reversed in the next month. (A) December 31 of the current year. 13. . 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? 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. The total amount earned by all employees for a pay period is a ____. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. -per employee wage reporting Employee regular earnings are calculated as (A) regular hours times regular rate. (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. The production-volume variance is written off to cost of goods sold. \end{array} Letter and number four employees. Which of the following is true about the employer responsibility for payroll taxes? (C) gross earnings. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. Employee Income Tax Payable The process of transferring amounts from the general journal to the general ledger is called posting. Payment of statutory withholdings double payroll account balances. mandated under GAAP How does a payroll accountant use the information in the General Ledger? Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Every general journal entry will have at least In many payroll systems: d.Only "A payroll register" and "The employee's earnings record" are correct. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Salaries Payable (A) W-2 Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? Wages and cash expenses D) SUTA tax The purpose of a labor report is to do what? True true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. 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. -department breakdown of labor cost, billiable and nonbillable time Revenue true or false: Total earnings are sometimes referred to as net pay. a. is used to record Workers' Compensation premiums paid by the company. state income tax expense redundancy. (B) total hours divided by regular rate. (B) a receipt. c.Both employee & employer B. C) SUTA Taxes Payable The financial investment and any accumulated profits or losses of the owner of a firm. \text{Sales volume} & \text{260.000} & \text{units}\\ Have you computed their voluntary deductions? a percentage of the previous week's gross payroll. (C) FUTA earnings D. FUTA Taxes Payable -current amount of reduction to the payroll account Executive orders. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. C. The employee completed the current version of Form W-4. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. Highest 10 percent b. Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. B) False, 7. regular earnings plus overtime earnings. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. The reports are identical and provide necessary (C) yearly Magic Me is a manufacturer of magic kits. Study with Quizlet and memorize flashcards containing terms like . general ledger entries. General ledger entries are made ______ (after/before) general journal entries. a. are what is left over after the employee pays rent and utilities. 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? -chronological. Do you know much each employee should be paid? Multiple select question. and more. Multiple choice question. The following accounts receivable information pertains to Growth Markets LLC. -cumulative total on the account Soccer teams Explain your reasoning. The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. Add. Wages Expense c. It facilitates accuracy in employee personnel records. -include all descriptions in the general journal. When recording the deposit of FUTA taxes owed, the proper entry is: Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: -current entry amount per account type account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. True false question. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. expenditures or expenses determining when the accumulated wages of an employee reach cutoff levels. Income Statement, A labor report provided to management would display: Accounting system entries record all payroll-related activity when payday is after the end of the month. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ Employee payments a percentage of the previous week's gross payroll. The record of all of a firm's financial transactions. Entering the transactions in the general journal. computer backup. The contribution margin from the additional sales of 100% juices would be$90,000. debit card based accounts. (C) a memorandum. Multiple select question. It adds complexity to the personnel recordkeeping. -credit state withholding $1,234 Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. Which of the following is not an expense of the employer? a. the expense has already been recorded. 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. Disposable earnings are the earnings remaining after withholding federal income taxes. remove the accrual from the account balances. D) 53.70 $845.00 - $364.42 = $480.58. Garnishment for child support payments \end{array} Multiple choice question. Did you update the employees' earning records? Restoration Midterm. When the fair value of the affiliate stock increases. Terms in this set (20) The period covered by a salary payment is a ____. Unclaimed employee wages are returned to the employer. The entries into the first pair of debit and credit columns for State Income Tax Payable will be: An employer: E) None of the above, 30. B) FICA tax--HI Multiple choice question. (B) an expense account (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. True False, The Form 940 is the source document for all employee payroll journal entries. a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. c. the "Vacation Benefits Payable" account is credited. Medicare tax Debit accounting information - The date of the transaction is attached. The general journal entries will be in what order Trial Balance Multiple select question. Multiple choice question. -Entering the payroll journal entry. no general ledger postings. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? a. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: The payroll register is used by employers in completing Forms W-2. -current entry amount and account A) Wages Expense A qualified retirement plan that allows tax-free withdrawals from the account. An employer will use the payroll register to keep track of an employee's accumulated wages. The project began in 2021 and was completed in 2022. 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 debit increases which of the following types of accounts? Multiple choice question. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ What account would be classified as a liability account? Entering the transactions in the general ledger. a. The issuance of checks to employees would reduce:(which account). 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? and more. Wages expense, On which accounting reports would payroll-related assets appear? Payment of voluntary withholdings (b) How long does it take for yyy to reach 505050? The cash based businesses will show an increase in payroll expenses when: False, Which of the following accounts will appear on the balance sheet? incurs as an expense each payday? A) True They were paid in cash while other employees were paid by check. Did you have the returns checked for accuracy? (D) state unemployment tax. (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. a.They must disclose to the job applicant that they are seeking an investigative report. Which of the following accounts would appear on the balance sheet? Which of the following items would require an adjusting entry at the end of each accounting period? The employee earns more than the federal minimum wage. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. disposable earnings. -Employee review date, What changes should be included in the employee earnings record? An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. D. payroll. create the need for more entries. state income tax expense Provides information for decision-makers about costs and company profitability The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. Under the FLSA, what information concerning employees' wages must be maintained by the employer? 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. Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. chart of accounts. true or false:Qualified retirement plans are approved by an act of Congress. true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Assuming you can earn 6% on your funds, which option would you prefer? Promote analysis of payroll expenses. Payroll register. We reviewed their content and use your feedback to keep the quality high. Multiple select question. useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. a. costs (all fixed)} & \text{\$ 500.000}\\ Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. A federal tax paid for hospital insurance. -current transaction in the payroll account a. can take 50% of an employee's disposable income for child support payments. Debits show increases to Cash (B) during the month following each calendar quarter. C. Payroll Taxes c.The Civil Rights Act of 1964 (C) a liability account Which column exists in the employees' earnings records but not in the payroll register? E) Union dues withheld, 17. 100 terms. B) completing the journal entry to record the payroll. Business managers use accounting entries to inform their decisions The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. (D) none of these. Multiple select question. A) True Payroll Taxes Write your answers in simplest terms. salaries and wages expense. Federal Income Tax (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Show your work. d.None of these choices are correct. Amounts withheld from employees' wages for health insurance are credited to a liability account. Employee regular earnings are calculated as ____. Earnings records are supporting documents for: Asset = Amounts belonging to the company
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