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Questions and Answers of Accounting

Anita Leland, a waitress in Atlantis Casino, reported tips of $467 to her employer last year. Two months after she filed her federal income tax return, Leland received a letter from the IRS informing
Justin Holmes, an ex-employee, is entitled to a taxable fringe benefit during the first part of this year. Because he wasn't paid any wages this year, can his employer report the taxable fringe
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $150.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee.The 2012 federal income tax tables and 2012 FICA rates have been used.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of eachemployee.
Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees.Find the amount to withhold from the wages paid each employee.
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the
Damerly Company (a California employer) wants to give a holiday bonus check of $250 to each employee. Since it wants the check amount to be $250, it will need to gross-up the amount of the bonus.
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25
The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all
Assume during the quarter ending December 31 of the current year, Cox Security Systems had 13 weekly paydays and three monthly paydays. Using the data given in 4-8A, complete the following form to
Mattola Company is giving each of its employees a holiday bonus of $100 on December 20 (a nonpayday). The company wants each employee's check to be $100. The supplemental tax percent is used.a. What
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer
During the fourth quarter of 2013, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied on pages 4-44 to
During the first week of 2014, the Payroll Department of Omni Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 3. In this problem,
Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $160.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00),
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of eachemployee.
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of eachemployee.
Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees.Find the amount to withhold from the wages paid each employee.
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the
Youngston Company (a Utah employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus.
Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Miller contributes $125 each week to her company’s 401(k) plan and has $40 put
The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young are paid monthly on the last payday, while all
Assume during the quarter ending December 31 of the current year, MatsonOffice Systems had 13 weekly paydays and three monthly paydays.Using the data given in 4-8B, complete the following form to
Harrington Company is giving each of its employees a holiday bonus of $250 on December 20 (a non pay day). The company wants each employee's check to be $250. The supplemental tax percent is used.a.
Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions.
During the fourth quarter of 2013, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Clarke's Roofing. Using the forms supplied on pages 4-58 to
During the first week of 2014, the Payroll Department of Omni Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 3. In this problem,
During the past week, one of your newly employed payroll associates dropped into your office to ask several questions regarding wage reporting for federal income and social security tax purposes. If
Yeager Company pays John Kerr a salary as an employee and also fees for work he does as an independent contractor.Does this violate IRS rules?
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77,000. Compute:a. Net FUTA tax . . . . . . . . . . . . . . . $__________b. Net SUTA
Yengling Company's payroll for the year is $593,150. Of this amount, $211,630 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Yengling Company's state is 2.9% on
Garrison Shops had a SUTA tax rate of 2.7%. The state's taxable limit was $8,000 of each employee's earnings. For the year, Garrison Shops had FUTA taxable wages of $77,900 and SUTA taxable wages of
Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as follows:1. Under SUTA for Arizona on taxable payroll of $28,000, the contribution rate is 3.9%.2.
Cowen Company began its operations in August of the current year. During August and September, the company paid wages of $2,450. For the last quarter of the year, the taxable wages paid amounted to
In September 2013, Painter Wax Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 4.1% of the first $7,000 of wages paid
In April of the current year, Steelman Press Company transferred Ken Sherm from its factory in Louisiana to its plant in Florida. The company's SUTA tax rates based on its experience ratings are 3.2%
During 2013, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned $21,500. The state unemployment rate for
The partnership of Cox and Cohen paid the following ages during this year:M. Cox (partner) . . . . . . . . . . . . . . . . . $45,000S. Cohen (partner) . . . . . . . . . . . . . . . . 26,000N. Tate
Roofling Company paid wages of $319,600 this year. Of this amount, $193,900 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 4.3% for Roofling Company. Due to cash
During 2013, Shoupe Company was subject to the Alaska state unemployment tax of 5.1%. The company's taxable wages for FUTA were $93,400 and for SUTA, $194,300.Compute:a. SUTA tax that Shoupe Company
The following unemployment tax rate schedule is in effect for the calendar year 2013 in State A, which uses the reserve-ratio formula in determining employer contributions:Reserve Ratio
As of June 30, 2012 (the computation date for the 2013 tax rate), Amanda Company had a negative balance of $1,015 in its unemployment reserve account in State A.The company's average payroll over the
Mary Givens and Peggy Moser are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:T. Binn (general office worker) . . . . . . .
Applebaum Security Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 1999 to 2008, inclusive, the company's total
As the accountant for Monroe Trucking Company, you are preparing the company's annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages 5-48
The information listed below refers to the employees of Brennan Company for the year ended December 31, 2013.The wages are separated into the quarters in which they were paid to the individual
Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her pay
Garrett Hudson earned $895 this week. The deductions from his pay were as follows:FIT................. $95.00FICA—OASDI............. 37.59FICA—HI............... 12.98State income tax............
(a) Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, her employees earned monthly wages of $16,900, all of which is
The employees of Carson Bakery Company earn total wages of $7,780 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 4.3%. The
Purnell, Inc., has a semimonthly payroll of $53,900 on September 13. The total payroll is taxable under FICA Taxes-HI; $50,400 is taxable under FICA Taxes- OASDI; and $7,300 is taxable under FUTA and
Adams, Inc., pays its employees' weekly wages in cash. A supplementary payroll sheet that lists the employees' names and their earnings for a certain week is shown below. Complete the payroll sheet
Carmen Santos is owner and sole employee of CS Corporation.He pays himself a salary of $2,400 this week.Additional tax information includes:FICA taxâ€”OASDI. . . . . . . . . . . . . . . . . . .
The employees of Portonegra Company earn wages of $15,600 for the two weeks ending April 19. FIT taxes of $424 were withheld. The entire amount of wages is subject to the FICA taxes, but only $10,800
The following information pertains to the payroll of Fanelli Fashion Company on June 7:a. The total wages earned by employees are $2,910.b. The state unemployment insurance contribution rate is
On December 31, 2013, Santucci Company has a balance of $619.24 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes.Journalize the entry Santucci
On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December 31 is a Wednesday, then Sanchez Company must account for three days of wages.The company operates on
John Torre is the only employee of Bambert Company. His pay rate is $19.70 per hour with an overtime rate of 1Â½ time for hours over 40 in a workweek.For the week ending March 31, 20--, he worked
In Oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees at the rate of 2.8Â¢ for each hour or part of an hour
At the end of June, Morton Company had a balance of $49,900 in the vacation benefits payable account. During July, employees earned an additional $3,110 in vacation benefits, but some employees used
The form on page shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 workers in Ranger Company. These amounts represent the cumulative earnings for
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record
Describe the differences between creditors and investors.
What does a double-entry bookkeeping system mean?
What is the historical cost concept and how does it relate to verifiability?
Resource owners provide three types of resources to conversion agents that transform the resources into products or services that satisfy consumer demands.Required Identify the three types of
Ray Steen recently started a business. During the first few days of operation, Mr. Steen transferred $100,000 from his personal account into a business account for a company he named Steen
Assume that Clinton Company acquires $1,200 cash from creditors and $1,700 cash from investors. Required a. Explain the primary differences between investors and creditors. b. If Clinton has net
The following account balances were drawn from the financial records of Crystal Company (CC) as of January 1, 2013. Assets, $14,000; Liabilities, $4,000; Common Stock, $7,000; and Retained Earnings,
Lang Enterprises was started when it acquired $4,000 cash from creditors and $6,000 from owners. The company immediately purchased land that cost $9,000.Requireda. Record the events under an
The financial condition of GreyCo Inc. is expressed in the following accounting equation:Requireda. Are dividends paid to creditors or investors? Explain why. b. How much cash is in the Retained
Calculate the missing amounts in the followingtable.
As of December 31, 2013, Post Company had total cash of $156,000, notes payable of $85,600, and common stock of $52,400. During 2014, Post earned $36,000 of cash revenue, paid $20,000 for cash
Hansen Enterprises experienced the following events during 2013:1. Acquired cash from the issue of common stock.2. Provided services to clients for cash.3. Paid utilities expenses with cash.4. Paid
At the beginning of 2013, Foster Corp.'s accounting records had the following general ledger accounts and balances.1. Purchased land for $20,000 cash.2. Acquired $10,000 cash from the issue of common
The following account titles were drawn from the general ledger of Gutter Control, Incorporated (GCI): Cash, Notes Payable, Land, Accounts Payable, Office Furniture, Salaries Expense, Common Stock,
Dale's Business Services experienced the following events during its first year of operations:1. Acquired $20,000 cash from the issue of common stock. 2. Borrowed $12,000 cash from First Bank. 3.
Topez Company was started on January 1, 2013. During 2013, the company experienced the following three accounting events: (1) earned cash revenues of $14,500, (2) paid cash expenses of $9,200, and
On January 1, 2013, Palmetto, a fast-food company, had a balance in its Cash account of $32,000. During the 2013 accounting period, the company had (1) net cash inflow from operating activities of
American General Company experienced the following accounting events during 2013:1. Paid $4,000 cash for salary expense. 2. Borrowed $8,000 cash from State Bank.3. Received $30,000 cash from the
Arnett Company was started in 2013 when it acquired $30,000 cash by issuing common stock to Dan Arnett. Required a. Was this event an asset source, use, or exchange transaction for Arnett Company?b.
Carolina Company experienced the following events during 2013.1. Acquired $50,000 cash from the issue of common stock.2. Paid $15,000 cash to purchase land.3. Borrowed $25,000 cash.4. Provided
As of January 1, 2013, Concepts Inc. had a balance of $4,500 in Cash, $2,500 in Common Stock, and $2,000 in Retained Earnings. These were the only accounts with balances in the ledger on January 1,
On January 1, 2013, the following information was drawn from the accounting records of Wilson Company: cash of $200; land of $1,800; notes payable of $600; and common stock of $1,000. Required a.
The December 31, 2012, balance sheet for Thomas Company showed total stockholders' equity of $156,000. Total stockholders' equity increased by $65,000 between December 31, 2012, and December 31,
Sammy's Pizza opened on January 1, 2013. Sammy's reported the following for cash revenues and cash expenses for the years 2013 to 2015:Required a. What would Sammy's Pizza report for net income and
Davis Company was started on January 1, 2013. During the month of January, Davis earned $4,600 of revenue and incurred $3,000 of expense. During the remainder of 2013, Davis earned $52,000 and
As of December 31, 2013, Blue Hen Company had total assets of $100,000, total liabilities of $30,000, and common stock of $50,000.Required a. Determine the amount of retained earnings as of December
Happy Pet Store experienced the following events during its first year of operations, 2013:1. Acquired cash by issuing common stock.2. Borrowed cash from a bank.3. Signed a contract to provide
Corrugated Boxes Inc. is a U.S.–based company that develops its financial statements under GAAP. The total amount of the company's assets shown on its December 31, 2013, balance sheet was
Karen White is struggling to pass her introductory accounting course. Karen is intelligent but she likes to party. Studying is a low priority for Karen. When one of her friends tells her that she is
The following business scenarios are independent from one another: 1. Chris Hann purchased an automobile from Classic Auto Sales for $10,000. 2. Sal Pearl loaned $15,000 to the business in which he
The following unrelated events are typical of those experienced by business entities:1. Pay cash for operating expenses.2. Pay an office manager's salary with cash.3. Receive cash for services that
Susan's Consulting experienced the following transactions for 2013, its first year of operations, and 2014. Assume that all transactions involve the receipt or payment of cash.Transactions for 20131.
Crawford Enterprises started the 2013 accounting period with $75,000 of assets (all cash), $15,000 of liabilities, and $25,000 of common stock. During the year, Crawford earned cash revenues of
Davidson Company was started on January 1, 2013, and experienced the following events during its first year of operation:1. Acquired $52,000 cash from the issue of common stock.2. Borrowed $20,000
While public and private accounting overlap, various professional certifications are designed to attest to competency for specific areas of interest. Required a. Name the most common professional
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF).
Assume that Martin Company acquires $2,400 cash from creditors and $3,400 cash from investors. Required a. Explain the primary differences between investors and creditors. b. If Martin has net income

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