New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
college accounting
College Accounting Chapters 1-15 19th Edition James A Heintz, Robert W Parry - Solutions
The W-4, which shows total annual earnings and deductions for federal and state income taxes, must be completed by the employer and given to the employee by January 31. True/False
The general ledger accounts commonly used to record the employer’s Social Security, Medicare, FUTA, and SUTA taxes are classified as(a) assets.(b) liabilities.(c) expenses.(d) owner’s equity.
Joyce Lee earns $30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first $94,200 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.8% and a SUTA tax of 5.4%, both on the first $7,000 in earnings.What is the total cost of Joyce Lee to her
The Form 941 tax deposit includes which of the following types of taxes withheld from the employee and paid by the employer?(a) Federal income tax and FUTA tax (b) Federal income tax and Social Security and Medicare taxes (c) Social Security and Medicare taxes and SUTA tax (d) FUTA tax and SUTA tax
Workers’ compensation provides insurance for employees who(a) are unemployed due to a layoff.(b) are unemployed due to a plant closing.(c) are underemployed and need additional compensation.(d) suffer a job-related illness or injury.
The journal entry at the end of the year that recognizes an additional premium owed under workers’ compensation insurance will include a(a) debit to Workers’ Compensation Insurance Expense.(b) debit to Cash.(c) debit to Workers’ Compensation Insurance Payable.(d) credit to Workers’
What is the purpose of Form 941, Employer's Quarterly Federal Tax Return?
What information appears on Form W-2, the employee's Wage and Tax Statement?
All sales, for cash or on credit, can be recorded in the general journal. True/False
Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise are called sales allowances. True/False
Sales Tax Payable is a liability account that is credited for the amount of tax imposed on sales. True/False
Sales Returns and Allowances is debited for the amount of the sale, including the sales tax on that amount. True/False
Cash discounts are offered to encourage prompt payment by customers who buy on account. True/False.
A credit sale of $250 plus a 6% sales tax would require a debit to Accounts Receivable of(a) $15. (c) $30.(b) $280. (d) $265.
When $25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate?(a) $1.50 (c) $26.50(b) $25.00 (d) $31.00
When $300, plus sales tax of 6%, is received for an amount previously owed, Cash is debited for what amount?(a) $18 (c) $300(b) $318 (d) $282
When credit sales are $325 plus sales tax of 5%, and there is a bank credit card fee of 3%, what is the debit to Bank Credit Card Expense?(a) $16.25 (c) $341.25(b) $10.24 (d) $331.01
Cash receipts shoulda) be posted to customer accounts daily.b) be posted to customer accounts weekly.c) be posted to customer accounts at the end of the month.d) not be posted.
In the purchasing process, the purchase invoice is the first document prepared. True/False
A sales invoice prepared by the seller is called a purchase invoice by the buyer. True/False
A trade discount is a reduction from the list or catalog price offered to different classes of customers. True/False
Purchases Returns and Allowances is debited when merchandise is returned for credit. True/False
FOB shipping point means that transportation charges are paid by the seller. True/False
A purchase of merchandise for $300 with a trade discount of 10% would require a debit to Purchases of(a) $330. (c) $297.(b) $300. (d) $270.
In the income statement, Freight-In is(a) added to purchases. (c) added to sales.(b) subtracted from purchases. (d) subtracted from cost of goods sold.
The difference between net sales and cost of goods sold is called(a) gross profit. (c) goods available for sale.(b) net purchases. (d) the bottom line.
The difference between merchandise available for sale and the end-of-period merchandise inventory is called(a) gross profit. (c) net sales.(b) net purchases. (d) cost of goods sold.
A purchase invoice for \($1,200\) with credit terms 2/10, n/30, and a return of \($300\) received by the seller prior to payment, is paid within the discount period. A check should be sent for(a) \($1,200\).(c) \($900\).(b) \($882\).(d) \($810\).
What steps are used to post purchases returns and allowances from the general journal to the general ledger and accounts payable ledger?
Expenses are listed on the income statement as they appear in the chart of accounts or in descending order (by dollar amount). True/False
Additional investments of capital during the month are not reported on the statement of owner’s equity. True/False
The income statement cannot be prepared using the work sheet alone. True/False
A classified balance sheet groups similar items together such as current assets. True/False
Temporary accounts are closed at the end of each accounting period. True/False
Which of these types of accounts is considered a “permanent” account?
Which of these accounts is considered a “temporary” account?
Which of these is the first step in the closing process?
The is prepared after closing entries are posted to prove the equality of debit and credit balances.
Steps that begin with analyzing source documents and conclude with the post-closing trial balance are called the(a) closing process. (c) adjusting entries.(b) accounting cycle. (d) posting process.
The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records. True/False
NSF checks are subtracted from the bank's ending balance on the bank reconciliation. True/False
The bank service charge requires a journal entry to record its effects on the cash account. True/False
Unrecorded ATM withdrawals are added to the checkbook balance on the bank reconciliation. True/False
The petty cash record is a journal of original entry (entries are posted from it to the general ledger accounts). True/False
To establish a petty cash fund, which account is debited?(a) Cash (c) Miscellaneous Expense(b) Petty Cash (d) Revenue
When the cash short and over account has a debit balance at the end of the month, it is considered(a) an expense, (c) revenue.(b) an asset. (d) a liability.
Which of these could be added to the ending checkbook balance?(a) service charges (c) checkbook errors(b) NSF check (d) outstanding checks
Which of these is subtracted from the ending checkbook balance?(a) deposits in transit (c) note collection(b) service charges (d) bank errors
Which of these is added to the ending bank statement balance?(a) outstanding checks (c) checkbook errors(b) service charges (d) deposits in transit.
The balance in the checking account of Violette Enterprises as of October 31 is \($4,765.00.\) The bank statement shows an ending balance of \($4,235.00.\) The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank
An independent contractor is one who works under the control and direction of an employer. True/False
Government laws and regulations regarding payroll are more complex for employees than for independent contractors. True/False
Compensation for skilled or unskilled labor expressed in terms of hours, weeks, or units is called salary. True/False
An employee’s total earnings is called gross pay. True/False
A payroll register is a multi-column form used to assemble the data required at the end of each payroll period. True/False
Jack Smith is married, has a spouse who is not employed, has five dependent children, and does not anticipate large itemized deductions. How many withholding allowances is Smith entitled to?(a) 5(b) 6(c) 7(d) 8
A separate record of each employee’s earnings is called a(n)(a) payroll register. (c) W-4.(b) employee earnings record. (d) earnings statement.
Nancy Summers worked 44 hours during the past week. She is entitled to 1% times her regular pay for all hours worked in excess of 40 during the week. Her regular rate of pay is $12.00. Social Security tax is withheld at the rate of
2% and Medicare tax is withheld at the rate of
45%; federal income tax withheld is $68; and $5 of union dues are withheld. Her net pay for the week is(a) $440.89.(b) $472.00.(c) $552.00.(d) $436.78.
Social Security Tax Payable and Medicare Tax Payable are classified as(a) liabilities. (c) Owner’s equity.(b) assets. (d) expenses.
For each of the following transactions, list the account to be debited and the account to be credited in the general journal.1. Invested cash in the business, $5,000.2. Paid office rent, $500.3. Purchased office supplies on account, $300.4. Received cash for services rendered (fees), $400.5. Paid
Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.Data from in exercises 4-2A For each of the following transactions, list the account
The matching principle in accounting requires the matching of debits and credits. True/False
Adjusting entries are required at the end of the accounting period because of mistakes in the journal and ledger. True/False
As part of the adjustment of supplies, an expense account is debited and Supplies is credited for the amount of supplies used during the accounting period. True/False
Depreciable cost is the difference between the original cost of the asset and its accumulated depreciation. True/False
The purpose of depreciation is to record the asset’s market value in the accounting records. True/False
The purpose of depreciation is to(a) spread the cost of an asset over its useful life.(b) show the current market value of an asset.(c) set up a reserve fund to purchase a new asset.(d) expense the asset in the year it was purchased.
Depreciable cost is the(a) difference between original cost and accumulated depreciation.(b) difference in actual cost and true market value.(c) difference between original cost and estimated salvage value.(d) difference between estimated salvage value and the actual salvage value.
Book value is the(a) difference between market value and estimated value.(b) difference between market value and historical cost.(c) difference between original cost and salvage value.(d) difference between original cost and accumulated depreciation.
The adjustment for wages earned but not yet paid is(a) debit Wages Payable and credit Wages Expense.(b) debit Wages Expense and credit Cash.(c) debit Wages Expense and credit Wages Payable.(d) debit Wages Expense and credit Accounts Receivable.
The first step in preparing a work sheet is to(a) prepare the trial balance.(b) prepare the adjustments.(c) prepare the adjusted trial balance.(d) extend the amounts from the Adjusted Trial Balance to the Income Statement and Balance Sheet columns.
What is a contra-asset?
What is an asset's depreciable cost?
Source documents serve as historical evidence of business transactions. True/False
No entries are made in the Posting Reference column at the time of journalizing. True/False
When entering the credit item in a general journal, it should be listed after all debits and indented. True/False
The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue. True/False
When an incorrect entry has been journalized and posted to the wrong account, a correcting entry should be made. True/False
The process of copying debits and credits from the journal to the ledger is called(a) journalizing.(b) posting.(c) cross-referencing.(d) sliding.
To purchase an asset such as office equipment on account, you would credit which account?(a) Cash(b) Accounts Receivable(c) Accounts Payable(d) Capital
When fees are earned but will be paid later, which account is debited?(a) Cash(b) Accounts Receivable(c) Accounts Payable(d) Capital
When the correct numbers are used but are in the wrong order, the error is called a(a) transposition.(b) slide.(c) ruling.(d) correcting entry.
A revenue account will begin with the number in the chart of accounts.(a) 1(b) 2 (c) 3(d) 4
Refer to the trial balance of Harold’s Home Repair in Problem 3-13A to determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month C. 2. a. Assets b. Net income for the month Harold Long's original investment in the
Complete the following questions using either “debit” or “credit”: (a) The asset account Prepaid Insurance is increased with a (b) The owner's drawing account is increased with a (c) The asset account Accounts Receivable is decreased with a (d) The liability account Accounts Payable is
Complete the following questions 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 (e) The liability account Accounts
The following accounts have normal balances. Prepare a trial balance for Juanita’s Delivery Service as of September 30, 20--. Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment $ 5,000 3,000 800 600 8,000 Accounts Payable 2,000 Juanita Raye, Capital 10,000 Juanita Raye,
Based on Problem 2-9B, prepare a balance sheet for David Segal as of October 31, 20--.Data from in Problem 2-9BDavid Segal started a business. During the first month (October 20--), the following transactions occurred.(a) Invested cash in the business, \($15,000\).(b) Bought office supplies for
Foot and balance a T account.
Describe the effects of debits and credits on specific types of accounts.
Use T accounts to analyze transactions.
Prepare a trial balance and explain its purposes and linkages with the financial statements.
Celia Pints opened We-Buy, You-Pay Shopping Services. For a fee that is based on the amount of research and shopping time required, Pints and her associates will shop for almost anything from groceries to home furnishings.Business is particularly heavy around Christmas and in early summer. The
To debit an account is to enter an amount on the left side of the account. True/False
Liability accounts normally have debit balances. True/False
Increases in owner’s equity are entered as credits. True/False
Revenue accounts normally have debit balances. True/False
To credit an account is to enter an amount on the right side of the account. True/False
Showing 1800 - 1900
of 4571
First
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Last
Step by Step Answers
Get 50% OFF
Claim Now
