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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

940-EZ is prepared by January 31, after the end of the previous calendar year. This form can be filed by February 10 if all required deposits have been made by January 31. LO.1
If the amount of FUTA taxes is equal to or more than $100 during any cal¬ endar quarter, the deposit must be made no later than one month after the quarter ends. If the amount is less than $100, no
Workers’ Compensation Insurance (the estimated premium) is paid at the beginning of the year by the employer to protect against potential losses to its employees due to accidental death or injury
What are Form 941 taxes? The term Form 941 taxes is used to describe the amount of Social Security, Medicare, and federal income tax paid by employees and the amount of Social Security and Medicare
When does an employer deposit Form 941 taxes? How often an employer deposits Form 941 taxes depends on how the employer is classi¬ fied for this purpose. The IRS classifies an employer as either a
When is a look-back period? A look-back period is a fiscal year that begins on July 1 and ends on June 30 of the year before the calendar year when the deposits will be made. For example, for the
What is the dollar amount used to classify an employer for Form 941 tax deposits? The key dollar amount used to determine if an employer is a monthly or semiweekly depositor is $50,000 in Form 941
How do employers deposit Form 941 taxes? An employer fills out a Form 8109 (Federal Tax Deposit Coupon) and gives this form with a check to a bank authorized to receive payroll tax deposits or to a
When do monthly depositors make their deposits? A monthly depositor will figure the total amount of Form 941 taxes owed in a calendar month and then pay this amount by the fifteenth of the next
When do semiweekly depositors make their deposits? The rules for mak¬ ing deposits are a little more complicated. A semiweekly depositor may have to make up to two Form 941 deposits each week. When
What is a banking day? The term banking day refers to any day that a bank is open to the public for business. Saturdays, Sundays, and legal holi¬ days are not banking days. LO.1
How do legal holidays affect payroll tax deposits? If a legal holiday occurs after the last day of a payday time period, the employer will get one extra day to make its Form 941 tax deposit as
What happens if an employer is late with its Form 941 tax deposit? If a Form 941 tax deposit is not made the day it should be deposited, the employer may be assessed a fine for lateness and may even
What taxes make up Payroll Tax Expense? LO.1
Explain how an employer can receive a credit against the FUTA tax due. LO.1
Explain what an experience or merit rating is and how it affects the amount paid by an employer for state unemployment insurance. LO.1
How is an employer classified as a monthly or semiweekly depositor for Form 941 tax purposes? LO.1
What is the purpose of Form 8109? LO.1
How often is Form 941 completed? LO.1
Please comment on the following statement: The amount found on line 17(d) of Form 941 must always be the same amount found on line 13 of the form. LO.1
Bill Smith leaves his job on July LO.1
He requests a copy of his W-2 form when he leaves. His boss tells him to wait until January of next year.Please discuss whether Bill’s boss is correct in making this statement. LO.1
Why would one employer prepare a Form 940 but another would prepare a 940-EZ? LO.1
Employer A has a FUTA tax liability of $67.49 on March 31 of the current year. When does the employer have to make the deposit for this liability? LO.1
Employer B has a FUTA tax liability of $553.24 on January 31 of the current year. When does the employer have to make the deposit for this liability? LO.1
is the year-end adjusting entry needed for workers’ compensation insur¬ ance?1.Complete the following table:Exempt Wages LO.1 Accounts Affected a. Payroll Tax Expense b. FICA Social Security
Pete Bole’s cumulative earnings before this pay period were $6,800; his gross pay for this week’s $500. How much of this week’s pay will be subject to taxes for: FICA — Medicare,
Label the following look-back periods for 200C by months. LO.1 A 200A B C 200B D
From the following information, prepare a general journal entry to record the payroll tax expense for Asty Company for the payroll of August 9:The FICA tax rate for Social Security is 6.2 percent on
Using Exercise 8-1, the state changed Asty’s experience/merit rating to 4.9 per¬ cent. What effect would this change have on the total payroll tax expense? LO.1
Using Exercise 8-1, if D. Ring earned $2,000 for the week instead of $300, what effect would this change have on the total payroll tax expense? LO.1
At the end of January 200X, the total amount of Social Security, $610, and Medicare, $200, was withheld as tax deductions from the employees of Cornfield Acres Inc. Federal income tax of $3,000 was
The total wage expense for Howie Co. was $150,000. Of this total, $30,000 was beyond the Social Security wage-base limit and not subject to this tax. All earn¬ ings are subject to Medicare tax, and
Carol’s Grocery Store made the following Form 941 payroll tax deposits during the look-back period of July 1, 200A, through June 30, 200B:Should Carol’s Grocery Store make Form 941 tax deposits
If Carol’s Grocery Store downsized its operation during the second quarter of 200B and as a result paid only $6,121.93 in Form 941 taxes for the quarter that ended on June 30, 200B, should
From the following accounts, record the payment of (a) the July 3 payment for FICA (Social Security and Medicare) and federal income taxes, (b) the July 30 payment of state unemployment tax, and (c)
At the end of the first quarter of 200X, you have been asked to determine the FUTA tax liability for Oscar Company as well as to record any payment of tax liability. The following information has
From the following data, estimate the annual premium and record it by prepar¬ ing a general journal entry: LO.1 Type of Work Office Sales Estimated Payroll $15,000 42,000 Rate per $100 $ .17 1.90
[www.microsoft.com] Microsoft is one of the growing number of American companies who hires temporary workers who are independent contractors to fill permanent spots in its labor force. These
[http://ebs.adp.com/prod/index.html] Automatic Data Processing, Inc. (ADP) is long-recognized leader in payroll preparation for businesses of all sizes. ADP does provide other services to businesses,
From information you obtain from this website, explain why ADP has an important niche in Human Relations and payroll preparation. LO.1
What advantage can a company of any size obtain by outsourcing its payroll preparation and tax reporting activities? LO.1
Click on the Start button. Point to Programs; point to the Peachtree folder and select Peachtree Complete Accounting. Your desktop may have the Peachtree icon allowing for a quicker entrance into the
Follow the “Open a File” instructions in Part A of the Computerized Accounting appendix at the back of this book to open Pete’s Market LO.1
Click on the Company Name entry field at the end of Pete’s Market. If it is already highlighted, press the right arrow key. Add a dash and your name “-Student Name” to the end of the company
Record the payment of last month’s payroll liabilities using the General Journal Entry window. Enter the Date listed for each transaction (you may use the “ + ” key to advance the date or use
Close the General Journal. Peachtree has two options for paying your employ¬ ees. Both are available under the Tasks menu. The first option is Select for Payroll Entry which selects all employees
Since ours is a monthly payroll paid on the last day of the month, we will change the Pay End Date: to reflect January 31 using the small calendar to the right of the field, Click on the small
Click on the Ok button when you are ready to continue. This will bring up a Select Employees to Pay dialogue box: LO.1 X Selectologe Close Select Punt Preview Detail Jobs Report Check Date: Jan 1,
Notice how Peachtree has selected all three of our employees and has auto¬ matically flagged them for payment with a red check mark. It has also calcu¬ lated all of the required withholdings and
If you want to see the detail on any of the employees, simply double click on that employee’s entry to bring up a Detail dialogue box. Try selecting Fred Flynn. You can change any of the numbers
After verifying that the payroll entries are correct, click on the Print icon to print checks and post this transaction. A Print Forms: Payroll Checks dialogue box is presented for the user to select
You are now presented with a dialogue box to select Real or Practice. Practice would be used to make sure the checks are aligned in the printer. This is par¬ ticularly important with dot matrix type
You are now prompted for a check number to begin the numbering with. Type in “001 ” and select Ok to print the checks. You may need to tell your printer to continue since it will wait for the
From the Reports menu, select Payroll. This will bring up a Select a Report dia¬ logue box containing a list of several payroll reports available to us. Select Payroll Register to bring up a payroll
We will now transfer cash from our regular Cash account into our Payroll Checking account in order to cover the checks we have just written. Note from the register totals, we have a total of
After you have posted the journal entry, close the General Journal Entry window and print the following reports accepting all defaults offered by Peachtree:a. General Journal-(check figure debit =
It is always wise to backup accounting data at the end of each month, saving it into a file that will be saved until the end of the year. We will use Peachtree’s Backup feature to do this. Click on
We must now advance the period to prepare Peachtree for the February transactions.r Using your mouse, click on System from the Tasks menu. Select Change Accounting Periods.▼ Using the pull down
Record the following general journal entry: LO.1 2000 Feb. 15 Record the compound journal entry for the deposit of Social Security, Medicare, and FIT from last month's payroll. Use the trial balance
Record the February payroll journal entries for Fred Flynn, Mary Jones, and Lilly Vron. Remember that Fred Flynn is making more than his usual amount this month. He will earn $2,590 instead of his
Peachtree should select check #004 as the starting check number automatically. Be sure to transfer the net pay into the Payroll Checking Cash account. LO.1
Print the following reports accepting all defaults:a. Payroll Register-(check figure Net = $6,302.66)b. General Journal-(check figure debit = $8,782.66)c. Trial Balance-(check figure debit =
Click on the Company Window File menu; select Backup, use a filename such as “PeteFeb” to make sure you can recognize what the backup represents. Click on Ok. LO.1
We must now advance the period to prepare Peachtree for the March transactions.▼ Using your mouse, click on System from the Tasks menu. Select Change Accounting Periods.▼ Using the pull down
Record the following general journal entry:2000 Mar. 15 Record the compound journal entry for the deposit of Social Security, Medicare, and FIT from last month’s payroll. LO.1
Record the March payroll journal entries for Fred Flynn, Mary Jones, and Lilly Vron. Note that all three will receive other than their normal salary for this pay period. Be sure to transfer the net
Print the following reports accepting all defaults:a. Payroll Register-(check figure Net = $7,557.49)b. General Journal-(check figure debit = $10,076.47)c. Trial Balance-(check figure debit =
From the Reports menu, select Payroll. This will bring up a Select a Report dialogue box containing a list of several payroll reports available to us. Select the 941 folder near the bottom to open up
Close the Select a Report Window when you are finished. LO.1
Click on the Company Window File menu; select Backup, use a filename such as “PeteMar” to make sure you can recognize what the backup represents. Click in Ok. LO.1
We must now advance the period to prepare Peachtree for the April transac¬ tions.▼ Using your mouse, click on System from the Tasks menu. Select Change Accounting Periods.▼ Using the pull down
Record the following general journal entry:2000 Apr. 15 Record the compound journal entry for the deposit of Social Security, Medicare, and FIT from last month’s payroll.30 Record the payment of
Print the following reports accepting all defaults:a. General Journal-(check figure debit = $4,979.19)b. Trial Balance-(check figure debit = $81,932.21) LO.1
Journalizing and posting adjusting entries, (p. 157) LO.1
Journalizing and posting closing entries, (p. 160) LO.1
Preparing a post-closing trial balance, (p. 171) LO.1
How would the adjustment be made if Mary Smith received $6.50 per hour and worked 25 hours?Where would you place her accrued wages? LO.1
Fred bought six new uniforms for Mary Smith for $72 each, but forgot to post it to the Uniforms account. How much will the closing balance be off? In what way will it be off? LO.1
Why does Dunkin’ Donuts require a monthly closing from each shop, no matter how much —or little —business each does? LO.1
Closing is a mechanical process that aids the accountant in recording transactions for the next period. LO.1
Assets, liabilities, and capital are permanent (real) accounts; their balances are carried over from one accounting period to another. Withdrawals, rev¬ enue, and expenses are temporary (nominal)
Income Summary is a temporary account in the general ledger and does not have a normal balance. It will summarize revenue and expenses and transfer the balance to capital. Withdrawals do not go into
All information for closing can be obtained from the worksheet or ledger. LO.1
When closing is complete, all temporary accounts in the ledger will have a zero balance, and all this information will be updated in the capital account. LO.1
Closing entries are usually done only at year end. Interim reports can be prepared from worksheets that are prepared monthly, quarterly, etc. LO.1
The post-closing trial balance is prepared from the ledger accounts after the adjusting and closing entries have been posted. LO.1
The accounts on the post-closing trial balance are all permanent titles. LO.1
When a worksheet is completed, what balances are found in the general ledger? LO.1
Why must adjusting entries be journalized even though the formal state¬ ments have already been prepared? LO.1
“Closing slows down the recording of next year’s transactions.” Defend or reject this statement with supporting evidence. LO.1
What is the difference between temporary and permanent accounts? LO.1
What are the two major goals of the closing process? LO.1
List the four steps of closing. LO.1
What is the purpose of Income Summary and where is it located? LO.1
How can a worksheet aid the closing process? LO.1
What accounts are usually listed on a post-closing trial balance? LO.1
Closing entries are always prepared once a month. Agree or disagree. Why? LO.1
Click on the Start button. Point to Programs; point to Peachtree folder and select Peachtree Complete Accounting. Your desktop may have the Peachtree icon allowing for a quicker entrance into the
Follow the “Open a File” instructions in Part A of the Computerized Accounting appendix at the back of this book to open Valdez Realty. LO.1

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