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College Accounting Ch 1-14 1st Edition John Wild, Vernon Richardson, Ken Shaw - Solutions

Recording purchases Prepare journal entries to record each of the following purchases transactions of a merchandising company.Mar. 5 Purchased 600 units of product with a list price of \($10\) per unit. The purchaser is granted a trade discount of 20%; terms of the sale are 2/10, n/60; invoice is
Computing cost of goods sold and gross margin Following are financial figures for five companies. Compute net purchases, cost of goods available for sale, cost of goods sold, gross margin, and the gross margin ratio. Company a Company b Company c Company d Company e Beginning inventory 50,000
Computing cost of goods sold and gross margin Following are financial figures for five companies. Solve for the missing items a through e. Beginning inventory Purchases Purchase discounts Purchase returns Cost of goods available for sale Ending inventory Cost of goods sold Sales Gross profit
Recording purchases in a purchases journal Account for the following purchases in a purchases journal using Accounts Payable (acct. #207), Purchases (acct. #502), and Transportation-In (acct. #503). (Use the chapter demonstration problem as a guide.)Dec.3 Purchase \($850\) in merchandise from
Sales journal and accounts receivable subsidiary ledger Acorn Industries completes the following transactions during July, its first month of operations (the terms of all its credit sales are 2/10, n/30). A tax rate of 10% applies to all sales.July 5 Sold merchandise on credit to Kim Nettle,
Using your solution to 11-1B, prove the accuracy of the accounts receivable subsidiary ledger by preparing a schedule of accounts receivable as of July 31.Problem 11-1BSales journal and accounts receivable subsidiary ledger Acorn Industries completes the following transactions during July, its
Sales journal, subsidiary ledger, and schedule of accounts Grassley Company completes the following transactions during November, its first month of operations (terms for all its credit sales are 2/10, n/30).Nov.8 Sold merchandise on credit to Cyd Rounder, Invoice No. 439, for \($6,550\) plus sales
Journal entries for sales discounts and sales returns and allowances The November sales transactions of Grassley Company are described in Problem 11-3B. In addition to those transactions, Grassley has the following nonsales transactions.Nov.18 Received cash payment from Cyd Rounder for the November
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.Required1. Compute the acid-test ratio for the two years shown for both companies. 2. Drawing on results from part 1, which company is better able to pay its current liabilities? 3. Did the acid-test ratio improve or
Access the SEC’s EDGAR database (www.SEC.gov) and obtain the April 25, 2006, filing of its fiscal 2005 10-K report (for year ended January 28, 2006) for J. Crew Group, Inc.RequiredPrepare a table that reports the acid-test ratios for J. Crew using the quick assets and current liabilities data
William Fuerst Company completes the following transactions during July of the current year. A tax rate of 8% applies to all sales.July 3 Sold \($6,000\) of merchandise on credit to Susan Scholz, Invoice No. 1060.7 Sold \($4,500\) of merchandise on credit to Mike Ettredge, Invoice No. 1061.9 Sold
Refer to the opening feature about Bert and John Jacobs and their Life is good company.RequiredI. Identify the special journals that Life is good would likely use in its operations.2. Identify any subsidiary ledgers that Life is good would likely use.
Wiset Company completes the following transactions during April, its first month of operations. A tax rate of 8% applies to all sales.Apr.3 Sold \($4,000\) of merchandise on credit to Page Alistair, Invoice No. 760.5 Sold \($8,000\) of merchandise on credit to Paula Kohr, Invoice No. 761.11 Sold
Using your solution to Problem 11-1A, prove the accuracy of the accounts receivable subsidiary ledger by preparing a schedule of accounts receivable as of April 30.Problem 11-1A:Sales journal and accounts receivable subsidiary ledger Wiset Company completes the following transactions during April,
Sales journal, subsidiary ledger, and schedule of accounts receivable Church Company completes the following transactions during March, its first month of operations (terms for all its credit sales are 2/10, n/30).Mar.2. Sold merchandise on credit to Min Cho, Invoice No. 854, for \($16,800\) plus
Journal entries for cash receipts, sales discounts, and sales returns and allowances The March sales transactions of Church Company are described in Problem 11-3A. In addition to those transactions, Church has the following nonsales transactions.Mar.12 Received cash payment from Min Cho for the
Recording sales returns and lowance:Allied Parts, a wholesaler, was organized on May 1, 2008, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of \($10\) per unit. On May S, Allied Parts sold 1,500 of the units for \($14\) per unit to Baker Co. Terms
Posting to subsidiary ledger accounts; preparing a schedule of account receivable At the end of May, the sales journal of Mountain View appears as follows. (There are no sales taxes on Mountain View’s sales.)Required I. Open an accounts receivable subsidiary ledger that has a T-account for each
Keeler Company had the following credit sales to its customers during June.Required 1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger. Ignore sales tax.2. Open an Accounts Receivable controlling T-account and a Sales
Assume the transactions in Exercise 11-5 involve cash sales instead of credit sales. Also assume that the Keeler company receives interest revenue on June 17 of \($350\) from the bank and receives a loan of \($2,000\) on June 23 from the bank. Prepare headings for a cash receipts journal like the
How is net sales computed?
What account is used to show that a company has collected sales tax but has not yet remitted it to the state or local goyernment?Is this account an asset, a liability, or an equity account?
Why do businesses monitor the amount of sales returns and allowances?
Why would one merchandising company use a sales journal,but another merchandising company would not?
Why does a company maintain an accounts receivable subsidiary ledger?
What type of account is Sales Discounts? What is its normal balance?
When a company uses an accounts receivable subsidiary ledger, it must make one entry into the individual account of the subsidiary ledger and another entry into the accounts receivable account of the general ledger. If two entries are made, will the debits equal the credits in the trial balance?
Refer to the income statement for Best Buy in Appendix A. How does Best Buy title its net sales revenue account? Does it disclose sales returns and allowances separately? Appendix A: Consolidated Statements of Earnings $ in millions, except per share amounts For the Fiscal Years Ended February
Refer to the income statement for Circuit City in any 10 Appendix A. How does Circuit City title its net sales revenue account?Appendix A: Consolidated Statements of Earnings $ in millions, except per share amounts For the Fiscal Years Ended February 26, February 28, March 1, 2005 2004 2003 Revenue
Journalizing credit sales Show the general journal entries for the following sale transactions for Martindale Company from June 2009. Sales tax equals 8% of sales price.June 2 Sold merchandise on credit to A. Fullmer, \($3,300\) plus tax.9 Sold merchandise on credit to B. Olson, \($2,600\) plus
Interpreting credit terms Interpret the meaning of the following credit terms.a. 2/10, n/60b. 2/EOM,n/60c. 3/10, n/30d. 2/10, n/30
Identifying special journals Steele Manufacturing uses special journals in its accounting system. Indicate the journal that would be used for each of the following transactions. (Hint: Use Exhibit 11.4 as a guide)A. Sales Journal B. Cash Disbursement Journal C. Cash Receipt Journal D. General
Journalizing credit sales in a sales journal Refer to the transactions in QS 11-1. Show how these transactions would be entered in a sales journal.(Use Exhibit 11.6 as a guide.)QS 11-1:Journalizing credit sales Show the general journal entries for the following sale transactions for Martindale
Computing net sales Compute net sales for 2007 for Snedigar Company given the following information. Sales (Gross) 43,251 Sales Discounts 757 Sales Returns and Allowances 2,253
Compute and interpreting acid-test ratio Use the following information on current assets and current liabilities to compute and interpret the acidtest ratio. Explain what the acid-test ratio of a company measures. Cash $1,500 Prepaid expenses Accounts receivable. 2,800 Accounts payable Inventory
Whaarte t he limits on an employee's annual payf or computing-t e employer's (a) Social Security tax; (b) Medicare tax; (c) federal unemployment tax ; and (d) state unemployment tax?
Indicate whether the employer or employee or both incur each of following (a) FICA taxes;(b) FUTA taxes; (c) SUTA taxes; and (d) withheld income taxes.
A company pays its an employee \($3,0\) 00 per month.The company's FUTA rate is 0.8% on the first \($7,000\) earned; its SUTA rate is 4.0% on the first \($7,000;\) its: Social Security tax rate is 6.2% of the first \($94,200;\) and its Medicare tax rate is 1.45% of all amount earned.What is the
For each of the following separate cases determine how frequently (monthly or semiweekly) the employer must deposit payroll taxes for 2008:(a) a new business expects to pay \($55,000\) in payroll taxes during 2008;(b) a business had payroll taxes of \($42,000\) during the period July 1, 2006,
How frequently does the employer report federal payroll taxes? What tax form is used?
What is a Form W-2? A Form W-3?
A company has 10 employees. This company’s FUTA rate is 0.8% on the first \($7,000\) earned; its SUTA rate is 2.5% on the first \($7,000\). Each employee earns over \($7,000\) in 2008, and the employer's total gross pay is \($200,000\). What amount of (a) FUTA taxes and (b) SUTA taxes will the
How frequently does an employer report state and federal unemployment taxes?
A company has office staff and construction workers. The company pays workers’ compensation insurance premiums of \($0.20\) per \($100\) of office staff wages and \($3.00\) per \($100\) of construction worker wages. The company estimates it will pay \($65,000\) in total pay to office workers
What journal entry will the company in question 9 make to record the payment of its estimated workers’ compensation insurance premium at the beginning of 2008?
Assume the company in question 9 actually pays \($66,000\) in total pay to office staff and \($209,400\) in total pay to construction workers during 2008. What journal entry will the company make to adjust its 2008 workers’ compensation expense for actual 2008 wages?
The sales journal is used to recorda. Credit salesb. Cash sales¢. Cash receiptsd. Cash purchasese. Credit purchases 7
The ledger that contains the financial statement accounts of a company is thea. General journalb. Column balance journalc. Special ledgerd. General ledgere. Special journal
A subsidiary ledger that contains a separate account for each customer to the company is thea. Controlling accountb. Accounts payable ledgerc. Accounts receivable ledgerd. General ledgere. Special journal
A company sells \($1,000\) worth of goods to a customer on July 19 with credit terms of 2/10 net 30. If the customer pays on July 28, they would pay:a. \($1,000\)b. \($1,020\)c. \($983\)d. \($980\)e. Cannot be determined
Refer to the serial problem from Chapter 9. Michelle Jones’ gross pay for the February 26 payroll equals $1,200.I. Record the journal entry to reflect the employer payroll tax expenses for the February 26 payroll payment. Assume Michelle Jones has not met earnings limits for FUTA and SUTA—the
As ZTech’s accountant you make payroll tax deposits. Recently ZTech has experienced financial distress. Your boss suggests that the company skip its upcoming quarterly tax deposit, and make the amount up at the end of the year “after business improves.”RequiredI. Is your boss’s suggestion
As the accountant for Prestige Home Construction you record your employer’s workers’ compensation costs. At a meeting discussing the year-end financial statements, your boss, Dusty Haynes, says, “We paid over \($15,000\) for workers’ compensation insurance at the beginning of the year. We
Many employers are switching to payroll cards instead of issuing paper payroll checks to employees. Go to the American Payroll Association Website (www.americanpayroll.org) and select“PaycardPortal” and then select “Advantages.”RequiredI. Discuss at least three cost savings an employer can
Form learning teams of three members each. Each team member is to become an expert on one of the types of employer payroll tax listed below:a. FICA (Social Security and Medicare)b. Unemployment (State and Federal)c. Worker’s Compensation Using the following data, teams are to develop a
Computing and reporting unemployment taxes Ideal Systems’ employees had the following earnings records at the close of the first quarter:The state unemployment tax is 5.4%, but Ideal Systems pays only 2% due to its high merit rating. Ideal Systems also pays 0.8% for federal unemployment taxes.
What is a federal depository bank?
How does an employer report its state and federal unemployment taxes?
When does an employer typically pay premiums for workers’ compensation insurance?
How often must an employer deposit federal income tax with-holdings?
How does an employer make federal income tax withholding deposits?
Employer's payroll obligation Match each of the following terms A through H with the appropriate definitions 1 through 8.A. EFTPS B. Form 941 C. Merit rating D. FICA taxes E. Form 940 F. Form W-2 G. FUTA taxes H. Federal depository bank1. A rating assigned to an employer by a state based on
Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first \($94,200\) paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA
Preparing Form W-2 A company’s employer payroll taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA Social Security taxes on earnings up to \($94,200\), and 1.45% for FICA Medicare taxes on all earnings. Compute the Form W-2 Wage and Tax Statement
Preparing Form W-3 Refer to the data in QS 10-5. Compute the company’s Form W-3 Transmittal of Wage and Tax Statements information required below.QS 10-5:Preparing Form W-2 A company’s employer payroll taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for
Computing employer taxes An employee earned \($62,500\) during the year working for an employer. The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first
Assume the FUTA tax rate is 0.8% and the SUTA tax rate is 5.4%. Both taxes are applied to the first \($7,000\) of an employee’s pay. What is the total unemployment tax an employer must pay on an employee’s annual wages of \($40,000\) ?a. \($2,480\)b. \($434\)c. \($56\)d. \($378\)e.
A company estimates that its office employees will earn \($70,000\) next year and its construction employees will earn \($145,000\) next year. The company pays for workers’ compensation insurance for all of its employees. The rates for this insurance are \($0.40\) per \($100\) of wages for office
A company’s payroll register reports total employee gross pay of \($16,200\) for a recent pay period. A total of \($14,000\) of this amount is subject to Social Security tax. Only one of the company’s employees has total gross pay for the year less than \($7,000;\) this employee earned gross
Michelle Jones earned \($150\) per day for the 8 days in the most recent pay period ending on February 26.Required1. Assume that Michelle Jones is an unmarried employee. Her wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her
Refer to the financial statements of Best Buy in Appendix A to answer the following:Required1. What payroll-related liability does Best Buy report at February 26, 2005?2. In what income statement accounts does Best Buy report its payroll and benefit costs?Fast Forward3. Access Best Buy’s
You take a summer job working for a family friend as a Web page designer for a small information technology service. On your first payday, the owner slaps you on the back, gives you full payment in cash, winks, and adds: “No need to pay those high taxes, eh.”RequiredWhat action, if any, do you
An owner of a growing business hires you as a consultant. He is concerned about rising pay-roll costs, and also concerned about payroll fraud. Currently, his payroll clerk collects time sheets and computes gross pay and deductions. The payroll clerk also adds new employees to the payroll system
Access the February 27, 2006, filing of the December 31, 2005, annual 10-K report of McDonald’s Corporation (Ticker: MCD), which is available from WWW.SEC.gOV.RequiredI. Identify the amount of accrued payroll and other liabilities on McDonald’s balance sheet as of December 31, 2005.2. Compute
Each team should select an industry for analysis. Each team member selects a firm within that industry and collects net sales and number of employee data for the current year, one year prior, and two years prior, from annual reports. Each team member computes the sales-per-employee for the current
Review the chapter’s opening feature about Youngsong Martin and Wildflower Linens.RequiredMartin stresses that controlling payroll liabilities is a must to succeed in business. What are some procedures Martin can use to reduce the chance that Wildflower Linens is hurt by a payroll fraud scheme?
A company pays its one employee \($3,000\) per month. This company’s Social east tax rate is 6.2% of the first \($94,200\) ;and its Medicare tax rate is 1.45% of all amounts earned. The company’s March payroll will include what amount for employee Social Security and Medicare taxes?
Identify whether the employer or employee or both incur each of the following: (a) FICA taxes, and (b) withheld income taxes.
An employee worked 45 hours in a pay period. She earns \($16\) per hour and one and one-half her normal hourly wage for all overtime hours. What is her gross pay?
Which of the following steps are executed when a company draws one check for total payroll and deposits it in a special payroll bank account? (a) Write a check to the payroll bank account for the total payroll and record it with a debit to Accrued Payroll Payable and a credit to Cash.(b) Deposit a
What type of payroll fraud has the highest average dollar loss?
Computing FICA taxes Refer to QS 9-1 What amount must Nouri’s employer withhold from Nouri’s pay for Social Security (6.2%) taxes and Medicare (1.45%) taxes?QS 9-1:Compute gross pay for each of the following employees. An overtime rate of one and one-half times the normal hourly wage is paid
Computing FICA taxes An employee earned \($3,450\) for the current period. Calculate the total and individual amounts to be withheld for Social Security (6.2%), Medicare (1.45%), and federal income tax (15%) assuming the entire employee’s pay is subject to FICA taxes.
Computing withholdings Dextra Computing’s payroll register reports that Ramesh Jain’s cumulative earnings before this pay period were \($98,000\). Ramesh earned \($1,240\) this pay period. Ramesh is single and claims one withholding allowance. How much should be withheld from Ramesh’s pay for
Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first \($94,200\) paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Federal income tax
Journalize payroll transactions Refer to QS 9-6. Prepare the journal entries to pay the March 31 payroll, assuming Major Co. uses a special payroll bank accountQS 9-6:Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since
Computing FICA taxes A self-employed worker earned \($47,000\) during the year, The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. How much should this worker pay for FICA taxes?
An employee earned \($50,000\) during the year. FICA tax for social security is 6.2% and FICA tax for Medicare is 1.45%.The employee’s share of FICA taxes isa. Zero, since the employee’s pay exceeds the FICA limit.b. Zero, since FICA is not an employee tax.e. \($3,100\)d. \($725\)e. \($3,825\)
Which of the following taxes is not withheld from employee’s pay?a. Social security taxes.b. Unemployment taxes.¢. Federal income taxes.d. State income taxes.e. Medicare taxes.
An employee worked 48 hours in the last weekly pay period.She is paid a normal wage of \($12\) per hour and is paid one and one-half times her normal hourly wage for all hours worked beyond 40 hours. For this pay period her gross pay isa. \($480\)b. \($576\)c. \($624\)d. \($720\)e. \($864\)
A single employee claiming 4 withholding allowances earns\($710\) per week. If she is paid weekly, what amount will be withheld from her pay for federal income tax withholdings?(Use the withholding table in Exhibit 9.4).a. \($64\)b. \($102\)c. \($54\)d. \($53\)e. \($56\)Exhibit 9.4: The SINGLE
A company uses a special bank account to pay its payroll. If total gross pay for a pay period was \($3,500\) and total net pay for the same period was \($2,750,\) the journal entry to pay the payroll will include aa. credit to Cash for \($3,500.\)b. credit to Cash—Payroll Bank Account for
What is the current maximum annual level of salary used to compute an employee’s Social Security taxes?
What are examples of items employees might voluntarily choose to have deducted from their pay?
What are employee earnings records? Why do employers maintain employee earnings records?
What risks do payroll activities pose for employers?
Give three examples of common payroll fraud schemes that are costly to employers.
What procedures can an employer use to control payroll fraud?
Why are some cash payments made from a petty cash fund, and not by check?
Why should a petty cash fund be reimbursed at the end of an accounting period?

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