a mixed account? Give an example. What is a contra account? Give an example.
If wages are paid on Friday for work performed for the period Monday through Friday, and the accounting period ends on Wednesday, why is it nec¬essary to make an adjustment?
Why is it necessary to journalize adjusting entries?
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