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College Accounting A Practical Approach 14th Edition Jeffrey Slater, Mike Deschamps - Solutions

Lopez Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,320; the net amount is $4,545. Journalize the transfer of funds to the payroll account and the distribution of paychecks to the employees.
Complete the following table: 4-Quarter Look-Back Depositor Period Tax Liability Раyroll Paid Tax Paid by Monthly $28,000 November a. Semiweekly On Wednesday On Thursday On Friday On Saturday On Sunday On Monday $6,000 b. С. d. e. f. 9.
In December 200B, Becky is trying to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 20XC. Please advise based on the following taxes owed: 20XA Quarter 3 $38,000 Quarter 4 10,000 20XB Quarter 1 3,100 Quarter 2 10,700
In December 200B, Becky tries to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 20XC. Please advise based on the following taxes owed: 20XA Quarter 3 $44,000 Quarter 4 10,000 20XB Quarter 1 3,100 Quarter 2 10,700
Discuss ways an employer can prepare and submit forms W-2 and W-3 online.
Under what circumstance(s) does the amount on line 14 of Form 941 match the amount found on line 12?
How often is Form 941 completed?
How do you transfer money into the payroll cash account?
Why might a company have a separate cash account for payroll?
Go to https://tinyurl.com/slaterca14e to access Amazon 2016 Annual Report on page 4 and find out the total number of full and part-time employees Amazon has.
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 201X, prepare a payroll register for this biweekly payroll. 2. Calculate the employer taxes of FICA OASDI, FICA Medicare, FUTA, and SUTA. 3. Journalize the Payroll
The bookkeeper of Butterfly Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on August 8. Assume the following: 1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income
Fall Company has five salaried employees. Your task is to use the following information to prepare a payoll register to calculate net pay for each employee: Assume the following: 1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Each employee contributes $50 biweekly
From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of 1.5 over 40 hours.) Employee Hourly Rate No. of Hours Worked Gross Earnings Jacoby Bothwell $8.00 41 Laina Moore 12 37 Nicolette Wittman 15 38 Danyl Klecan 16 55
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 201X, prepare a payroll register for this biweekly payroll. 2. Calculate the employer taxes of FICA OASDI, FICA Medicare, FUTA, and SUTA. 3. Journalize the Payroll
The bookkeeper of Jungle Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on October 13. Assume the following: 1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income
September Company has five salaried employees. Your task is to use the following information to prepare a payroll register to calculate net pay for each employee: Assume the following:1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Each employee contributes $35
From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of time and a half over 40 hours.) Employee Hourly Rate No. of Hours Worked Gross Earnings Jacques Bergeron $ 7.00 45 Leena Haffner $13.00 43 Nicola Richard $17.00 39 Danny Geary
From the following data, estimate the annual premium for worker?s compensation insurance: Туре of Work Estimated Payroll Rate per $100 Office $29,000 $0.23 Repairs 78,000 1.62
At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Franklin Company. The FUTA tax rate is 0.6% on the first $7,000 each employee earns during the year (assuming 13 weeks for the first quarter and each employee earned the same gross weekly pay for all 13
The total wage expense for Bell Co. was $168,000. Of this total, $31,000 was above the OASDI wage base limit and not subject to this tax. All earnings are subject to Medicare taxes, and $54,000 was above the federal and state unemployment wage base limits and not subject to unemployment taxes.
Refer to Exercise 7B-3 . If L. Peter earned $2,100 for the week instead of $290, what effect would this change have on the total payroll tax expense? Exercise 7B-3 From the following information, calculate the payroll tax expense for Gray Company for the payroll of April 9: Employee Cumulative
Refer to Exercise 7B-3 and assume that the state changed Gray?s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense? Exercise 7B-3 From the following information, calculate the payroll tax expense for Gray Company for the payroll of April 9: Employee
From the following information, calculate the payroll tax expense for Gray Company for the payroll of April 9: The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee. The
Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2 . Assume that FICA OASDI tax is 6.2% on a wage base limit of $127,200; Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. Employee Status Allowances
1. Calculate the total wages earned for each employee assuming an overtime rate of 1.5 1 over 40 hours. 2. Calculate the total biweekly earnings of these newly hired salaried employees. Monthly Salary Patrick Garcia $4,875 Erin Caux $5,525 Employee Hourly Rate No. of Hours Worked Penny
From the following data, estimate the annual premium for workers? compensation insurance: Type of Work Estimated Payroll Rate per $100 Office $32,000 $0.22 Repairs 77,000 1.78
At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Old Company. The FUTA tax rate is 0.6% on the first $7,000 each employee earns during the year (assuming 13 weeks for the first quarter and each employee earned the same gross weekly pay for all 13
The total wage expense for Grande Co. was $156,000. Of this total, $32,000 was above the OASDI wage base limit and not subject to this tax. All earnings are subject to Medicare taxes, and $58,000 was above the federal and state unemployment wage base limits and not subject to unemployment taxes.
Refer to Exercise 7A-3 . If F. Mason earned $2,100 for the week instead of $260, what effect would this change have on the total payroll tax expense? Exercise 7A-3 From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: Employee Cumulative
Refer to Exercise 7A-3 and assume that the state changed Bowling Company?s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense? Exercise 7A-3 From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9:
From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee.
Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2 . Assume that FICA OASDI tax is 6.2% on a wage base limit of $127,200, Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state income tax applies. Employee Status Allowances
1. Calculate the total wages earned for each hourly employee assuming an overtime rate of 1.5 over 40 hours. 2. Calculate the total biweekly earnings of these newly hired salaried employees. Monthly Salary $3,575 John Smith Jane Doe $7,475
Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on
Calculate the total wages earned (assume an overtime rate of 1.5 over 40 hours). Employee Hourly Rate No. of Hours Worked Paul Leman $13 31 Mark Hamel 16 52
An employer must always use a calendar year for payroll purposes. Agree or disagree and explain your answer.
An employee for Repairs to Go, Inc., works different numbers of hours each week depending on the needs of the business. To simplify the accounting, the bookkeeper for Repairs to Go classifies this employee as a salaried person. Is this practice appropriate? Please explain.
Explain how an employer can receive a credit against the FUTA tax due.
The employer doesn’t have to contribute to FICA. Agree or disagree? Please explain.
Explain how to calculate OASDI and Medicare taxes.
The taxable earnings column of a payroll register records the amount of tax due. Agree or disagree?
Explain how federal and state income tax withholdings are determined.
The more allowances an employee claims on a W-4 form, the more take home pay the employee gets with each paycheck. Agree or disagree?
Explain how a W-4 form, called the Employee’s Withholding Allowance Certificate, is used to determine Federal Income Tax (FIT) withheld.
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report on pages 43–45. How much did Amazon spend in 2014–2015 and 2016 for Internet-use software and website development?
From the following, record the transactions in O?Hare?s auxiliary petty cash record and general journal as needed: 201X Oct. A check was drawn (no. 444) payable to Cylinda Scruggs, petty cashier, to establish a $130 petty cash fund. 1 Paid $21 for postage stamps, voucher no. 1. 9. Paid $10 for
The following transactions occurred in April for Pleasant Co.: Your tasks are to do the following:1. Record the appropriate entries in the general journal as well as theauxiliary petty cash record as needed.2. Replenish the petty cash fund on April 30 (check no. 18). 201X Apr. 1 Issued check no.
From the following statement, please (1) complete the bank reconciliation for Roger?s Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as needed. 1. A deposit of $1,900 is in transit. 2. Roger?s Deli has an ending checkbook balance of $6,000. 3.
Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $7,700. Based on Slacks.com’s check stubs, the ending checkbook balance was $8,136. Your task is to prepare a bank reconciliation for Slacks.com as of July 31, 201X, from the following information (journalize as
The following transactions occurred in April for Jubilant Co.: Your tasks are to do the following: 1. Record the appropriate entries in the general journal as well as the auxiliary petty cash record as needed. 2. Replenish the petty cash fund on April 30 (check no. 18). 201X Арг. 1 Issued
From the following bank statement, please (1) complete the bank reconciliation for Tony?s Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as needed. 1. A deposit of $2,000 is in transit. 2. Tony?s Deli has an ending checkbook balance of
Canvas.com received a bank statement from Buttermilk Bank indicating a bank balance of $7,600. Based on Canvas.com’s check stubs, the ending checkbook balance was $8,231. Your task is to prepare a bank reconciliation for Canvas.com as of July 31, 201X, from the following information (journalize
At the end of the day the clerk for Wale’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,204, whereas the total cash in the register was $1,154. Wale keeps a $26 change fund in his shop. Prepare an appropriate general journal
If in Exercise 6B-2 cash on hand is $20, prepare the entry to replenish the petty cash on December 31.Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month, $35 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $13; office
In general journal form, prepare journal entries to establish a petty cash fund on December 1 and replenish it on December 31. 201X December 1 A $108 petty cash fund is established. At the end of the month, $35 cash plus the following paid vouchers exist: donations expense, $15; postage expense,
From the following information, construct a bank reconciliation for Blast Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,971 Outstanding checks $642 Bank statement balance 1,500 Bank service charge 55 Deposits (in transit) 1,000 NSF: Elizabeth Klecan's
At the end of the day the clerk for Aaron’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,206, whereas the total cash in the register was $1,158. Ken keeps a $24 change fund in his shop. Prepare an appropriate general journal
If in Exercise 6A-2 cash on hand is $19, prepare the entry to replenish the petty cash on October 31.Exercise 6A-2 201X October 1 A $101 petty cash fund is established. At the end of the month, $14 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $18; office
If in Exercise 6A-2 cash on hand is $12, prepare the entry to replenish the petty cash on October 31.
In general journal form, prepare journal entries to establish a petty cash fund on October 1 and replenish it on October 31. 201X October 1 A $101 petty cash fund is established. At the end of the month, $14 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $18;
From the following information, construct a bank reconciliation for Boom Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,493 Outstanding checks $738 Bank statement balance 1,450 Bank service charge 60 Deposits (in transit) 700 NSF: Elizabeth Klecan's check
In Exercise 5, if the custodian decided to raise the level of petty cash to $29.75, what would be the journal entry to replenish? (Use a general journal entry.)Exercise 5Petty cash was originally established for $21.00. During the month, $4.70 was paid out for pencils and $5.70 for straws. During
Petty cash was originally established for $21.00. During the month, $4.70 was paid out for pencils and $5.70 for straws. During replenishment, the custodian discovered that the balance in petty cash was $7.70. Record, using a general journal entry, the replenishment of petty cash back to $21.00.
From the following, construct a bank reconciliation for Dab Co. as of September 30, 201X. Checkbook balance $1,900.60 Bank statement balance 1,938.20 Deposits in transit 283.70 Outstanding checks 394.10 Bank service charge 13.90 NSF check 58.90
Explain the relationship of the auxiliary petty cash record to the recording of the cash payment.
What is meant by check truncation or safekeeping?
What is the advantage of having preprinted deposit slips?
Discuss how mobile device apps are making banking more accessible.
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report and find out what is the fiscal year for Amazon.
As the bookkeeper of Phil?s Plowing, you have been asked to complete the entire accounting cycle for Phil from the following information. Use the following chart of accounts. 1. Snow supplies on hand, $300. 2. Rent expired, $400. 3. Depreciation on office equipment, $180: ( $ 10 , 800 / 5 yr .
Consider the data in Figure 5.25 for Deb?s Dance Studio: Adjustment Data 1. Insurance expired, $1,000. 2. Dance supplies on hand, $1,100. 3. Depreciation on dance equipment, $2,500. 4. Salaries earned by employees but not due to be paid until December, $800. Your task is to do the following: 1.
As the bookkeeper of Panji?s Plowing, you have been asked to complete the entire accounting cycle for Panji from the following information. Adjustment Data 1. Snow supplies on hand, $300. 2. Rent expired, $500. 3. Depreciation on office equipment, $100:($ 6 , 000 / 5 yr . = $ 1 , 200 / 12 mo .
Consider the data in Figure 5.23 for Daffy?s Dance Studio: Trial Balance for Daffy?s Dance Studio Adjustment Data 1. Insurance expired, $100. 2. Dance supplies on hand, $200. 3. Depreciation on dance equipment, $2,500. 4. Salaries earned by employees but not to be paid until December,?$500. Your
From the following accounts (not in order), prepare a postclosing trial balance for Winter Company on July 31, 201X. Note: These balances are before closing. Accounts Receivable $25,050 P.Winter, Capital $29,910 Legal Supplies 9,700 P.Winter, Withdrawals 3,500 Office Equipment 47,000 Legal Fees
From the following posted T accounts, reconstruct the closing journal entries for October 31, 201X. M. Figg, Capital Withdrawals 1,900 3,000 (0ct. 1) 750 Net Income Insurance Expense 150 Closing 150 M. Figg, Withdrawals 1,900 Closing 1,900 Wage Expense 800 Closing 800 Rent Expense 400 Closing 400
From the following T accounts, journalize the four closing entries on August 31, 201X. J. Kohl, Capital Rent Expense 18,800 10,000 J. Kohl, Withdrawals Wage Expense 4,000 8,300 Income Summary Insurance Expense 1,200 Fees Earned Depr. Expense, Office Equipment 33,000 1,500
From the adjustments section of a worksheet presented in Figure 5.22 , prepare adjusting journal entries for the end of March. Adjustments Dr. Cr. (A) 90000 (B) 30000 Prepaid Rent Office Supplies Accumulated Depreciation, Equipment Salaries Payable (C) 32500 (D) |2|이이00 (A) 90000 (B) Rent
From the following accounts (not in order), prepare a post-closing trial balance for Wey Co. on August 31, 201X. Note: These balances are before closing. Accounts Receivable $18,875 P.Wey, Capital $40,825 Legal Supplies 14,250 P. Wey, Withdrawals 5,500 Office Equipment 30,000 Legal Fees Earned
From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X. M. Fernendez, Capital Insurance Expense Withdrawals 700 6,000 (May 1) 75 Closing 75 2,025 Net Income M. Fernendez, Withdrawals Wage Expense 700 Closing 700 Income Summary Expenses 2,775 Revenue 4,800
From the following T accounts, journalize the four closing entries on May 31, 201X. J. Kody, Capital Rent Expense 27,000 8,000 J. Kody, Withdrawals Wage Expense 1,000 7,300 Income Summary Insurance Expense 900 Fees Earned Depr. Expense, Office Equipment 61,000 900
From the adjustments section of a worksheet (see Figure 5.21 ), prepare adjusting journal entries for the end of January. Adjustments Dr. Cr. Prepaid Rent Office Supplies (A) 150000 (B) 65000 (C) 32500 Accumulated Depreciation, Equipment Salaries Payable (D) 80000 Rent Expense (A) 150000 Office
How has computer software affected the use of closing entries?
At the end of September, Troy, the owner, took a complete inventory of his supplies and found the following: 3 dozen 14-inch screws at a cost of $5.00 a dozen 6 dozen 12-inch screws at a cost of $10.00 a dozen 5 cartons of computer inventory paper at a cost of $8 a carton 7 feet of coaxial cable
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. How does Amazon depreciate its equipment?
he trial balance for Dennis?s Repair Service appears in Figure 4.28 . Adjustment Data to Update Trial Balance 1. Insurance expired, $200. 2. Repair supplies on hand, $2,300. 3. Depreciation on repair equipment, $700. 4. Wages earned but unpaid, $220. Your task is to: 1. Complete a worksheet for
Update the trial balance for Kreg?s Moving Co. (Figure 4.27 on page 137) for October 31, 201X. Adjustment Data to Update Trial Balance 1. Insurance expired, $550. 2. Moving supplies on hand, $800. 3. Depreciation on moving truck, $550. 4. Wages earned but unpaid, $300. Your task is to: 1.
Update the trial balance for Ling?s Landscaping Service (Figure 4.26 ) for January 31, 201X. Adjustment Data to Update the Trial Balance a. Rent expired, $500. b. Landscaping supplies on hand (remaining), $150. c. Depreciation expense, landscaping equipment, $250. d. Wages earned by workers but
Use the following adjustment data on March 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.25 on page 136). a. Fitness supplies on hand, $1,400. b. Depreciation taken on fitness equipment, $700. JAMES'S FITNESS CENTER TRIAL BALANCE MARCH 31, 201X Account Titles
The trial balance for Dick?s Repair Service appears in Figure 4.24 Adjustment Data to Update Trial Balance 1. Insurance expired, $450. 2. Repair supplies on hand, $2,800. 3. Depreciation on repair equipment, $300. 4. Wages earned but unpaid, $240. Your task is to: 1. Complete a worksheet for
Update the trial balance for Kole?s Moving Co. (Figure 4.23 on page 135) for July 31, 201X. Adjustment Data to Update Trial Balance 1. Insurance expired, $800. 2. Moving supplies on hand, $1,200. 3. Depreciation on moving truck, $400. 4. Wages earned but unpaid, $220. Your task is to:1. Complete
Use the following adjustment data on July 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.21 ). a. Fitness supplies on hand, $1,700. b. Depreciation taken on fitness equipment, $1,000. JAMES'S FITNESS CENTER TRIAL BALANCE JULY 31, 201X Account Titles Dr. Cr. Cash
From the following trial balance (Figure 4.20 ) and adjustment data, complete a worksheet for J. Tren as of May 31, 201X: 1. Depreciation expense, store equipment, $4. 2. Insurance expired, $9. 3. Store supplies on hand, $1. 4. Wages owed but not paid for (they are an expense in the old year),
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits:1. Supplies purchased, $600.Supplies on hand, $100.2. Store equipment, $14,500.Accumulated depreciation, store equipment, before adjustment, $800.Depreciation expense, store equipment, $600.
Use transaction analysis charts to analyze the following adjustments:1. Depreciation on equipment, $1,000.2. Rent expired, $600.
From the following trial balance (Figure 4.19 , page 132) and adjustment data, complete a worksheet for J. Trent as of July 31, 201X: 1. Depreciation expense, store equipment, $2. 2. Insurance expired, $1. 3. Store supplies on hand, $8. 4. Wages owed, but not paid for (they are an expense in the
From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits:1. Supplies purchased, $1,100.Supplies on hand, $550.2. Store equipment, $12,500.Accumulated depreciation, store equipment, before adjustment, $500.Depreciation expense, store equipment,
Use transaction analysis charts to analyze the following adjustments:1. Depreciation on equipment, $1,400.2. Rent expired, $900.
Complete the following table. Which Financial Account Category Normal Balance Statement(s) Found Accumulated Depreciation, Office Equipment Prepaid Rent Office Equipment Depreciation Expense, Office Equipment T. Nguyen, Capital T. Nguyen, Withdrawals Wages Payable
Before Adjustment Given: Accrued Salaries, $175. 1. Complete a transaction analysis chart for this adjustment. 2. What will be the balance of these two accounts on the adjusted trial balance? Salaries Expense Salaries Payable 1,800

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