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Questions and Answers of College Accounting

Sales journal, subsidiary ledger, and schedule of accounts receivable Church Company completes the following transactions during March, its first month of operations (terms for all its credit sales
Journal entries for cash receipts, sales discounts, and sales returns and allowances The March sales transactions of Church Company are described in Problem 11-3A. In addition to those transactions,
Recording sales returns and lowance:Allied Parts, a wholesaler, was organized on May 1, 2008, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of
Posting to subsidiary ledger accounts; preparing a schedule of account receivable At the end of May, the sales journal of Mountain View appears as follows. (There are no sales taxes on Mountain
Keeler Company had the following credit sales to its customers during June.Required 1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the
Assume the transactions in Exercise 11-5 involve cash sales instead of credit sales. Also assume that the Keeler company receives interest revenue on June 17 of \($350\) from the bank and receives a
How is net sales computed?
What account is used to show that a company has collected sales tax but has not yet remitted it to the state or local goyernment?Is this account an asset, a liability, or an equity account?
Why do businesses monitor the amount of sales returns and allowances?
Why would one merchandising company use a sales journal,but another merchandising company would not?
Why does a company maintain an accounts receivable subsidiary ledger?
What type of account is Sales Discounts? What is its normal balance?
When a company uses an accounts receivable subsidiary ledger, it must make one entry into the individual account of the subsidiary ledger and another entry into the accounts receivable account of the
Refer to the income statement for Best Buy in Appendix A. How does Best Buy title its net sales revenue account? Does it disclose sales returns and allowances separately? Appendix A: Consolidated
Refer to the income statement for Circuit City in any 10 Appendix A. How does Circuit City title its net sales revenue account?Appendix A: Consolidated Statements of Earnings $ in millions, except
Journalizing credit sales Show the general journal entries for the following sale transactions for Martindale Company from June 2009. Sales tax equals 8% of sales price.June 2 Sold merchandise on
Interpreting credit terms Interpret the meaning of the following credit terms.a. 2/10, n/60b. 2/EOM,n/60c. 3/10, n/30d. 2/10, n/30
Identifying special journals Steele Manufacturing uses special journals in its accounting system. Indicate the journal that would be used for each of the following transactions. (Hint: Use Exhibit
Journalizing credit sales in a sales journal Refer to the transactions in QS 11-1. Show how these transactions would be entered in a sales journal.(Use Exhibit 11.6 as a guide.)QS 11-1:Journalizing
Computing net sales Compute net sales for 2007 for Snedigar Company given the following information. Sales (Gross) 43,251 Sales Discounts 757 Sales Returns and Allowances 2,253
Compute and interpreting acid-test ratio Use the following information on current assets and current liabilities to compute and interpret the acidtest ratio. Explain what the acid-test ratio of a
Whaarte t he limits on an employee's annual payf or computing-t e employer's (a) Social Security tax; (b) Medicare tax; (c) federal unemployment tax ; and (d) state unemployment tax?
Indicate whether the employer or employee or both incur each of following (a) FICA taxes;(b) FUTA taxes; (c) SUTA taxes; and (d) withheld income taxes.
A company pays its an employee \($3,0\) 00 per month.The company's FUTA rate is 0.8% on the first \($7,000\) earned; its SUTA rate is 4.0% on the first \($7,000;\) its: Social Security tax rate is
For each of the following separate cases determine how frequently (monthly or semiweekly) the employer must deposit payroll taxes for 2008:(a) a new business expects to pay \($55,000\) in payroll
How frequently does the employer report federal payroll taxes? What tax form is used?
What is a Form W-2? A Form W-3?
A company has 10 employees. This company’s FUTA rate is 0.8% on the first \($7,000\) earned; its SUTA rate is 2.5% on the first \($7,000\). Each employee earns over \($7,000\) in 2008, and the
How frequently does an employer report state and federal unemployment taxes?
A company has office staff and construction workers. The company pays workers’ compensation insurance premiums of \($0.20\) per \($100\) of office staff wages and \($3.00\) per \($100\) of
What journal entry will the company in question 9 make to record the payment of its estimated workers’ compensation insurance premium at the beginning of 2008?
Assume the company in question 9 actually pays \($66,000\) in total pay to office staff and \($209,400\) in total pay to construction workers during 2008. What journal entry will the company make to
The sales journal is used to recorda. Credit salesb. Cash sales¢. Cash receiptsd. Cash purchasese. Credit purchases 7
The ledger that contains the financial statement accounts of a company is thea. General journalb. Column balance journalc. Special ledgerd. General ledgere. Special journal
A subsidiary ledger that contains a separate account for each customer to the company is thea. Controlling accountb. Accounts payable ledgerc. Accounts receivable ledgerd. General ledgere. Special
A company sells \($1,000\) worth of goods to a customer on July 19 with credit terms of 2/10 net 30. If the customer pays on July 28, they would pay:a. \($1,000\)b. \($1,020\)c. \($983\)d. \($980\)e.
Refer to the serial problem from Chapter 9. Michelle Jones’ gross pay for the February 26 payroll equals $1,200.I. Record the journal entry to reflect the employer payroll tax expenses for the
As ZTech’s accountant you make payroll tax deposits. Recently ZTech has experienced financial distress. Your boss suggests that the company skip its upcoming quarterly tax deposit, and make the
As the accountant for Prestige Home Construction you record your employer’s workers’ compensation costs. At a meeting discussing the year-end financial statements, your boss, Dusty Haynes, says,
Many employers are switching to payroll cards instead of issuing paper payroll checks to employees. Go to the American Payroll Association Website (www.americanpayroll.org) and
Form learning teams of three members each. Each team member is to become an expert on one of the types of employer payroll tax listed below:a. FICA (Social Security and Medicare)b. Unemployment
Computing and reporting unemployment taxes Ideal Systems’ employees had the following earnings records at the close of the first quarter:The state unemployment tax is 5.4%, but Ideal Systems pays
What is a federal depository bank?
How does an employer report its state and federal unemployment taxes?
When does an employer typically pay premiums for workers’ compensation insurance?
How often must an employer deposit federal income tax with-holdings?
How does an employer make federal income tax withholding deposits?
Employer's payroll obligation Match each of the following terms A through H with the appropriate definitions 1 through 8.A. EFTPS B. Form 941 C. Merit rating D. FICA taxes E. Form 940 F. Form
Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first \($94,200\)
Preparing Form W-2 A company’s employer payroll taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA Social Security taxes on earnings up to \($94,200\),
Preparing Form W-3 Refer to the data in QS 10-5. Compute the company’s Form W-3 Transmittal of Wage and Tax Statements information required below.QS 10-5:Preparing Form W-2 A company’s employer
Computing employer taxes An employee earned \($62,500\) during the year working for an employer. The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The current FUTA tax
Assume the FUTA tax rate is 0.8% and the SUTA tax rate is 5.4%. Both taxes are applied to the first \($7,000\) of an employee’s pay. What is the total unemployment tax an employer must pay on an
A company estimates that its office employees will earn \($70,000\) next year and its construction employees will earn \($145,000\) next year. The company pays for workers’ compensation insurance
A company’s payroll register reports total employee gross pay of \($16,200\) for a recent pay period. A total of \($14,000\) of this amount is subject to Social Security tax. Only one of the
Michelle Jones earned \($150\) per day for the 8 days in the most recent pay period ending on February 26.Required1. Assume that Michelle Jones is an unmarried employee. Her wages are subject to no
Refer to the financial statements of Best Buy in Appendix A to answer the following:Required1. What payroll-related liability does Best Buy report at February 26, 2005?2. In what income statement
You take a summer job working for a family friend as a Web page designer for a small information technology service. On your first payday, the owner slaps you on the back, gives you full payment in
An owner of a growing business hires you as a consultant. He is concerned about rising pay-roll costs, and also concerned about payroll fraud. Currently, his payroll clerk collects time sheets and
Access the February 27, 2006, filing of the December 31, 2005, annual 10-K report of McDonald’s Corporation (Ticker: MCD), which is available from WWW.SEC.gOV.RequiredI. Identify the amount of
Each team should select an industry for analysis. Each team member selects a firm within that industry and collects net sales and number of employee data for the current year, one year prior, and two
Review the chapter’s opening feature about Youngsong Martin and Wildflower Linens.RequiredMartin stresses that controlling payroll liabilities is a must to succeed in business. What are some
A company pays its one employee \($3,000\) per month. This company’s Social east tax rate is 6.2% of the first \($94,200\) ;and its Medicare tax rate is 1.45% of all amounts earned. The company’s
Identify whether the employer or employee or both incur each of the following: (a) FICA taxes, and (b) withheld income taxes.
An employee worked 45 hours in a pay period. She earns \($16\) per hour and one and one-half her normal hourly wage for all overtime hours. What is her gross pay?
Which of the following steps are executed when a company draws one check for total payroll and deposits it in a special payroll bank account? (a) Write a check to the payroll bank account for the
What type of payroll fraud has the highest average dollar loss?
Computing FICA taxes Refer to QS 9-1 What amount must Nouri’s employer withhold from Nouri’s pay for Social Security (6.2%) taxes and Medicare (1.45%) taxes?QS 9-1:Compute gross pay for each of
Computing FICA taxes An employee earned \($3,450\) for the current period. Calculate the total and individual amounts to be withheld for Social Security (6.2%), Medicare (1.45%), and federal income
Computing withholdings Dextra Computing’s payroll register reports that Ramesh Jain’s cumulative earnings before this pay period were \($98,000\). Ramesh earned \($1,240\) this pay period. Ramesh
Record employer payroll taxes Major Co. has five employees, each of whom earns \($2,500\) per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first \($94,200\)
Journalize payroll transactions Refer to QS 9-6. Prepare the journal entries to pay the March 31 payroll, assuming Major Co. uses a special payroll bank accountQS 9-6:Record employer payroll taxes
Computing FICA taxes A self-employed worker earned \($47,000\) during the year, The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. How much should this worker pay for
An employee earned \($50,000\) during the year. FICA tax for social security is 6.2% and FICA tax for Medicare is 1.45%.The employee’s share of FICA taxes isa. Zero, since the employee’s pay
Which of the following taxes is not withheld from employee’s pay?a. Social security taxes.b. Unemployment taxes.¢. Federal income taxes.d. State income taxes.e. Medicare taxes.
An employee worked 48 hours in the last weekly pay period.She is paid a normal wage of \($12\) per hour and is paid one and one-half times her normal hourly wage for all hours worked beyond 40 hours.
A single employee claiming 4 withholding allowances earns\($710\) per week. If she is paid weekly, what amount will be withheld from her pay for federal income tax withholdings?(Use the withholding
A company uses a special bank account to pay its payroll. If total gross pay for a pay period was \($3,500\) and total net pay for the same period was \($2,750,\) the journal entry to pay the payroll
What is the current maximum annual level of salary used to compute an employee’s Social Security taxes?
What are examples of items employees might voluntarily choose to have deducted from their pay?
What are employee earnings records? Why do employers maintain employee earnings records?
What risks do payroll activities pose for employers?
Give three examples of common payroll fraud schemes that are costly to employers.
What procedures can an employer use to control payroll fraud?
Why are some cash payments made from a petty cash fund, and not by check?
Why should a petty cash fund be reimbursed at the end of an accounting period?
Identify at least two results of reimbursing a petty cash fund.
What is a bank statement?
What is the meaning of the phrase to reconcile a bank balance?
Why do we reconcile the bank statement balance of cash and the depositor’s book balance of cash?
List at least two items affecting the bank balance side of a bank reconciliation and indicate whether the items are added or subtracted.
List at least three items affecting the book balance side of a bank reconciliation and indicate whether the items are added or subtracted.
Analyzing internal control 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. Lavina Company
Prepare a bank reconciliation and record adjustments The following information is available to reconcile Severino Co.’s book balance of cash with its bank statement cash balance as of December 31,
Prepare a bank reconciliation and record adjustments Shamara Systems Co. most recently reconciled its bank balance on April 30 and reported two checks outstanding at that time, No. 1771 for
Adriana Lopez receives the March bank statement for Success Systems on April 11, 2008. The March 31 bank statement shows an ending cash balance of \($86,896\). A comparison of the bank statement with
Refer to Best Buy’s financial statements in Appendix A to answer the following.1. For both fiscal year-ends February 26, 2005, and February 28, 2004, identify the total amount of cash and cash
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.RequiredCompute days’ sales uncollected for both companies for each of the two years shown. Comment on any trends for
Assume you are a salesperson for a small business. The owner of the business informs the sales staff that the days’ sales uncollected ratio is too high, and asks you for insight on how to reduce
Visit the Association of Certified Fraud Examiners Website at cfenet.com. Review the cash frauds (refer to the 2006 Report to the Nation; see Fraud resource center—under publications—to the

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