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Questions and Answers of Accounting

____ 1. Employee’s earnings record____ 2. Payroll register____ 3. Executive orders____ 4. Fair Labor Standards Act____ 5. Immigration Reform and Control Act____ 6. Unemployment insurance taxes____
Which act sets the minimum wage, and what is the current wage rate?
Under the FLSA, what information concerning employees' wages earned must be maintained by the employer?
Who pays the social security taxes that are levied by the Federal Insurance Contributions Act?
How are the fund used which are provided by FUTA and SUTA?
What types of unfair employment practices are prohibited by the Civil Rights Act of 1964 as amended?
What is the purpose of the Age Discrimination in Employment Act (ADEA)?
Are there any exceptions to the protection afforded older workers by the Age Discrimination in Employment Act?
Who is covered by the Walsh-Healey Public Contracts Act?
What are the major provisions of the Occupational Safety and Health Act (OSHA)?
Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill?
What is the primary purpose of the Employee Retirement Income Security Act (ERISA)?
Explain the concept of vesting.
Under ERISA, if requested in writing, what information must the administrator of the pension fund supply to the participants?
Summarize the procedure that may be followed by the Human Resources Department in hiring new employees.
What information is commonly provided by a jobseeker on the application for employment form?
What is the significance of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act in the employer's use of prehire inquiries?
What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968?
What procedures are usually included in a typical payroll accounting system?
What two basic records are generated in most payroll accounting systems?
What uses are made of the information shown in the employee's earnings record?
What personnel records would you suggest for a small retailer with three employees?
What kind of problem can be encountered when requesting references from previous employers of job applicants?
In staffing their offices, some firms encourage in-house referrals (recommendations of their present employees).What are some possible objections to this practice as a means of obtaining job
The main office of a large bank has an annual turnover of 500 office workers. As an employment officer of this bank, discuss the sources you would use in obtaining replacement employees.
Among the questions asked on the application for employment form of Horner Company are the following:a. What is the name of your church and what religious holidays do you observe?b. What is the name
Ken, a salaried employee, was terminated from his company in April of this year. Business had been slow since the beginning of the year, and each of the operating plants had laid off workers.Ken's
The biweekly taxable wages for the employees of Wee Ones Foods follow.Compute the FICA taxes for each employee and the employer's FICAtaxes.
During 2013, Matti Conners, president of Maggert Company, was paid a semimonthly salary of $5,200. Compute the amount of FICA taxes that should be withheld fromher:
Eric Sherm began working as a part-time waiter on April 1, 2013, at Yardville Restaurant. The cash tips of $475 that he received during April were reported on Form 4070, which he submitted to his
Moisa Evans is a maitre d' at Red Rock Club. On September 5, his gross pay was $900 (three days working, one paid vacation day, and one paid sick day). He also reported to his employer tips of $860
The annual salaries paid each of the officers of Perez, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each
Amanda Autry and Carley Wilson are partners in A & W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given,
Funke Corporation has only five employees who are all paid $1,050 per week. Compute the total FICA taxes that the employer would withhold from the five employees each week and the amount the company
George Parker was paid a salary of $74,700 during 2013 by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of
Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 2013 follows. Compute the following for the payroll of December31:
The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year:a. The total wages of
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2013. Using the information presented below, complete Part 1 of Form 941, reproduced
Refer to Problem 3-11B. Complete Parts 2, 4, and 5 of Form 941 (on page 3-56) for Gallagher Company for the third quarter of 2013. Gallagher Company is a monthly depositor with the following monthly
Stan Barker opened Quik-Stop Market on January 1, 2013. The business is subject to FICA taxes. At the end of the first quarter of 2013, Barker, as president of the company, must file Form 941,
During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees' salaries or wages and the amount of tips reported
The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2013 follow.a. Complete Schedule B of Form 941 on page 3-64 for the first
Yelman Company is a monthly depositor whose tax liability for June 2013 is $3,930.1. What is the due date for the deposit of these taxes?2. Assume that no deposit was made until August 5. Compute the
At Gleeson Brewing Company, office workers are employed for a 40-hour workweek on either an annual or a monthly salary basis.Given on the form below are the current annual and monthly salary rates
For the year ended December 31, 2013, Spike, Inc., reported earnings per share of $1.16. During 2014, the company had a 4-for-1 stock split.Required:Calculate the 2013 earnings per share that will be
During the fiscal year ended June 30, 2014, Jones Co. had a 3-for-1 stock split. In its annual report for 2014, the company reported earnings per share for the year ended June 30, 2013, on a restated
Refer to the “Governance” disclosures provided under the Our Company link on Campbell Soup Company’s website. Identify the principal topics covered in those disclosures. Are there other topics
Refer to the Campbell Soup Company annual report for 2011 in the appendix or to the most recent full annual report that you have downloaded from Campbell's website. Find and scan the notes to
This problem is based on the 2011 annual report of Campbell Soup Company in the appendix. Find in the Selected Financial Data (also known as the Five-Year Review), or calculate, the following data:a.
This problem is based on the 2011 annual report of Campbell Soup Company in the appendix. Find in the Selected Financial Data (also known as the Five-Year Review), or calculate, the following data:a.
Calculate ROI for geographic segments; analyze results- McDonald's Corp. McDonald's conducts operations worldwide and is managed in three primary geographic segments: America, Europe, and
Understanding financial statement relationships Total assets were $48,000 and total liabilities were $27,000 at the beginning of the year. Net income for the year was $8,000, and dividends of $2,000
Stockholders' equity totaled $82,000 at the beginning of the year. During the year, net income was $12,000, dividends of $3,000 were declared and paid, and $10,000 of common stock was issued at par
During the year, net sales were $125,000; gross profit was $50,000; net income was $20,000; income tax expense was $5,000; and selling, general, and administrative expenses were
During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and administrative expenses were
Listed here are a number of accounts: Land, Common stock, Merchandise inventory, Equipment, Cost of goods sold, Accounts receivable, Interest expense, Supplies, Long-term debt, Cash, Sales, Accounts
Identify accounts by statement Listed here are a number of accounts: Income tax expense, Accumulated depreciation, Notes payable, Land, Sales, Common stock, Cost of goods sold, Equipment, Accounts
Understanding financial statement relationships. The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for
Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2012:Retained earnings, December 31, 2013 . . . . . . . . . . . . . . . . . . . . . .
Calculate net income (or loss) using the accounting equation. At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $640,000. During the year liabilities
Calculate cash available upon liquidation of business. Kimber Co. is in the process of liquidating and going out of business. The firmâ€™s accountant has provided the following balance sheet
Understanding and analyzing financial statement relationships—merchandising organization. Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2013.
Prepare an income statement, balance sheet, and statement of changes in stockholders’ equity; analyze results. The following information was obtained from the records of Shae, Inc.:Merchandise
Transaction analysis-quantitative; analyze results. Stacy-Ann Kelly owns and operates Kelly's Furniture Emporium, Inc. The balance sheet totals for assets, liabilities, and stockholder's equity at
Complete the balance sheet using cash flow data. Following is a partially completed balance sheet for Epsico, Inc., at December 31, 2013, together with comparative data for the year ended December
Levi Strauss & Co. The following selected data are adapted from the November 27, 2011, and November 28, 2010, consolidated balance sheets and income statements for the years then ended for Levi
Apple Inc. Selected data from the September 24, 2011, and September 25, 2010, consolidated balance sheets and income statements for the years then ended for Apple Inc. follow. All amounts are
Firm J has net income of $72,000, sales of $960,000, and average total assets of $480,000.Required:Calculate Firm J's margin, turnover, and return on investment (ROI).
Firm K has a margin of 16%, turnover of 1.2, and sales of $1,500,000.Required:Calculate Firm K's net income, average total assets, and return on investment (ROI).
Firm L had net assets at the end of the year of $365,000. The only transactions affecting stockholders' equity during the year were net income of $56,000 and dividends of $26,000.Required:Calculate
Firm M has a margin of 9%, turnover of 1.6, sales of $800,000, and average stockholders' equity of $360,000.Required:Calculate Firm M's average total assets, net income, return on investment (ROI),
Firm N has a current ratio of 2.6 and current assets of $150,800.Required:Calculate Firm N's current liabilities and working capital.
Firm O has accounts receivable of $31,000, cash of $14,600, property, plant, and equipment of $320,000, merchandise inventory of $43,200, accounts payable of $22,100, other accrued liabilities of
Compare investment alternatives. Two acquaintances have approached you about investing in business activities in which each is involved. Nateisha is seeking $2,800 and Tian needs $3,600. One year
A friend has $5,000 that has been saved from her part-time job. She will need her money, plus any interest earned on it, in six months and has asked for your help in deciding whether to put the money
You have accumulated $12,000 and are looking for the best rate of return that can be earned over the next year. A bank savings account will pay 5%. A one-year bank certificate of deposit will pay 8%,
a. Firm D has net income of $66,640, sales of $2,380,000, and average total assets of $680,000. Calculate the firm's margin, turnover, and ROI.b. Firm E has net income of $300,000, sales of
Using data from the financial statements of Campbell Soup Company in the appendix, calculate:a. ROI for 2011. Round your percentage answer to one decimal place.b. ROE for 2011. Round your percentage
Calculate profitability and liquidity measures. Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2014 and 2013. Sales for the year ended December 31, 2014, totaled
Calculate and analyze liquidity measures. Following are the current asset and current liability sections of the balance sheets for Calketch, Inc., at August 31, 2014 and 2013 (in
In Exercise 1-1, you were asked to obtain a recent annual report of a company that you were interested in reviewing throughout this term.Required:a. Please locate the five-year (or longer) selected
Analysis of liquidity and profitability measures of Apple Inc. The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010, comparative financial
At January 30, 2010, total assets were $33,652 and total stockholders' equity was $5,641.a. Calculate Dell, Inc.'s, working capital, current ratio, and acid-test ratio at February 3, 2012, and
The transactions and adjustments related to the first month of operations of Zoe Amelia Corp. were as follows:a. Issued common stock to the initial stockholders in exchange for their cash
Record transactions and adjustments. The transactions and adjustments related to the second month of operations of Zoe Amelia Corp. were as follows:a. Paid wages that had been accrued at the end of
a. Accounts Payable had a balance of $3,000 at the beginning of the month and $3,400 at the end of the month. During the month, purchases on account amounted to $6,100. Calculate the payments to
a. The Supplies account had a balance of $1,200 at the beginning of the month and $1,600 at the end of the month. The cost of supplies purchased during the month was $3,900. Calculate the cost of
Record transactions and calculate financial statement amounts. The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations.
Record transactions and adjustments. Prepare an answer sheet with the column headings shown after the following list of transactions. Record the effect, if any, of the transaction entry or adjusting
Record transactions and adjustments. Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column and show the effect, if any, of
Cash receipts versus revenues. During the month of April, Riley Co. had cash receipts from customers of $680,000. Expenses totaled $624,000, and accrual basis net income was $168,000. There were no
Notes payable-interest accrual and payment. Proco had an account payable of $84,000 due to Shirmoo, Inc., one of its suppliers. The amount was due to be paid on January 31. Proco did not have enough
Effects of adjustments. A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $237,000, and the balance sheet showed ending retained
Alternative adjustments-supplies. On January 10, 2013, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week
Alternative adjustments-rent. Calco, Inc., rents its store location. Rent is $3,000 per month, payable quarterly in advance. On July 1, a check for $9,000 was issued to the landlord for the
Make corrections and adjustments to income statement and balance sheet. Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.'s preliminary income
The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $11,130. Reconciling items
Bank reconciliation adjustment. Refer to Mini-Exercise 5.1.In Mini-Exercise 5.1, The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation. The
At the beginning of the year, accounts receivable were $144,000 and the allowance for bad debts was $11,500. During the year, sales (all on account) were $600,000, cash collections were $580,000,
The Allowance for Bad Debts account had a balance of $5,300 at the beginning of the year and $6,100 at the end of the year. During the year (including the year-end adjustment), bad debts expense of

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