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Questions and Answers of College Accounting

On March 1 of this year, the Stenn Company established a Petty Cash Fund, and the following petty cash transactions took place during the month:Mar. 1 Cashed check no. 314 for $60 to establish a
Betty Rice, owner of Betty’s Beauty Salon, makes bank deposits in the night depository at the close of each business day. The following infor¬mation for the first three days of April is
On August 2, Northway Hotel receives its bank statement (on the following page). The company deposits its receipts in the bank and makes all payments by check. The debit memo for $37 is for an NSF
Calculate total earnings based on an hourly, piece-rate, or commission basis.
Determine deductions from tables of employees’ income tax withholding.
Complete a payroll register.
Journalize the payroll entry from a payroll register.
Maintain employees’ individual earnings records.
How is an employee’s individual earnings record related to the payroll register?
What information is included in an employee’s individual earnings record, and what is its function?
Distinguish between an employee’s gross earnings and net earnings for a pay¬roll period.
Describe how a special payroll bank account is useful in paying the wages of employees.
List three possible required deductions and four voluntary deductions from employees’ total earnings.
What is the difference between an employee and an independent contractor?Give three examples of independent contractors.
What information is included in a wage-bracket withholding table? What is the title of the federal form?
Determine the gross pay for each employee listed below.a. Greg Dalton is paid time-and-a-half for all hours over forty. He worked fortyfive hours during the week. His regular pay rate is $9.90 per
Leon Ruiz works for Paschal Company, which pays its employees time-and-a-half for all hours worked in excess of forty per week. Ruiz’s pay rate is $14.10 per hour. His wages are subject to federal
Using the income tax withholding table in Figure 7-3, page 256, P.O. 2,3 for each employee of National Discount Stores, determine the net pay for the week ended January 21. Assume a Social Security
For the week ended September 7, the totals of the payroll register for Hanson, Inc., are presented above. The regular and overtime earnings are correct. List six errors that exist.P.O. 3 Locate
For tax purposes, assume that the maximum taxable earnings are$62,700 for Social Security and $7,000 for the unemployment tax, and all earn¬ings are taxable for Medicare. For the payroll register
On January 21, the column totals of the payroll register for Regal Distributors showed that its sales employees had earned $13,620, its driver employees had earned $8,460, and its office employees
Boyle Laboratory has two employees. The information shown P.O. 1,2 below was taken from their individual earnings records for the month of Sep-tember. Determine the missing amounts, assuming that the
Assume that the employees in Exercise 7-7 are paid from the com- P.0.4 pany’s regular bank account (check numbers 931 and 932). Record the payroll entry in general journal form, dated September 30.
Lee Symmons, an employee of Herrington Distributing Com- P.0.1,2 pany, worked forty-six hours during the week of February 9 through 15. Flis rate of pay is $16.00 per hour, and he gets
Hanson Mobile Homes has the following payroll information for the week ended February 21:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based
The Babson Company pays its employees time-and-a-half for P.0.1,2,3,4 hours worked in excess of forty per week. The information available from time cards and employees’ individual earnings records
The following information for the Robledo Company is avail- P.O. 3,4 able from Robledo’s time books and the employees’ individual earnings records for the pay period ended December 22:Taxable
Dinah Perez, an employee of Kiersten Shipping Company, P.0.1,2 worked forty-four hours during the week of October 11 through 17. Her rate of pay is $18.00 per hour, and she receives time-and-a-half
Holland Company has the follotving payroll information for the pay period ended May 14:Taxable earnings for Social Security are based on the first $62,700. Taxable earnings for Medicare are based on
The Ramsey Company pays its employees time-and-a-half for P.O. 1,2,3,4 hours worked in excess of forty per week. The following information is available from time cards and employees’ individual
For the Robledo Company the following information is available P.O. 3,4 from the time books and employees’ individual earnings records for the pay period ended December 22:Taxable earnings for
Calculate the amount of payroll tax expense and journalize the related entry.
Journalize the entry for the deposit of employees’ federal income taxes with¬held and FICA taxes (both employees’ withheld and employer’s matching share) and prepare the deposit coupon.
Journalize the entries for the payment of employer’s state and federal unem¬ployment taxes.
Journalize the entry for the deposit of employees’ state income taxes withheld.
Complete Employer’s Quarterly Federal Tax Return, Form 941.
Prepare W-2 and W-3 forms and Form 940.
Calculate the premium for workers’ compensation insurance, and prepare the entry for payment in advance.
Determine the amount of adjustment for workers’ compensation insurance at the end of the year, and record the adjustment.
How many copies are made of a Form W-2, and who uses the copies of the W-2 form?
What payroll taxes are included under the Payroll Tax Expense account?
Explain the deposit requirement for federal unemployment insurance.
List the correct sequence of the steps for recording payroll entries, and identify the specific source of information for each entry. The company uses a special payroll bank account.
Maxil Company’s partial payroll register for the week ended Jan- P.0.1 uary 7 is shown below.Assume that the payroll is subject to a Social Security tax of 6.2 percent of the Journalize the entry
On January 14, at the end of the second week of the year, the totals of Broadmoor Floor Covering’s payroll register showed that its store employees’ wages amounted to $29,260, and its
Briggs Diet Systems had the following payroll data for the week P.0.1 ended February 5:a. Record the payroll entry as of February 5 in general journal form. The firm uses a special payroll bank
The following information on earnings and deductions for the pay P.0.1 period ended December 14 is from McMaster Company’s payroll records:For each employee, the Social Security tax is 6.2 percent
Selected columns of Flynn Company’s payroll register for the month of January are shown at the top of the next page. The employees’ FICA taxes are matched by the employer.Flynn Company qualifies
On September 30, Brooks Company’s selected account balances are as follows:Flynn Company qualifies as a monthly depositor. Record the entry for payment of federal taxes for employees and employer
On September 30, Brooks Company’s selected account balances are as follows:In general journal form, prepare the entries to record the following:Oct. 15 Payment of liabilities for FICA and federal
On September 30, Vivaldi Furniture’s selected payroll accounts are as follows:Prepare general journal entries to record the following:Oct. 15 Payment of federal tax deposit of FICA and federal
The Beckett Optical Laboratory had the following payroll for the week ended February 28:Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each
Browning Appraisal Service has the following payroll informa¬tion for the week ended December 7.Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for
For the third quarter of the year, Fisher Company, 6227 Fleming P.O. 5 Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Fisher
The Lacey Company has the following balances in its general P.0.1,2,3 ledger as of June 1 of this year:a. FICA Tax Payable (liability for May), $1,706.56.b. Employees’ Federal Income Tax Payable
Hirsch and Company had the following payroll for the week P.0.1 ended March 21:Salaries Sales salaries $7,380.0Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the
Harris Insurance Agency has the following information for the week ended December 14:Assumed tax rates are as follows:a. FICA: Social Security, 6.2 percent (.062) on the first $62,700 for each
For the third quarter of the year, Romano Construction, of 7144 Stone Boulevard, San Francisco, California 94421, received Form 941 from the District Office of the Internal Revenue Service. The
The Davis Company has the following balances in its general P.0.1,2,3 ledger as of March 1 of this year:a. FICA Tax Payable (liability for February), $1,315.18.b. Employees’ Federal Income Tax
The chart of accounts of the Findlay Flying School is given here, P.0.1 followed by the transactions that took place during November of this year:Nov. 1 Paid $1,640 for liability insurance for one
The journal entries in the Working Papers relate to Jean’s Car Repair for its second month of operation. The balances of the accounts as of June 30 have been recorded in the accounts in the
Following is the chart of accounts of A. L. Guest, M.D.:Dr. Guest completed the following transactions during November:Nov. 2 Bought laboratory equipment on account from Gorton Surgical Sup¬ply
Salazar Building Security uses the following chart of accounts:The following transactions were completed during October:Oct. 1 Salazar transferred cash from a personal bank account to an account to
The chart of accounts of the Fisher Dance Studio is given below, followed by the transactions that took place during October of this year:Oct. 1 Bought a tape recorder and speaker system on account
The journal entries in the Working Papers relate to Paul’s Auto P.O. 2,3 Body for its second month of operation. The balances of the accounts as ofJune 30 have been entered in the accounts in the
The chart of accounts of E. L. Thompson, M.D., is as follows:Dr. Thompson completed the following transactions during November:Nov. 1 Paid office rent for the month, $600.2 Bought laboratory
Leahy Building Security uses the following chart of accounts;The following transactions were Apr. 2 Leahy transferred cash from a personal bank account to an account to be used for the business,
Which of the following is not considered an account?a. Liabilitiesd. Cashb. Suppliese. Accounts Payablec. Equipment
Which of the following transactions would not be recorded as revenue?a. Sold services on account.b. Collected on an account receivable.c. Received cash for services performed.d. All of these should
The net income appears on which of the following statements?a. Statement of owner’s equityb. Balance sheetc. Income statementd. Statement of owner’s equity and balance sheete. Statement of
On a statement of owner’s equity, if beginning capital is $52,000, and there are an additional investment of $5,000, a net loss of $12,000, and owner withdrawals of $20,000, the ending capital
If a $28 cash purchase of supplies is recorded as a $38 debit to Supplies and a $38 credit to Cash, the result will be thata. the trial balance will be in balance.b. the Supplies account will be
When a T account has several items on both sides, the balance of the account is writtena. on the side with the greatest number of items.b. on the side with the least number of items.c. on the side
Which of the following is/are not true about a proper journal entry?a. An explanation is needed immediately after each debit and imme¬diately after each credit.b. All credits are indented.c. A debit
A person who wanted to know the balance of a particular account would refer toa. the ledger.b. the chart of accounts.c. the book of original entry.d. the source document.e. none of these.
Define a fiscal period and a fiscal year.
List the classifications of the accounts that occupy each column of a tencolumn work sheet.
Complete a work sheet for a service-type enterprise, involving adjustments for supplies used, expired insurance, depreciation, and accrued wages.
Prepare an income statement, a statement of owner’s equity, and a balance sheet for a service-type business directly from the work sheet.
Journalize and post the adjusting entries.
Prepare an income statement, a statement of owner’s equity, and a balance sheet for a business with more than one revenue account and more than one accumulated depreciation account.
What is the amount of the adjusting entry for supplies, if the balance of the account before adjustment is $1,560 and the amount on hand at the end of the fiscal period is $750?
What is a mixed account? Give an example. What is a contra account? Give an example.
If wages are paid on Friday for work performed for the period Monday through Friday, and the accounting period ends on Wednesday, why is it nec¬essary to make an adjustment?
Why is it necessary to journalize adjusting entries?
In which column of the work sheet (under Income Statement or Balance Sheet)would the adjusted balances of the following accounts appear?a. Depreciation Expense, Equipmentf. Income from Servicesb. J.
At the end of the fiscal period, what does the balance of Prepaid Insurance consist of (a) before the adjusting entry? (b) after the adjusting entry?
At the end of the fiscal period, the adjusting entry to record accrued wages was accidentally omitted. What is the effect of the omission on (a) the amount of net income for the accounting period?
Using a form similar to the one shown, list the following classi¬fications of accounts in all the columns in which they appear in the work sheet, with the exception of the Adjustments columns:
Erom the following list of accounts that appear in the Trial Bal¬ance columns of a work sheet, indicate the ones that will most likely require adjustment. Explain your reasoning for each
Using T accounts, record the adjusting entries for each of the sit¬uations listed below. The last day of the accounting period is December 31.Salaries for two days are unpaid at December 31.
Journalize adjusting entries (a) through (e) from the following T accounts. Normally, the Adjustments columns of the work sheet are used as a basis for journalizing adjusting entries. This exercise
Journalize the year-end adjusting entry for each of the following P.O. 5 for the fiscal year ending December 31:r , d-mA • • r u • j journalize adjusting entries.a. The payment of the $930
If the required adjusting entries for Exercise 4-6 were not made at the end of the year, by what amount would these omissions affect net income?By what amount would these omissions affect total
Journalize the adjusting entry in each of the following situations. a. b. Supplies + Balance 620 Purchases 880 Supplies Expense + Ending inventory, $230 Supplies Supplies Expense + Balance Purchases
The trial balance for the Hoyt Insurance Agency as of June 30, after the firm has completed its first month of operations, follows.Instructions 1. Record the trial balance in the Trial Balance
The Working Papers present the completed work sheet for L. Bodwa, Licensed Surveyor, for the month of October.Instructions 1. Prepare an income statement.2. Prepare a statement of owner’s equity.
The trial balance of Casandra’s Style Center as of December 31, the end of the current year, is presented below.Data for the year-end adjustments are as follows:a. Inventory of beauty supplies at
The trial balance for Conner’s Miniature Golf at September 30 is shown below.Data for month-end adjustments are as follows:a. Inventory of supplies at September 30, $210.b. Insurance expired during
The trial balance of the Rowland Company as of September 30, P.O. 3 after the company has completed the first month of operations, is shown here.Instructions 1. Record the trial balance in the Trial

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