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Questions and Answers of College Accounting

The owner of Waltz Company has asked you to prepare a worksheet from the following trial balance and additional data: Additional Data 1. Physical count of inventory on December 31, $4,805 2. Office
From the following trial balance and additional data, complete a worksheet for Jim's Hardware: Additional Data 1. Physical count of inventory on December 31, $615 2. Insurance expired, $150 3.
On the basis of the accounts listed below, calculate1. Net sales2. Cost of goods sold (after adjustment)3. Gross profit4. Net incomeAccounts Payable$6,000Operating Expenses2,000J.Jensen,
Go to https://tinyurl.com/slaterca14e and find the Consolidated Statement of Income. What is the cost of goods sold (cost of sales) in 2016?
Prepare a worksheet for Moore Co. from the following trial balance and additional data: 1. Inventory physical count $11 2. Store supplies on hand 5 3. Depreciation on store equipment 7 4. Accrued
Bates Co. had the following balances on December 31, 201X: The accountant for Bates has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who
From the following, calculate(a) Net sales,(b) Gross profit,(c) Net income. Data Sales, $35,000; Sales Discounts, $800; Sales Returns and Allowances, $5,000; Cost of Goods Sold, $13,700; Operating
Prepare a worksheet for Moore Co. from the following trial balance and additional data. Additional Data 1. Inventory physical count $13 2. Store supplies on hand 4 3. Depreciation on store equipment
Given Merchandise Inventory of $2,000 and a physical count of inventory that reflected a balance of $1,950, what would be the adjusting entry?
Given the following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500. Merchandise Inventory 114 Cost of Goods Sold 513
Go to https://tinyurl.com/slaterca14e. How much has Merchandise Inventory increased or decreased from 2015 to 2016.
Jackie?s Toy Shop completed the following merchandise transactions in the month of April: Jackie?s Toy Shop accounts included the following: Cash 101; Accounts Receivable 112; Merchandise
Journalize, record, and post when appropriate, the following transactions into the general journal (p. 2) for Jacob?s Clothing. All purchases offer credit terms of 7/10, n/30. Assume the perpetual
From the general journal in Figure 10.14 , record to the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. Partial Accounts Payable Subsidiary Ledger Partial
Journalize the following transactions for a perpetual company:1. Issued credit memo no. 2, $43, to Lenny Co. An allowance was granted and the customer kept the merchandise. The sale was on account.2.
How are discounts recorded in a perpetual system?
Explain why a trade discount is not a cash discount.
What purpose could a typical invoice approval form serve?
Why could the balance of the controlling account, Accounts Payable, equal the sum of the accounts payable subsidiary ledger during the month?
What is the normal balance of each creditor in the accounts payable subsidiary ledger?
F.O.B. destination means that title to the goods will switch to the buyer when goods are shipped. Do you agree or disagree? Why?
What kind of account is cost of goods sold?
What does F.O.B. shipping point represent?
Access Amazon’s Annual Report and see how Amazon records revenue at https://tinyurl.com/slaterca14e.
Jared Payne owns Payne?s Sneaker Shop. (Balances as of March 1 are provided for the accounts receivable and general ledger accounts as follows: Durant, $250 Dr.; Lanham, $550 Dr.; Pry, $800 Dr.;
Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February: Required1. Journalize the transactions. Beginning balances of
From the following transactions for Autumn Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable
Journalize the following transactions. Assume a perpetual inventory system. 201X 8 Sold merchandise on account, $620, to Ring Co.; terms 2/10, n/30. Cost of merchandise was $350. Jul. 12 Purchased
Journalize the following transactions. Assume the perpetual inventory system. 201X Apr. 5 Sold merchandise for $1,250 cash. The cost of the merchandise was $850. 16 Made refunds to cash customers
From the general journal in Figure 9.25 , record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER PARTIAL
From the following transactions for Ava Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable
Journalize the following transactions:1. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28.2. Received check from Brown Co., $300, less 3% discount.3.
Complete the transactional analysis box for the following transaction: Issued credit memorandum to Pike.com for defective merchandise, $190. The cost of the merchandise was $114. It was a credit sale.
Match the following activities to the three business transactions (more than one number can be used).1. Record to the accounts receivable subsidiary ledger.2. Journalize the transaction.3. Post to
Sales discounts are taken on sales tax. Agree or disagree? Explain why.
Why is sales tax a liability to the business?
When is a (✔) used?
Compare and contrast the Controlling Account—Accounts Receivable to the accounts receivable subsidiary ledger.
What category is Sales Discount in?
Give two examples of contra-revenue accounts.
The following is the monthly payroll for the last 3 months of the year for Dell?s Sporting Goods Shop, 2 Boat Road, Lynn, MA 01945. The shop is a sole proprietorship owned and operated by Bill Dell.
Henry House, the accountant for White Company, must complete Form 941 for the first quarter of the current year. Henry gathered the needed data as presented in Problem 8B-1 . Suddenly called away to
The following is the monthly payroll of White Company, owned by Dale White. Employees are paid on the last day of each month. White Company is located at 2 Square Street, Marblehead, MA 01945. Its
Ted James, the accountant for Andersen Company, must complete Form 941 for the first quarter of the current year. Ted gathered the needed data as presented in Problem 8A-1 . Suddenly called away to
The following is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each month. Andersen Company is located at 2 Square Street, Marblehead,
https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. The 2016 Amazon Annual report was issued way before the new tax act of 2018. How do you expect the income statement to change
If Rachel’s Grocery Store downsized its operation during the second quarter of 20XB and, as a result, paid only $6,121.54 in Form 941 taxes for the quarter that ended on June 30, 20XB, should
Rachel’s Grocery Store made the following Form 941 payroll tax deposits during the look-back period of July 1, 201A, through June 30, 201B:Quarter EndedAmount paid in 941 TaxesSeptember 30,
Copper Company has four employees, and each employee earned $40,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions:Total employees
At the end of April 201X, the total amount of OASDI, $550, and Medicare, $220, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,950 was also deducted from
Using a blank Form 941, complete Part 1, lines 1?6, using the following information: Total employees during the first quarter 3 Total wages during the first quarter, none came from
Amador Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,900; the net amount is $5,000. Journalize the transfer of funds to the payroll account
Magenta Company has four employees, and each employee earned $56,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions:Quarter EndedAmount
At the end of November 201X, the total amount of OASDI, $480, and Medicare, $250, was withheld as tax deductions from the employees of Calm Waters, Inc. Federal income tax of $2,980 was also deducted
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
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
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
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
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.
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
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
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
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.
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
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
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
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
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
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,
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
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
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
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
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
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
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,
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
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
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
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.
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
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
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?

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