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Questions and Answers of College Accounting

Landmark Homes began operations on January 1, 2007. The company pays workers’ compensation insurance premiums for its employees. The company’s accountant assembled the data below for Landmark
BMX Co. has one employee, and the company is subject to the following taxes:Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each
Using the data in situation a of Exercise 10-1, prepare the employer’s September 30 journal entries to record (1) the employer s payroll tax expense and its related liabilities and (2) its tax
Metro Express has five sales employees, each of whom earns \($4,000\) per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA Social Security taxes of
Premier Landscaping reports the following in its payroll register for August. The company makes monthly tax deposits.Prepare the general journal entry to record Premier Landscaping’s deposit of its
A1 Construction began operations on January 1, 2007. The company pays workers’ compensation insurance premiums for its employees. The company’s accountant assembled the data below for 2007:1.
Paloma Co. pays its employees each week. Its employees’ gross pay is subject to these taxes:The company is preparing its payroll calculations for the week ended August 25. Payroll records show the
Warner Co. pays state unemployment tax of 2.0% of each employee’s first \($7,000\) of annual gross pay.It also pays federal unemployment tax of 0.8% of each employee’s first \($7,000\) of annual
Tool began operations on January 1, 2007. Precision Tool pays workers’ compensation insurance premiums for its employees. The company’s accountant assembled the data below for Precision Tool for
What is a Form W-2? To whom is Form W-2 sent?
What is a Form W-3? To whom is a Form W-3 sent?
The Federal Insurance Contributions Act (FICA) requires that each employer file aa. W-4.b. Form 941.c. Form 1040.d. Form 1099.e. All of the above.
Key comparative figures for both Best Buy and Circuit City follow.Required1. Compute sales-per-employee for 2005 and 2004 for each company.2. Comment on each company’s operating efficiency based on
The payroll records of JK Landscape Design provided the following data for the weekly pay period ended October 7:The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on
Merle Perkins operates Al Auto Repair. Information on his three employees for the payroll period (week) ending June 1, 2007, is provided below. Each employee receives one and one-half times the
Refer to Problem 9-4B. Before the pay period endin g June 1, 2007, the individual employee earnings record for Andre Jones reports the following:Social Security taxes of 6.2% and Medicare taxes of
The payroll records of Swift Company provided the following data for the weekly pay period ended December 7:The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of
Refer to Problem 9-4A. Before the pay period ending June 1, 2007, the individual employee earnings record for Emily Jacobs reports the following:Social Security taxes of 6.2% and Medicare taxes of
Compute gross pay for each of the following employees. An overtime rate of one and one-half times the normal hourly wage is paid for each hour worked beyond 40 hours. Mike Mura Hourly Rate No. of
BMX Co. has one employee, Keesha Parks, and the company is subject to the following taxes:Compute BMX’s amounts for FICA taxes and federal income tax withholdings as applied to Keesha’s gross
Using the data in situation b of Exercise 9-1, prepare the employer’s September 30 journal entries to record (1) salary expense and its related payroll liabilities for this employee and (2) payment
Use withholding tables from Exhibits 9.4 and 9.5 to compute the amount of federal tax withheld from the weekly pay of the following employees: Name Gross Pay Withholding Marital Allowances Status
The payroll records of One Click Software show the following information about Keisha LeShon, an employee, for the weekly pay period ending September 30, 2008. LeShon is single and claims one
Phildell Phoenix is paid monthly. For the month of January of the current year, he earned gross pay of \($8.288\), FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The
Match each of the following terms A through G with the appropriate definitions 1 through 7.A. FICA taxes B. Payroll register C. Withholding allowance D. Gross pay E. Wage bracket withholding
Identify and describe several cash controls that Moe’s likely uses.
For each of these five separate cases, identify the basic control principle(s) that is violated. Recommend what the business should do for better control.1. Chi Han records all incoming customer cash
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2008.a. After all posting is complete on July 31, the
1. The petty cash fund of the Brooks Agency is established at \($85\). At the end of the current period, the fund contained \($14.80\) and had the following receipts: film rentals, \($21.30\),
What control procedures would you recommend in each of the following situations?1. A concession company has one employee who sells sunscreen, T-shirts, and sunglasses at the beach.Each day, the
Del Gato Clinic deposits all cash receipts on the day they are received and it makes all cash payments by check. At the close of business on June 30, 2008, its Cash account shows an \($11,589\) debit
Deacon Co. reported annual net sales for 2007 and 2008 of \($665,000\) and \($747,000\), respectively. Its year-end balances of accounts receivable follow: December 31, 2007, \($61,000\) ; and
Read the article “No Accounting for Being Disorganized” in the March 10, 2004, issue of BusinessWeek. (The book’s Website provides a free link.)Required 1. Why does Steven Cohen, the author of
For each of the independent cases below, identify the principle of internal control that is violated, and recommend what should be done to remedy the violation.I. In order to save money, Regal
Identify and explain provisions of the Sarbanes-Oxley Act that are designed to prevent fraud.
Refer to Best Buy’s financial statements in Appendix A to answer the following.I. Identify and write down the revenue recognition principle as explained in the chapter.2. Research Best Buy’s
Merchandising companies, such as Best Buy and Circuit City, sell gift cards to their customers.Best Buy and Circuit City would record these as unearned revenue, When the gift cards are redeemed,
Recall the ethical dilemma in the “You Call It” box on page 317 that suggested delaying recognition of accrued expenses and early revenue recognition.Required1. Relying on the matching principle,
Merchandising companies, such as Best Buy and Circuit City, sell gift cards to their customers to generate future revenues.Required Visit the Websites of Best Buy (BestBuy.com) and Circuit City
Refer to the chapter’s opening feature about Tony Lee and his Ring Masters company. Required1. At the end of each reporting period, Tony Lee makes adjusting journal entries. Give examples of each
Describe a company’s annual reporting period.
Why do companies prepare interim financial statements?
What two accounting principles most directly drive the adjusting process?
If your company pays a \($4,800\) premium on April 1, 2007, for two years’ insurance coverage, how much insurance expense is reported in 2008 using cash basis accounting? Using accrual basis
If an adjusting entry for accrued revenues of \($200\) at year-end is omitted, what is this error’s effect on the year-end income statement and balance sheet?
Describe how an accrued revenue arises. Give an example.
Why is the accrual basis of accounting generally preferred over simply using cash payments and receipts?
What is an accrued expense and where is it reported in the financial statements?
What is unearned revenue and where is it reported in financial statements?
Review the balance sheet of Best Buy in Appendix A. Identify the liability accounts that require adjust- Cad ment before annual financial statements can be prepared.What would be the effect on the
Review the balance sheet of Circuit City in Appendix A.Identify two asset accounts requiring adjusting entries.Appendix A: Consolidated Balance Sheets $ in millions, except per share amounts Assets
Adjusting for unearned revenuesa. Tao receives \($10,000\) cash in advance for 4 months of legal services on October 1, 2008, and records it by debiting Cash and crediting Unearned Revenue both for
Preparing adjusting entries Prepare adjusting journal entries for the year ended December 31, 2008, for each of these separate sit-uations. Assume that prepaid expenses are initially recorded in
Preparing adjusting entries For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended December 31, 2008. Assume that prepaid expenses are
Adjusting and paying accrued wages Reese Management has four part-time employees, each of whom earns \($300\) per day. They are normally paid on Fridays for work completed Monday through Friday of
Adjusting and paying accrued expenses The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the
Refer to Best Buy’s financial statements in Appendix A to answer the following.Required 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.Required 1. Compute the dollar amount of gross margin and the gross margin ratio for the two years shown for both
Access the SEC’s EDGAR database (www.sEC.gov) and obtain the April 29, 2005, filing of its fiscal 2005 10-K report (for year ended January 29, 2005) for J. Crew Group, Inc.Required Prepare a
Refer to the opening feature about CoCaLo. Assume that Renee Pepys Lowe estimates current annual sales at approximately $10 million and reports the following income statement.CoCaLo sells to
Describe a merchandiser’s cost of goods sold.
What is gross profit for a merchandising company?
A merchandiser had \($20,000\) of beginning inventory. Its net purchases cost \($115,000\). If it has \($17,000\) of ending inventory, compute(a) merchandise available for sale and(b) cost of goods
How long are the credit and discount periods when credit terms are 2/10, n/60?
Identify which items are subtracted from the list amount and not recorded when computing purchase price: (a) transportation-in; (b) trade discount; (c) purchase discount; (d) purchase return.
What does FOB mean? What does FOB destination mean?
What are the normal recording and posting procedures when using special journals and controlling accounts with subsidiary ledgers?
What is the process for posting to a subsidiary ledger and its controlling account?
How do we prove the accuracy of account balances in the general ledger and subsidiary ledgers after posting?
The accounting principle that requires revenue to be reported when earned is thea. Matching principle.b. Revenue recognition principle.c. Time period principle.d. Accrual reporting principle.e.
Adjusting entriesa. Affect only income statement accounts.b. Affect only balance sheet accounts.c. Affect both income statement and balance sheet accounts.d. Affect only cash flow statement
On May 1, 2008, a two-year insurance policy was purchased for \($12,000\) with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement
Employees at Guthrie Co. worked three days at the end of 2008 and earned \($5,400\). They will be paid for this work at the next payroll date on January 9, 2009. What is the adjusting entry that
Gomez Corp. has the following credit purchase transactions in the month of October.Oct. 4 Purchased merchandise from Benjamin Inc. under the following terms: \($950\) price; invoice date 10/2, credit
Adriana Lopez created Success Systems on October 1, 2007. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up
On May 5, Baker purchases 1,500 units of merchandise from Allied Parts for \($14\) per unit. Baker is a retailer and purchases the units for resale. Three separate transactions a through c also
Preparing journal entries for inventory purchases and sales Journalize the following merchandising transactions for Chilton Systems.1. On November 1, Chilton Systems purchases merchandise for
Why are sales discounts and sales returns and allowances recorded in contra revenue accounts instead of directly in the Sales account?
When merchandise is sold on credit and the seller notifies the buyer of a price allowance, does the seller create and send a credit memorandum or a debit memorandum?
How do debits and credits remain equal when credit sales are posted twice (once to Accounts Receivable and once to the customer's subsidiary account)?
How do we identify the journal from which an amount in a ledger account was posted?
How are sales taxes recorded in the context of special journals?
Merchandise inventorya. Is a long-term asset account.b. Is a current asset account.c. Includes supplies.d. Is classified with investments on the balance sheet.e. Must be sold within one month.
Net purchases includesa. Any purchase discounts.b. Any returns and allowances.c. Any necessary transportation-in costs.d. Any trade discounts.e. All of the above.
In comparing the accounts of a merchandising company with those of a service company, what additional accounts would the merchandising company likely use?
Refer to the income statement for Circuit City in Appendix A. What does Circuit City title its cost of a goods sold account? CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME
Recording purchases Prepare journal entries to record each of the following purchases transactions of a merchandising company.Mar. 5 Purchased 600 units of product with a list price of \($10\) per
Computing cost of goods sold and gross margin Following are financial figures for five companies. Compute net purchases, cost of goods available for sale, cost of goods sold, gross margin, and the
Computing cost of goods sold and gross margin Following are financial figures for five companies. Solve for the missing items a through e. Beginning inventory Purchases Purchase discounts Purchase
Recording purchases in a purchases journal Account for the following purchases in a purchases journal using Accounts Payable (acct. #207), Purchases (acct. #502), and Transportation-In (acct. #503).
Sales journal and accounts receivable subsidiary ledger Acorn Industries completes the following transactions during July, its first month of operations (the terms of all its credit sales are 2/10,
Using your solution to 11-1B, prove the accuracy of the accounts receivable subsidiary ledger by preparing a schedule of accounts receivable as of July 31.Problem 11-1BSales journal and accounts
Sales journal, subsidiary ledger, and schedule of accounts Grassley Company completes the following transactions during November, its first month of operations (terms for all its credit sales are
Journal entries for sales discounts and sales returns and allowances The November sales transactions of Grassley Company are described in Problem 11-3B. In addition to those transactions, Grassley
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.Required1. Compute the acid-test ratio for the two years shown for both companies. 2. Drawing on results from part 1,
Access the SEC’s EDGAR database (www.SEC.gov) and obtain the April 25, 2006, filing of its fiscal 2005 10-K report (for year ended January 28, 2006) for J. Crew Group, Inc.RequiredPrepare a table
William Fuerst Company completes the following transactions during July of the current year. A tax rate of 8% applies to all sales.July 3 Sold \($6,000\) of merchandise on credit to Susan Scholz,
Refer to the opening feature about Bert and John Jacobs and their Life is good company.RequiredI. Identify the special journals that Life is good would likely use in its operations.2. Identify any
Wiset Company completes the following transactions during April, its first month of operations. A tax rate of 8% applies to all sales.Apr.3 Sold \($4,000\) of merchandise on credit to Page Alistair,
Using your solution to Problem 11-1A, prove the accuracy of the accounts receivable subsidiary ledger by preparing a schedule of accounts receivable as of April 30.Problem 11-1A:Sales journal and

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