Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry . Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries . W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions. Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body. Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program. State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program. Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense. State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense. To prepare: The journal entry at December 31 for full year’s payroll.

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Answer 1

Question

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

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Answer 2

Question

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

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Answer 3

Question

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

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Answer 4

Question

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

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Answer 5

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

Answer 6

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

Answer 7

Chapter 11, Problem 11.5AP

(a)

To determine

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver are debited if the balance is increased and credited if the balance is reduced in a journal entry.

Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are adjusting entries.

W-2 Statement: A mandatory statement to be prepared and presented to each employee within one month after the end of financial year by the employer is called W-2 statement or W-2 form. It includes all the details about the employee’s salary or wages and the deductions.

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal Unemployment Tax Act (FUTA): This is applicable on employers only. It’s a feature of federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State Unemployment Tax Act (SUTA): It is same as federal unemployment tax act, only difference is that it is a program by states. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

Federal Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to federal authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

State Income Tax: The tax on the total earnings of employee is deducted by employer and deposited to state authority. Employer need not to contribute in this tax so it is not included in payroll tax expense.

To prepare: The journal entry at December 31 for full year’s payroll.

Answer 8

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

Answer 9

(b).

To determine

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

Answer 10

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

Answer 11

(c)

To determine

To complete: The W-2 wage and tax statement for two employees of Company D.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Prob. 3Q Ch. 11 - Prob. 4Q Ch. 11 - Prob. 5Q Ch. 11 - Prob. 6Q Ch. 11 - Prob. 7Q Ch. 11 - 8. What is the difference between gross pay and...Ch. 11 - Prob. 9Q Ch. 11 - Prob. 10Q

To prepare: The adjusting journal entry at December 31 for employer’s payroll taxes.

To complete: The W-2 wage and tax statement for two employees of Company D.

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