Why are bank reconciliations a good internal control? These taxes are known as: Employee ____________ are perks that are provided in addition to salaries and wages, such as all or part of medical, dental, life and disability insurance. In Exercises $39$ through $42$, find the volume of the solid generated when the region under the given carve $y=f(x)$ over the specified region $a \leq x \leq b$ is rotated about the $x$ axis. He sold it in 2018 for $114,000. In the Check Register, the term "split" indicates the payment is split between two or more: Deposits other than customer payments are entered using: We we are paying a bill immediately when we receive products or services we can use the Expenses onscreen form when we pay with: Examples of money going out that can be recorded using the Expense or Checking onscreen forms include all of the following except: Examples of money going out that should not be recorded using a Check or Expense onscreen form include: Ways to record money out using QBO include: The Pay Bills form is used to select bills we want to pay. A customer may pay using the following methods in QBO? b. Study with Quizlet and memorize flashcards containing terms like Activity-based costing uses numerous (1) cost pools. The entire Puzzles Division was discontinued on August 31. ", Costs of assets acquired in one period that will be recorded as expense in a future period are referred to as Following a bumpy launch week that saw frequent server trouble and bloated player queues, Blizzard has announced that over 25 million Overwatch 2 players have logged on in its first 10 days. Assuming a 360-day year, the cash proceeds to Chang Co. are, Thomas Martin Modern Learning Lab. QuickBooks Online is accounting in the cloud. What type, A collection of products or services that are sold together as a bundle. Products can be purchased separately and sold to customers as a Bundle. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. Study with Quizlet and memorize flashcards containing terms like Adjusting entries ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period., Which of the following would be referred to as "accruals? The financial statements must be prepared in a specific order. a link to how people are evaluated and rewarded, proportional to the number of units produced. A. C) It is a payroll tax owed by the business and reported annually on a tax form 940. The $500 would be recorded with a debit to Cash and a credit to the Unearned Revenues, which is a ___________________ account. Gross earnings for the pay period are $100,000. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. D) Profit and Loss, Balance Sheet and Statement of Cash Flows. An equal amount of principal must be repaid each year of the loan. Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. | Tenaska Energy | $12.2$ | The Bill form is used to record vendor transactions that we pay later. The company had an unrealized gain on available-for-sale securities of $120,000 before income taxes for the year. 940. An Expense form records expenses paid for at the time the product or service is received via paying cash, check or credit card. B) Recurring transaction types are set up in QBO to be scheduled and do not represent unscheduled type of transactions. When reconciling a bank account, which of the following is not considered a timing difference (difference between the bank balance and the book balance)? We strongly encourage you to utilize our online BEACON application to file your claim, which is available online 24/7. The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is, debit Vacation Pay Expense; credit Vacation Pay Payable. Which of the following activities, and the QBO form used to record it, is incorrect? Leo Calvin is required to have _________ taxes withheld from his pay in order to cover the cost of future retirement, disability, survivorship and medical benefits. A cost pool including costs to entertain clients and make sales calls is a(n) ______ activity. If Coca-Cola's sales had grown from 1939 to 1945 at the same rate that they grew between 1934 and 1939, its sales in 1945 would have been approximately ___ cases. Which is NOT true regarding the Accounts Payable Aging Report? Profit and Loss, Balance Sheet and Statement of Cash Flows. The difference between the amount paid back to National Bank of $101,500 and the amount borrowed of $100,000 (or $1,500) represents _______________ expense. (Check all that apply.) Study with Quizlet and memorize flashcards containing terms like A parent may elect to include a child's income in the parent's return if:, In cash basis accounting, for tax purposes?, In the current year, Johnice started a profitable bookkeeping business as a sole proprietor. The most common reports prepared using ABC data are the product and customer (1) reports. All of the following are true regarding QBO Customers List except: D) It contains past sales transactions and allows us to estimate future intended sales. Claimant Phone Number. Based on history, Boyd determines that warranty repairs are equal to approximately 2% of sales. Assume that an employee earned $8,900. Employers FUTA taxes are reported on IRS Form _. a. The company should: A company sells computers at a selling price of $1,800 each. Johnice made $38,000 in her first year of operation. and more. A measurable obligation arising from agreements, contracts, or laws is called a ________ liability. What is a 1099 and when does my company need to prepare 1099s? Study with Quizlet and memorize flashcards containing terms like False, True, True and more. When using the Navigation Bar in QBO to enter in sales transactions, a user must perform the, Select Sales and click on the drop-down arrow for New transaction. Study with Quizlet and memorize flashcards containing terms like Which of the following elements influence your view of the financial world? 2. Following a bumpy launch week that saw frequent server trouble and bloated player queues, Blizzard has announced that over 25 million Overwatch 2 players have logged on in its first 10 days. QBO groups transactions into the following different types? Subjects. A) It keeps track of all banking activities. The journal entry to record the conversion of a $6,300 accounts payable to a note payable would be. If the Expense form or the Check form was used to enter the vendor transaction, since it has already been paid at the time. A company sold $12,000 worth of trampolines with an extended warranty. Study with Quizlet and memorize flashcards containing terms like Current liabilities are due a. but not receivable for more than one year b. but not payable for more than one year c. and receivable within one year d. and payable within one year, Notes may be issued a. when assets are purchased b. to creditors to temporarily satisfy an account payable created earlier c. when Unemployment taxes are examples of __________________ taxes. c.Rodriguez is the borrower and debits Accounts Payable, The cost of a product warranty should be included as an expense in the. Which is true regarding the collectability of accounts receivable? The sales tax is recorded to which account? B) Tax form 944 is used by very small companies to summarize federal income tax, Social Security, and Medicare withheld from employee paychecks for the year vs. quarterly. a. 1. The employee's annual FICA taxes amount is: Phildell Phoenix is paid monthly. FICA - SS = 128,400 - 5,400 = 123,000 remain so Debit Salary expense 2,400 and Credit 2. \begin{array}{lr} A Trial Balance lists each account and the account balance at the end of the accounting period. The amount of the employee bonus expense is estimated to be. A) Due to a company's prescreening activities, it is generally not that important to track the receivable after the credit sale. D) QBO can connect a company's bank account and its credit card resulting in expenses being automatically downloaded from the bank or credit card to QBO. The discount rate is 6%. An employer must pay FUTA taxes only if no SUTA taxes are due. Notes payable is classified as a liability that has which of the following effects? An activity cost pool accumulates costs for ______ activity measure(s). A flush ($5$ cards from the same suit) is an excellent hand in poker. Statement of Cash flows classifications of cash flows related to sales, Statement of Cash flows classifications of Cash paid to repay a long-term loan, Statement of Cash flows classifications of Cash flows related to purchasing inventory to resell, Statement of Cash flows classifications of Cash flows from issuance of capital stock, Statement of Cash flows classifications of Cash paid to purchase new equipment, Statement of Cash flows classifications of Cash from sale of a warehouse, Steps to Prepare a QBO Profit and Loss Statement, Steps to prepare a QBO Statement of Cash Flows, Steps to prepare a QBO A/R Aging Summary Report, Steps to prepare a QBO Open Purchase Orders Report, E9.5 Adjusting Entry Prepaid Equipment Rental, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas. ), In recent years, direct labor as a percentage of total cost began declining, which caused overhead to (1). Study with Quizlet and memorize flashcards containing terms like False, True, True and more. Study with Quizlet and memorize flashcards containing terms like A pension plan that promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n), Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. Jingle Company signs a 6-month, $20,000 note. Study with Quizlet and memorize flashcards containing terms like Promissory note, contra cost of goods sold, Credit to notes payable for $5,000 Debit to equipment for $5,000 and more. What are the 2 main aspects of using QBO Employee and Payroll? Flashcards. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. A company issued a check to replenish its petty cash fund. In the next calendar year, the company will pay $21,000 of the principal. Check form is used if our payment is made by check at the same time we make a purchase. C) Select the drop-down arrow by Add Check in the Check Register window, then select the new type of transaction to enter i.e. When in the QBO Chart of Accounts window, adding new accounts is completed by: Selecting Accounting, then New, then enter a Category Type and a Detail Type. Identify the advantages of using a cash receipts journal: Identify which of the following accounts are recorded in a cash receipts journal: A company's register displays the transaction totals for the day, which include cash sales of $500 and sales tax of $50. b. organs and glands Spelling Company received Payment from their customer, Rickard Simmons for a sale of $2,000 less a 2% cash discount. Which of the following situations is not a contingent liability? B) It ensures a company is aware of the credit limit it has with each vendor. B) By customizing the QBO COA to align with the business tax return, countless hours are saved in preparation time, and tax returns are more accurate. Activity-based costing uses numerous (1) cost pools. Study with Quizlet and memorize flashcards containing terms like On September 1, ABC Company borrowed $50,000 on a 6%, 9-month note payable to XYZ National Bank. Define activities, activity cost pools, and activity measures. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Study with Quizlet and memorize flashcards containing terms like An attacker gained remote access to a user's computer by exploiting a vulnerability in a piece of software on the device. Which of the following is paid only by the employer? Employers must pay employee taxes in addition to those paid by the employees. If some products are overcosted and some are undercosted the errors will ______. EUPOL COPPS (the EU Coordinating Office for Palestinian Police Support), mainly through these two sections, assists the Palestinian Authority in building its institutions, for a future Palestinian state, focused on security and justice sector reforms. On June 8, Smith Technologies issued a $75,000, 6%, 140-day note payable to Johnson Company. We strongly encourage you to utilize our online BEACON application to file your claim, which is available online 24/7. B) Due to a company's prescreening activities, it is generally not that important to track the receivable after the credit sale. Expense record expenses paid for using cash, check or credit card at the time a company. Which one of the following statements best describes a transaction? Keep a running balance. An employer must pay FUTA taxes even if the employer pays SUTA taxes. For the month of January of the current year, he earned a total of $8,288. outstanding checks and deposits in transit are: A signature of the payee written on the back of the check that transfer ownership of the check without specifying to whom or for what purpose is called a, a form used to record the deposit of cash or checks to a bank accounts is called a, a check dated some time in the future is called a, a check that has been paid by the bank on which it was drawn is called a, A statement that accounts for all differences between the balance on the bank statement and the book balance of cash is called a, A fee charged by banks to cover the cost of maintaining accounts and providing services is called a, have been recorded in the cash payments journal but have not yet been paid by the bank, deposit that is recorded in the cash receipts journal but that reaches the bank too late to be shown on the monthly bank statement, Items found on the first section of the bank reconciliation, or adjustments to the bank statement balance include. Keys Co. is located in Florida. ), Select all that apply Costs that can be easily traced to individual products include _____., Which costing system charges products only with the costs of the capacity used by those products and not with the cost of unused capacity? This entry would be recorded by Young with a credit to __________ in the amount of _____________. Wrote off accounts receivable as uncollectible: Silver, Co., $1,400; Owen Reis,$ 700; and Pristine, Inc., $700 deposit, refund, expense, etc. Thomas Martin receives an hourly wage rate of $22, with time and a half for all hours worked in excess of 40 hours during a week. About Quizlet. Third party agents BEACON application. | Gulf States Toyota | $8.0$ | Open Purchase Orders represent purchase orders for items ordered but not yet received. To uniquely identify each account on the Chart of Accounts, a. Study with Quizlet and memorize flashcards containing terms like Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Cash Utilities Expense Wages Expense Land Accounts Receivable Unearned Rent Accumulated Depreciation Frank Kent, Drawing Land Salaries Payable Supplies Unearned Rent, Classify the following Your risk tolerance II. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. Hubert, a client of First Main Street Bank, deposits $1,500,000 into his checking account at First Main Street Bank. Which of the following is required to be withheld from employee's gross pay? QBO Reports is a process included in QBO SatNav. For students. Advantages of using a cash payments journal include: Lakewood Corporation accepted a return of goods from their customer, Landin Company. C) Selecting Accounting, then New, then enter a Category Type and a Detail Type. c. $\$ 188.98 \times 75$. Both taxes are applied to the first $7,000 of an employee's pay. How much you believe you control your financial future. The Bills form is used to record which one of the following transactions? This adjustment would be recorded with a: Good internal control of banking activities included: in accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in a, An electronic transfer of money from one account to another is called a, second section, or adjustments to book balance. When using the Navigation Bar in QBO to enter in sales transactions, a user must perform, C) Select Sales and click on the drop-down arrow for New transaction. Study with Quizlet and memorize flashcards containing terms like True or False: Specific identification is an inventory method typically used when accounting for expensive and unique inventory items. A "bucket" in which costs are accumulated that relate to a single activity measure in the ABC system is a(n) ______. A company's cash register displays the transaction totals for the day, which include cash sales of $2,000 and sales tax of $200. FICA contributions are 7.65%, and FUTA contributions are 6.2%. Stated interest rate is 8% payable at the maturity date. If $13$ cards are in each of four suits in a deck of playing cards and $5$ cards are in a hand, how many flush hands are possible? When a promissory note is used to replace an outstanding accounts receivable balance, the entry to record this transaction requires a (debit/Credit) ______ to accounts recievable and a (Debit/Credit) ______ to notes receivable. B) QBO Reports provides information to a variety of decision makers and is the output of the accounting system. The amounts recorded on the cash receipts journal will include: When cash in the register is less than the audit tape, cash is short and is recorded as a debit in the, Entries to record receipts of cash from additional owner investments, collection of a promissory and interest, and cash short and over, are usually recorded in the cash receipts journal under the column heading. Bryne Co. sells merchandise and collects a 5% state sales tax. $\$ 19.99 \times 500$ a. C) Select the Gear icon, then select Account and Settings, then select Company. y=\sqrt{\sin x} ; 0 \leqq x \leqq \pi D) When a purchase is made, accounts payable is increased with a credit and when the bill is paid, accounts payable is decreased with a debit. Gary Smith opened a medical practice specializing in surgery. An analysis of payments from the fund showed these totals: Supplies, $50; and Delivery Expense, $100. What two forms must Johnice file for her business? E. Employee deductions. In activity-based costing, the process of assigning overhead costs to activity cost pools is ______ stage allocation. Cadie Construction Co. signed a note promising to pay a cement supplier $1,000 60-days from now. c. somatic and autonomic nervous systems Lee Company has the following information for the pay period of December 15-31: The journal entry used to record the issuance of a discounted note for the purpose of borrowing funds for the business is, debit Cash and Interest Expense; credit Notes Payable, Taylor Bank lends Guarantee Company $150,000 on January 1. Gary Smith opened a medical practice specializing in surgery. The column totals from the cash receipts journal are posted to the, individual entries from the cash recipts journal are posted to the ________ ___________ ledger, to update custumer balances. A pension plan that promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n), Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. Assuming a 360-day year, the cash proceeds to Chang Co. are, due and to be paid out of current assets within one year, A pension plan that requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed, The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of the year is, On January 5, Thomas Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. Required payroll deductions are: Social Security $37.20, Medicare $8.70, federal Income tax $58, and state income tax $10. ", Costs of assets acquired in one period that will be recorded as expense in a future period are referred to as A) Open Purchase Orders represent purchase orders for items ordered but not yet received and the Physical Inventory Worksheet compares inventory on hand in QBO with a physical count of goods. "Sinc Company Settings are accessed by using the following process: D) Select the Gear icon, then select Account and Settings, then select Company. C) Correcting entries fix mistakes in the accounting system. Modern Learning Lab. State unemployment taxes imposed on employers in order to provide unemployment benefits to qualified workers are known as __________. Quizlet Plus. Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is located. True or false: In an automated environment, using traditional allocation bases based on volume may distort unit product costs. Kenesha Co. reported income before interest expense and income taxes of $30,000; interest expense of $3,000; and income taxes of $4,000. QBO Settings are comprised of Company Settings and QBO Chart of Accounts. Our payment may consist of cash, check, or credit card. Which federal payroll item is paid by employee or employer? Its times interest earned ratio is: A company's fixed interest expense is $8,000, its income before interest expense and income taxes is $32,000. In QBO, what is the difference between the vendor transaction Bill and Expense? ABC procedures produce numbers that do not match traditional costing. Accounts Payable reports provide information to track amounts. In QBO, users can save adjusting entries as recurring transactions. Scheduled 2. It is estimated that 2% of all computers sold will be returned under the warranty at an average cost of $150 each. How much you believe you control your financial future. Advertise with us. Hubert, a client of First Main Street Bank, deposits $1,500,000 into his checking account at First Main Street Bank. 4. A _____________ is a seller's obligation to replace or fix a product that fails to perform as expected within a specified period. Select the answer that best describes how to View the Check Register? A company must create a bank deposit to transfer the funds from the Undeposited Funds account to the appropriate bank account. On June 1, Sawyer Co. borrowed $5,000 by extending their past-due account payable with a 45-day, 12% interest-bearing note. This is effected under Palestinian ownership and in accordance with the best European and international standards. In QBO, the weekly timesheet can be used to bill time to a specific customer. B. Medicare taxes. The Reports includes but are not limited to the following: Financial, D) When preparing tax returns, a company uses the same rules as those used to prepare. This transaction would be recorded in the cash payment journal with a: A company purchases $3,000 of equipment by signing a twelve-month note payable with an interest rate of 10%. D) The reconciliation ensures that the owner's personal expenses are not included in the business expenses. C) Depreciation is a special type of prepaid item involving fixed assets and it is the allocation of an asset's cost over its useful life. Study with Quizlet and memorize flashcards containing terms like Geographic dispersion Multiple departments Increased task variation., According to FMLA, during the time that an employee is on family leave:, The Age Discrimination in Employment Act prohibits and more. Taxes associated with these earnings include federal withholding tax of $45, state withholding tax of $18, social security tax of $44.64, Medicare tax of $10.44, FUTA tax of $4.32, and SUTA tax of $38.88. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federal Income tax $18,000 and State income tax $3,850. A ________________ liability is a liability due within one year or the company's operating cycle, whichever is longer. Internal control is a set of processes and procedures to safeguard assets and. The cost of the merchandise returned was$16,800. What does this feature allow the user to view. Select all that apply. Which of the following items would be considered a current liability? D) A 1099 is an IRS Form completed for sole proprietorships and partnerships that a company paid $600 or more for services in a year. A) It is a payroll tax owed by the business and reported quarterly on form 940. A company's total expected overhead for the year is $500,000. Accrued expenses are expenses that are incurred but not yet paid or recorded. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. After analyzing several months of sales data, the owner of an appliance store produced the following joint probability distribution of the number of refrigerators and stoves sold daily. This is effected under Palestinian ownership and in accordance with the best European and international standards. What is this employee's net pay for the current pay period? Prepare an Adjusted Trial Balance (a Trial. What is the maturity value of the note on March 1? Information in the accounts feeds into lines on the tax return which reduces extra work. D) It compares the inventory's physical count with accounting records and the value of, What impact will a Deposit in Transit and an Outstanding Check have on a company's, D) No change needs to be made to the Cash account for Outstanding Checks and. True False, In its definition of employee, FICA clearly distinguishes between classes or grades of employees. B) Trial Balances are prepared only after making adjustments (adjusting entries) since the account balances must be up to date to prepare a trial balance. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $375; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. The journal entry to record the return by Lakewood includes credits to: The following accounts are used as typical column headings on a petty cash analysis. | $\mathbf{1}$ | $.09$ | $.17$ | $.13$ | The status of an individual performing work is very important and determines what tax form, D) An employee receives a paycheck and a form W-2; a contractor receives a vendor, D) Setting up payroll and Processing payroll. What is the process to add a new transaction from the Check Register window? Study with Quizlet and memorize flashcards containing terms like E, B, C and more. B) It is a payroll tax shared by the employer and employee and reported quarterly on form 941 c. Sales taxes d. Bills already entered using the Bills onscreen form e. All of the above. The liability is probable and cannot be reasonably estimated. Spelling will record this with a credit to: Stanley Corporation made bank credit card sales to its customers. QBO Chart of Accounts is aligned with a company's tax return since QBO is used to organize financial information for tax preparation. Study with Quizlet and memorize flashcards containing terms like Which icon allows you to create a new expense transaction?, Plus sign inside a circle icon, The _____ form is used to pay bills. This transaction will be recorded by Jones Company with a debit to which account(s), A company makes a $100 payments to a supplier on accounts; this transaction will be recorded with a debit to the accounts payable account, A special journal used yo record and post transactions involving the receipt of cash is called a, the person or firm to whom a check is payable, a financial instrument whose ownership can be transferred to another person or business, A written order instruction a bank to pay a specific sum of money to a designated party, common reason why the bank statement balance does not agree with the book balance. What are the two criteria used to determine whether a contingent liability is reported in the financial statements? What is the net pay to employees? 1. The $100 sales tax will be recorded in the ________ column of cash receipts journal. Dec. 28. Use Pay Bills to select the bills that are due and we are ready to pay. a. true b. false, Which of these accounting methods are acceptable under US GAAP? On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. (Enter only one word per blank). Boyd's Bicycles Sales and Repairs Co. offers a 6-month warranty on all new bicycle purchases. Anderson Co. issued a $50,000, 60-day, discounted note to National Bank. | Rock Ventures | $5.1$ | What is the difference between a correcting entry and an adjusting entry? True False, FICA includes partnerships in its definition of employer. A) Information in the accounts feeds into lines on the tax return which reduces extra work needed at year end when tax returns are prepared. No formal agreement is signed. The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. What is FALSE regarding the adjusted trial balance? Indicate the order in which the following onscreen vendor and expense transaction forms typically should be prepared. and more. QBO then prepares transactions related to both of these expenses. ), In activity-based costing, another term for allocation base or activity measure is (1) (2). 1. The amount of Federal Income Tax withheld from his earnings was $1,375.17. $322.00. The employer's total FICA payroll tax for this employee is: An employee earned $62,500 during the year working for an employer. B. What is the total amount of taxes withheld from the Phoenix's earnings? a. This Journal entry will result in a debit to: All of the following are payments for expenses Except: Enter all cash payment transactions into the accounting records promptly: Identify internal controls related to cash payments: The totals from the cash payments journal are posted to the, Keep cash receipts in a locked register, safe, or drawer. If Coca-Cola's sales had grown from 1939 to 1945 at the same rate that they grew between 1934 and 1939, its sales in 1945 would have been approximately ___ cases. Which vulnerability exploit resulted from the attacker's actions?, By | Conair | $2.3$ |. Journalize the transactions. The physical inventory worksheet is used when: Which one of the following is dot financial statement? Bushra's entry to record this transaction would include a credit to which account? What is this employee's net pay for the current pay period? True or false: Your employer is allowed to keep the amounts withheld from your gross pay. systems A) Correcting entries fix mistakes in the accounting system. a. No change needs to be made to the Cash account for Outstanding Checks and Deposits in Transit. The interest expense is. The following totals for the month of April were taken from the payroll register of Magnum Company: On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. 940. The journal entry to record this fringe benefit includes which of the following? Study with Quizlet and memorize flashcards containing terms like Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Cash Utilities Expense Wages Expense Land Accounts Receivable Unearned Rent Accumulated Depreciation Frank Kent, Drawing Land Salaries Payable Supplies Unearned Rent, Classify the following An employer must pay FUTA taxes only if no SUTA taxes are due. Learn. \hline \text{Accounts Receivable} & \$143,000 \\ What is the primary objective of accounting and how does QBO assist in achieving this objective? \begin{array}{lcccc} A) Acollection of products or services that are sold together as a bundle. Employers must pay employee taxes in addition to those paid by the employees. For the month of January of the current year, he earned a total of $8,288. Which of the following is paid only by the employer? B. | Petco | $4.0$ | The employer journal to record salary expense and related payroll liabilities only take FICA - SS , - M and Federal income taxes withheld. On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Taxes associated with these earnings include federal withholding tax of $45, state withholding tax of $18, social security tax of $44.64, Medicare tax of $10.44, FUTA tax of $4.32, and SUTA tax of $38.88. In QBO, what List is NOT used for inventory transactions? What level of activity is performed each time an item of a product is produced? | $\mathbf{2}$ | $.05$ | $.18$ | $.04$ | |--------------------------|:-----------:|---------------------------|:-----------:| Assume that the fiscal year of Rodriguez ends on June 30. What type checking account would a business NOT want to have? The discount rate used by the bank in computing the proceeds was. When using the Navigation Bar to enter expense transactions in QBO, a user must perform the following: A) Select Expenses and click on the drop-down arrow for New transaction. "Sinc | Drummond | $2.4$ | Scott Company sells merchandise with a one-year warranty. On March 1, the due date, Avers pays the amount due in full. A Trial Balance is also referred to as an unadjusted Trial Balance because it is prepared before adjustments. Federal Unemployment Tax is paid by employer. The characteristics of a liability include: Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are: Obligations not expected to be paid within the longer of one year or the company's operating cycle are reported as: Liabilities involve addressing issues of: Amounts received in advance from customers for future products or services: Unearned revenue is initially recognized with a: Advance ticket sales totaling $6,000,000 cash would be recognized as follows: Contingent liabilities must be recorded if: In the accounting records of a defendant, lawsuits: The times interest earned ratio reflects: A company's had fixed interest expense of $6,000, its income before interest expense and any income taxes is $18,000, and its net income is $8,400. and more. $322.00. ), Select all that apply Costs that can be easily traced to individual products include _____., Which costing system charges products only with the costs of the capacity used by those products and not with the cost of unused capacity? Study with Quizlet and memorize flashcards containing terms like Which of the following elements influence your view of the financial world? Study with Quizlet and memorize flashcards containing terms like Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. BS: Assets, Liability, Equity (permanent account). When completing a bank reconciliation, adjustments such as deposits in transit, outstanding checks, and bank errors, are adjustments that are listed in the: Items found on the second section of the bank reconciliation, or adjustments to the book balance include: A special-purpose cash fund used to handle payments involving small amounts of money is called a, Cash, accounts receivable, sales, and sales tax payable are commonly found on which special journal, a document that records the verification that the amount of currency and coins in a cash register agrees with amount shown on the cash register audit tape is called a. All of the following statements are true about Owners' Equity except? The ratio of income before interest expense (and any income taxes) divided by interest expense reflects the risk of a company not being able to pay fixed expenses if sales decline is called the ____________ ratio. Compared to traditional systems, activity-based costing uses ______ cost pools and unique measures of activity. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Calculate the times interest earned ratio. B) Transactions are exchanges between a business and other parties. This transaction would be recorded in the cash payments journal with: On June 30, Jones company issued a check for $3,300 in payment for a note, $3,000 and interest, $300. B. For students. B) Owners' equity is found on both the Profit and Loss statement and the Balance Sheet. The feature that distinguishes loss __________ from other liabilities is the uncertain outcome. Payroll taxes expense take all taxes. Recorded bad debts expense based on the aging of accounts receivable, as follows:$ Study with Quizlet and memorize flashcards containing terms like Promissory note, contra cost of goods sold, Credit to notes payable for $5,000 Debit to equipment for $5,000 and more. The income tax rate on all items is 25%. Taxes associated with these earnings include federal withholding tax of $45, state withholding tax of $18, social security tax of $44.64, Medicare tax of $10.44, FUTA tax of $4.32, and SUTA tax of $38.88. Home. This transaction will be recorded with a: A payment on a note payable, including interest is recorded with which of the following entries: A company issued a check to replenish its petty cash fund. Payroll taxes expense take all taxes. Abby Co. allows each employee two weeks of paid time off during each calendar year. Then select Choose a payee drop-down arrow > + Add new and enter the new vendor information. b. Leadership is instrumental in motivating employees to embrace ABC. What two forms must Johnice file for her business? Employers must pay employee taxes in addition to those paid by the employees. 1. The flipside of a contingent gain is a contingent, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Alexander Holmes, Barbara Illowsky, Susan Dean. Home. A) Increased with debits and decreased with credits. Assuming a 360-day year, the cash proceeds to Chang Co. are, Thomas Martin Jorge Lopez worked 40 hours this week and earned $1,000. In QBO, the Chart of Accounts displays which of the following two? FICA - SS = 128,400 - 5,400 = 123,000 remain so Debit Salary expense 2,400 and Credit 2. Andrian Mitchell, a full-time life insurance salesperson. An evacuation has been ordered due to Hurricane Edward, which is headed in the direction of Keys. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. In QBO, management reports include the following: Customer reports, Vendor reports, Inventory reports, Transaction Journal, and the Audit Log. Study with Quizlet and memorize flashcards containing terms like Which of the following elements influence your view of the financial world? On September 1, 2018, Kale Corporation signed a 6-month, 12% interest-bearing promissory note for $100,000. A user must turn on QBO time tracking preferences, QBO provides two different ways to track time, Single Time Activity and Weekly Timesheet, When preparing tax returns, a company uses ( ) rules from those used to prepare financial statements, different rules from those used to prepare financial statements. A company's cash register displays the transaction totals for thee day, which include cash sales of $1,000 and sales tax of $100. $434.00. and more. $\$ 105.59 \times 35$ On June 1, Button Co. borrowed $1,000 cash from National Bank by signing a 120-day, 6% interest-bearing note. What is the amount and type of gain on this sale, before netting of any other gains and/or losses? What is true regarding FUTA? Which of the following situations would not be required to be recorded in the financial statements or reported as a note to the financial statements? The first major step when implementing an ABC system is ______. After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. Claimant Phone Number. | Forever 21 | $4.4$ | and D. Unemployment taxes. On January 1, Avers Co. borrowed $10,000 by extending their past-due account payable with a 60-day, 8% interest-bearing note. Anderson Co. issued a $49,608, 60-day, discounted note to National Bank. $$ Which one of the following classifications is not found on the Statement, c. The Balance Sheet is reported on a particular date, d. Do not have to follow a specified set of rules, Which of the following is a Customer report, c. Lists every transaction entered in QBO in debit and credit entry form. D) It is used to record services for which a company has been billed for and agreed to pay later. Requirements Quizlet Plus. This past year, Angela received 1% of Marks net income, in addition to her annual salary. During World War II, Coca-Cola Co. cut off all syrup sales to Germany in 1940, resulting in no sales from 1943 to 1945. Complete the following table to reflect any b. Social Security taxes. A) It is a payroll tax owed by the business and reported quarterly on form 940. QBO can assist in tracking amounts and preparing 1099s for appropriate vendors. $434.00. Andrian Mitchell, a full-time life insurance salesperson. used to uniquely identify accounts and help identify an account type. E. Employee deductions. (Enter only one word per blank.). $$ An employee earned $4,300 working for an employer. As a result of this transaction, Cadie would record a __________ on her balance sheet. Create. The company will record this transaction in a perpetual inventory system with a debit to: A company sold merchandise inventory to a customer for $1,000, with credit terms 2/10, n/30; the cost of the inventory was $600. The $50 sales tax will be recorded in the sales tax _______ column of the cash receipts journal. (Enter only one per blank. When a purchase is made, accounts payable is increased with a credit and when the bill is. Stanley uses a perpetual inventory system. c. the items subtracted from an employee's gross pay to arrive at take-home pay. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. Which of the following is NOT a choice available to a LLC for how it wishes to be treated for tax purposes? A company purchases merchandise inventory for $1,000 plus freight of $100 from Field Supplier Co., with credit terms 2/10, n/30. Get the app. The amount of Federal Income Tax withheld from his earnings was $1,375.17. Which of the following items are considered employee benefits? In QBO, what is the difference between a Sales Receipt and an Invoice? B) It is a payroll tax shared by the employer and employee and reported quarterly on form 941 c. Sales taxes d. Bills already entered using the Bills onscreen form e. All of the above. Records all transactions affecting the Checking account. Social Security taxes. $434.00. only if payment for damages is probable and the amount can be reasonably estimated. A. This entry would be recorded by Avers with a debit to _____________ in the amount of __________. In QBO, the process for updating the Vendors List While entering transactions is: A) Use the Create (+) icon to find the appropriate onscreen form. What selection allows a user to view the financial statements? | :--- | :---: | is required to complete the 1099. An analysis of payments from the fund showed only one payment: Delivery expense, $50. The employer journal to record salary expense and related payroll liabilities only take FICA - SS , - M and Federal income taxes withheld. a. On June 29, the due date, Young pays the amount due in full. Activity-based costing uses activity rates to apply overhead costs to products in ______ stage allocation. d. brain and spinal cord, Review these math skills and solve the exercises that follow. The invoice price is $. Each computer has a 2 year warranty that covers replacement of defective parts. Trial Balance is a listing of all of a company's accounts and the ending account. This order is required since the net income obtained from the Profit and Loss statement is used to increase owners' equity on the Balance Sheet. B. February 10, paid creditor for part of January 22 purchase,$1,600. During the first month of operation (July), the business, titled Gary Smith, Professional Corporation (P.C. Flashcards. Creates interest expense on the income statement, On October 1, 2018, Perry Corporation signed a 12-month, 8% interest-bearing promissory note for $10,000. Based on history, Victor anticipates that 3% of vacuums will be returned at a cost of $30 per vacuum. Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40 hours during a week. Study with Quizlet and memorize flashcards containing terms like E, B, C and more. Spot Co. purchases office supplies form Sally Supplies, Inc.. Spot does not pay cash for the purchase, and now owes the amount to Sally. Specific identification c. LUDO d. FIFO Angela Bennett is an employee of Marks Co. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. B) Profit and Loss, Balance Sheet and Statement of Cash Flows. Since employees are working for 50 weeks, rather than 52 weeks, Abby must accrue the paid time off during the 50 weeks that the employees work. Get the app. and more. B) Recurring transactions are not often used in QBO since transactions are specifically adjusted to suit every user's needs. Zion Co. sells $100 of merchandise and collects $10 sales tax. The company's times interest earned ratio equals: The times interest earned computation is: A company's income before interest expense and taxes is $250,000 and its interest expense is $100,000. Nevertheless, hundreds of large and thousands of small companies remain privately owned. | Data | | | | $ A Weekly Timesheet is used to enter time worked by. Payroll data for the first week of the calendar year are as follows: hours worked, 42; federal income tax withheld, $139; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. $\underline{\phantom{\text{xxxxx}}}$. True or false: An employer pays federal unemployment tax as a percentage of an employee's total pay for the year. News. Sheldon has a $15,000 liability for a machine that has an interest rate of 10%. Acustomer may pay using the following methods in QBO? | Pilot Flying J | $31.0$ | The ____________ of a note is the amount that the signer of a note agrees to pay back when it matures, not including interest. The discount rate is 6%. How much interest will result from this note?, Lyon Co. collected True or false: Traditional cost systems tend to undercost standard products and overcost specialty products. Study with Quizlet and memorize flashcards containing terms like Geographic dispersion Multiple departments Increased task variation., According to FMLA, during the time that an employee is on family leave:, The Age Discrimination in Employment Act prohibits and more. Study with Quizlet and memorize flashcards containing terms like E, B, C and more. Study with Quizlet and memorize flashcards containing terms like When a company has a current obligation to make a future payment to their supplier due to a shipment of supplies that were received last week, the company would record this transaction with an increase to an asset account and a(n) _____ account., A liability is a liability due to be paid or settled within one The first payment consists of interest of $11,550 and principal repayment of $11,942. The revenues of a random sample of 15 firms from Forbes 216 Largest Private Companies list are given in the table below. A(n) _______ payable is a short-term liability that occurs when a company purchases goods and does not immediately pay with cash. These withholdings are called employee ___________ and include items such as medical premiums. D) Select the Create (+) icon, select Bank Deposit under Other, click on Bank and enter the, D) A company must create a bank deposit to transfer the funds from the Undeposited Funds account to the appropriate bank account. we can make debit and credit entries to enter transactions using an onscreen Journal. Your risk tolerance II. Sawyer would record this payment with a ___________ to Interest Expense in the amount of ____________. Errors (bank errors of company errors). Which of the following relationships is true? (Enter only one per blank. The December 31, Year 1 carrying amount in the allocation of periodic payments table for this installment note will be equal to: Hall Company sells merchandise with a one-year warranty. The income from operation for this division before income taxes was $20,000. Adjusting entries are not mistakes but updates required to bring accounts to the correct balances as of a certain date. If Coca-Cola's sales had grown from 1939 to 1945 at the same rate that they grew between 1934 and 1939, its sales in 1945 would have been approximately ___ cases. What is the amount and type of gain on this sale, before netting of any other gains and/or losses? Similarly, 30% of repairs will be made in Year 2 and 70% in Year 3 for the Year 2 sales. and From Navigation Bar, Select Accounting, The form used to select bills we want to pay. At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Study with Quizlet and memorize flashcards containing terms like Geographic dispersion Multiple departments Increased task variation., According to FMLA, during the time that an employee is on family leave:, The Age Discrimination in Employment Act prohibits and more. The journal entry on November 1, 2018 would include which of the following? Businesses might want to have multiple checking accounts to provide various functions. Which vulnerability exploit resulted from the attacker's actions?, By : Employers often withhold amounts from employees' earning which arise from employee requests, contracts, unions, or other agreements. (Enter only one per blank. Learn. The journal entry used to record the payment of a discounted note is, The journal entry a company uses to record the estimated product warranty liability expense is, debit Product Warranty Expense; credit Product Warranty Payable. How can a business track accounts payables to make certain it's paying on time? FUTA taxes are: A. a. Compute the mean and variance of the number of refrigerators sold daily. Which of the following is correct regarding a company's legal entity type and the tax form it must file with the IRS? It is probable that a future loss will occur. Known liabilities would include all of the following items, except: Bina Consulting Co. collected $500 from a customer in advance to provide consulting fees for the next two months. Winn will record total interest expense of. What two forms must Johnice file for her business? How much interest will result from this note?, Lyon Co. collected Which of the following is false regarding recurring transactions in QBO? To reconcile ABC product margin to net income ______. A Sub-. EUPOL COPPS (the EU Coordinating Office for Palestinian Police Support), mainly through these two sections, assists the Palestinian Authority in building its institutions, for a future Palestinian state, focused on security and justice sector reforms. 3. Which of the following is paid only by the employer? What is the correct process to record a Bank Deposit (not related to customer sales)? What is the purpose of the Sarbanes-Oxley Act of $2002$. What is that order and why do. What is difference between the Chart of Accounts and Recurring Transactions? We strongly encourage you to utilize our online BEACON application to file your claim, which is available online 24/7. Most employees and employers are required to pay: Employers' responsibilities for payroll include: The employer should record payroll deductions as: The amount of federal income taxes withheld from an employee's paycheck is determined by: Recording employee expenses for employers may involve: The Federal Insurance Contributions Act (FICA) requires that each employer file a: An employee earned $47,000 during the year working for an employer. Complete the following table to reflect any What is the company's warranty expense for the month of November? B) Income by Customer Summary, and Sales by Product/Service Summary. On September 1, ABC Company borrowed $50,000 on a 6%, 9-month note payable to XYZ National Bank. Employee Lists in QBO online are used to: Collect information about employees for payroll purposes including name, Social Security number, and address. The discount rate is 6%. Study with Quizlet and memorize flashcards containing terms like When a company has a current obligation to make a future payment to their supplier due to a shipment of supplies that were received last week, the company would record this transaction with an increase to an asset account and a(n) _____ account., A liability is a liability due to be paid or settled within one Under the perpetual inventory system, what account is credited when a discount is taken on purchased inventory. Which of the following statements is NOT true regarding these three classifications? For what amount in September would Excom debit Product Warranty Expense? During the month, Victor sold 100 vacuums for a total of $35,000. Study with Quizlet and memorize flashcards containing terms like Risk, Rcbond = r* + IP+ DRP + LP + MRP - Answer: 2.8% + 4.57% + 1.95%+ .60% = 9.82%, Higher inflation expectations increase the nominal interest rate demanded by investors. About Quizlet. What is John's net pay? What is NOT true regarding the Trial Balance? B) It is challenging to use recurring transactions for adjustments since most adjustment amounts need to change every month. What is the amount and type of gain on this sale, before netting of any other gains and/or losses? Reminder. Maryland Company offers a bonus plan to its employees equal to 3% of net income. The discount rate is 6%. What is the gross pay for Martin? In activity based costing another term for activity measure is ______. expenses incurred but not yet paid or recorded. Employers must pay employee taxes in addition to those paid by the employees. Prepaid items are items that are paid in advance, such as prepaid-insurance or prepaid rent. While preparing a bank reconciliation, a bank service charge was discovered. Get the app. Prepare a statement of comprehensive income for the year ended December 31, 2017. Study with Quizlet and memorize flashcards containing terms like On September 1, ABC Company borrowed $50,000 on a 6%, 9-month note payable to XYZ National Bank. At maturity, assuming a 360-day year, the borrower will pay: On May 18, Rodriguez Co. issued an $84,000, 6%, 120-day note payable on an overdue account payable to Wilson Company. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. On July 8, Jones Inc. issued an $80,100, 10%, 120-day note payable to Miller Company. Examples of employee voluntary deductions may include all of the following except: Which of the following items is not a payroll deduction? When we enter vendor transactions, we typically need to use the Vendors List. What is NOT true regarding the meaning of a 3-way match? | Company | Revenue (in billions) | When required, round your answer to the nearest dollar. Which of the following describes the requirement to pay FUTA.