Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 10, Problem 3R
To make the worksheet reusable each month, the Social Security tax formulas should be designed to automatically compute whether (1) full tax is due. (2) no tax is due (e g., cumulative gross pay is over the ceiling), or (3) some tax is due. =IF statements will be required. The =ROUND function should be used for FORMULAS 1 through 3 to eliminate rounding errors. FORMULAS 4 and 5 should also use the =IF function. FORMULA2 has been provided for you below. Review Appendix A of Excel Quick and explain the meaning of each part of the formula.
- a.
- b.
- c.
- d.
- e.
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One major difference between deferral and accrual adjustments is:
Multiple Choice
accrual adjustments are influenced by estimates of future events and deferral adjustments are not.
deferral adjustments are made before taxes and accrual adjustments are made after taxes.
deferral adjustments are made monthly and accrual adjustments are made annually.
accounts affected by an accrual adjustment always go in the same direction (i.e., both accounts are increased or both
accounts are decreased) and accounts affected by a deferral adjustment always go in opposite directions.
Using Excel, create a table that shows the relationship between the interestearned and the amount deposited, as shown. we will first create the dollar amount column and the interest row, as shown . Next we will type into cell B3 the formula = $A3*B$2. We can now use the Fill command to copy the formula in other cells, resulting in the table as shown. Note that the dollar sign before A3 means column A is to remain unchanged in the calculations when the formula is copied into other cells. Also note that the dollar sign before 2 means that row 2 is to remain unchanged in calculations when the Fill command is used.
Chapter 10 Solutions
Excel Applications for Accounting Principles
Ch. 10 - Based on 2011 tax rates provided, use a calculator...Ch. 10 - You have been asked to record the November payroll...Ch. 10 - To make the worksheet reusable each month, the...Ch. 10 - Prob. 4RCh. 10 - Prob. 5RCh. 10 - In the space provided below, prepare the journal...Ch. 10 - In the space provided below, prepare the journal...Ch. 10 - Prob. 8RCh. 10 - Click the Chart sheet tab. On the screen is a...
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