State unemployment tax costs (all fixed)} & \text{\$ 500.000}\\ Define the process of "posting." one-sided journal entries. A) Wages Expense Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Multiple select question. When using the equity method of accounting, when is revenue recorded on the books of the investor company? What is always true about the income statement? a.25 T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll \end{array} Have you obtained approval for pay disbursements? Ch. 12 Flashcards | Quizlet true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Labor reports for more than one year could provide: seasonal labor requirements \text { Cash collections during the year } & 250,000 & 1,750,000 A fundamental concept in accounting is the _____ ____ , which must remain balanced. a.They must disclose to the job applicant that they are seeking an investigative report. What changes should be included in the employee earnings record? False. c. What is the percent of definitely responses in each age group? Payments to sales taxing authorities Multiple choice question. Multiple choice question. General ledger FICA Taxes Payable-OASDI The purpose of a labor report is to do what? b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. unnecessary under GAAP A. regular hours times regular rate. Payments for payroll regulation courses, Payment of statutory withholdings The total pay due for a pay period before deductions is ____. (D) W-4. general journal entries. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. A) True Other Quizlet sets. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. -the description is usually left blank. Accounting 1 - Chapter 13 Flashcards | Quizlet E) a child support order, 15. With the passage of the Pension Protection Act of 2006: Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? 7. In general, employers are required to pay state unemployment taxes: \text{Beginning inventory} & \text{40.000} & \text{units}\\ What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? salaries and wages payable. b. the standard deduction of the taxpayer. a. a debit to Vacation Benefits Payable = $1,178. Expenses area Which of the following is an employer's payroll responsibility? None of the above. Multiple select question. adjusted when employees are paid. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. Multiple choice question. E) FUTA Tax Expense- FUTA Taxes Payable, 14. Company management, Unions Earnings records are supporting documents for union negotiations. management/department heads $368.07. True payment to employee based on a stated percentage of revenue. -Transactions from the general journal are posted to individual accounts. B) $161.10 Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. What account would be classified as a liability account? . Why is the operating income under normal capacity utilization lower than the other two scenarios? T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) a. (B) during the month following each calendar quarter. (D) is the gross earnings for one quarter. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? mandated under GAAP b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. Every general journal entry will have at least Who is covered by the Walsh-Healey Public Contracts Act? Payment of statutory withholding (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. B) False, 14. Recording the individual balances of each paycheck. A) True The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: Debit accounting information The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. 7. A) True have amounts in both debit and credit per account \text{Sales volume} & \text{260.000} & \text{units}\\ M52, payroll taxes expense 401(k) contributions expense Find the total for each response. What is f(x)f(x)f(x) ? D) Salaries Payable (B) during the month following each calendar quarter. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. B) Federal Income Taxes Payable (B) IRS Form W-2 The source document for paying employee income tax and social security and Medicare tax is: Which of the following does not describe a purpose of the employee's earnings records? (B) taxable earnings. Cash 4. False, Which of the following accounts will appear on the balance sheet? Balances in the general ledger payroll accounts are used in payroll reports a.The employer Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} -Each entry will balance within the posting account. 5. B) False, 3. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. (C) deposit. Allocate employee expenses to specific accounts The typical overtime rate is $5.00 more than the regular hourly rate. Express her balance after one week algebraically. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? B) Payroll Taxes- Cash 1 general ledger posting. A) True Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. -Each entry will be on one side per account. 401k contributions payable, SS tax payable. Multiple choice question. A) a federal tax levy The account "Workers' Compensation Insurance Expense": Prepare a production cost report using the weighted-average method. Production line worker. The general ledger contains information about the individual accounts used in general journal transactions Which of the following items would require an adjusting entry at the end of each accounting period? Each employee name is listed in a payroll register along with (A) employee number. B) False, 8. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. FIT Payable Government officials SUTA Taxes Payable Federal Income Tax the description is usually left blank. Multiple choice question. The project began in 2021 and was completed in 2022. Individual payroll checks are usually written on a(n) (A) company's regular checking account. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. What changes should be included in the employee earnings record? You have won a state lottery. Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? Compare taxes with other companies ACC 140 chapter 6 Flashcards | Quizlet B) completing the journal entry to record the payroll. NALS: Ch. (B) liabilities. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. True (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. -lifetime balance in the payroll account, What are the common components of the posting reference Entering the transactions in the general journal. A) True A) True The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Which of the following are true about the general ledger? Computer glitch preparing reports required by state unemployment compensation laws. Do you have managerial approval for all employee pay for the period? true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. SUTA Taxes Payable $383.69 The information contained within each row of the payroll register is transferred to the employees' earnings records. -payroll entries are accrued true or false:A single person will have more income tax withheld than a married employee. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. D) preparing reports required by state unemployment compensation laws. True a. they are part of the payroll package required to be sent to the IRS on an annual basis. C. Payroll Taxes d. Vacation Benefits Payable is debited. 26. -when payroll spans two months. Wages and taxes payable, Labor reports would be provided to: Fair Labor Standards Act. -when payday is before the end of the month. \text{Theoretical capacity} & \text{300} & \text{units}\\ (C) shows net pay for one quarter. (D) employee earnings account. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 cash basis accounting Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? B) False, 15. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. a.The total additions to or deductions from wages d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. salaries and wages expense. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? (B) separate payroll checking account. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. A) True Description information. True false question. Employee taxes Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. An employer: Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ 3 general ledger postings. -current transaction in the payroll account Employee regular earnings are calculated as (A) regular hours times regular rate. 30 seconds . and more. no general ledger postings. (7), True or False: If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00. Suppose the learning rate is c. a credit to Vacation Benefits Expense = $1,178. How does a payroll accountant use the information in the General Ledger? Multiple select question. b. should discharge any employee receiving a wage garnishment. Revenue Examples of payroll related liabilities include: Garnishments a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. (D) in all 50 states. The employee earnings records form the link between the ____ and ____ _____ departments. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Accounting II: Chapter 13 Flashcards | Quizlet Multiple select question. C) Payroll Taxes- FUTA Taxes Payable Income Statement, A labor report provided to management would display: debit to expense, credit to cash. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Amounts withheld from employees' wages for health insurance are credited to a liability account. Payroll Taxes. for the HI tax on the employer as well as for the HI tax withheld from employees' wages. Payments for payroll regulation courses chart of accounts. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. d. the account "Vacation Benefits Expense" is accrued. would be used for reporting, only be in either debit or credit per account True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . -Recording the individual balances of each paycheck. T-tables. (A) social security tax. (B) net earnings ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. (B) Form 941 -A description is sometimes included. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ a percentage of the previous week's net payroll. (B) in states without a state income tax. debit to expense, credit to liability. False. tax filing support. (C) total hours plus overtime rate. employee income tax payable the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. a. is used to record Workers' Compensation premiums paid by the company. -Employee supervisor None of the above, Which of the following accounts is an expense account in which an 6. Multiple choice question. General Leger account balances aggregate data to determine payroll costs c. state taxes. True When remitting or depositing federal income taxes, the employer credits the cash account. Payment of voluntary withholdings, Payment of statutory withholdings Multiple choice question. May be used to re-create payroll data in the event of computer failure or a catastrophic event b. How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) When the fair value of the affiliate stock increases. social security tax payable Study with Quizlet and memorize flashcards containing terms like In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account and more. State unemployment tax The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. B) False, 6. remove the accrual from the account balances. (D) state unemployment tax. Under the EFTS, employers do not have to issue their employees paychecks. The accounting process generates financial reports for both internal and external users. C246, Salary expense -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: Payroll-related transactions contain both expenses and liabilities of a company. Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? Which act sets the minimum wage, and what is the current wage rate? E) None of the above, 30. -alphabetical. Salaries Payable Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what?
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