FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
25th Edition
ISBN: 9781264753277
Author: Wild
Publisher: MCG
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Question
Chapter 3, Problem 7E
(a)
To determine
Introduction: The financial statements of a company include the
To prepare: Year-end
(b)
To determine
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: Week-end journal entry.
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Students have asked these similar questions
VACATION PAY
The Tom Thumb Corporation follows this vacation policy for its factory workers:
I to 3 years of service: 1 week paid vacation
4 to 12 years of service: 3 weeks paid vacation
Over 12 years of service: 4 wecks paid vacation
The payroll records show the following information pertaining to next year (all em-
ployees work directly on the product):
YEARS OF
EMPLOYMENT
SALARY
(WEEKLY)
NAME
I. Gelati
B. O'Hara
R. Reilly
F. Maestro
R. Auerbach
K. Sposare
T. Fyumo
$350
175
370
15
425
8.
400
125
390
Requlred:
Determine the amount that should be accrued each week for each employee.
b Show next year's journal entry needed to distribute the weekly payroll. The Tom
Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry,
assume that no employee would be on vacation.
Accrued Wages
Aqua company employs a part-time staff of 40 employees, each earning $15 per hour and working 35 hours per week. Employees work 5 days per week, Monday through Friday,
and are paid weekly on Fridays. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, April 30.
Required:
What journal entries are made on Wednesday, April 30, and Friday, May 2? If an amount box does not require an entry, leave it blank
Apr. 30 Wages Expense
Wages Payable
(Record accrued wages expenses)
May 2 Wages Expense
Wages Payable
(Record payment of wages)
000
Employee Earnings Record
Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week.
Name
No. ofAllowances
MaritalStatus
Total HoursWorked Mar. 16–22
Rate
Total EarningsJan. 1–Mar. 15
Bacon, Andrea
4
M
44
$14.00
$6,300.00
Cole, Andrew
1
S
40
15.00
6,150.00
Hicks, Melvin
3
M
44
13.50
5,805.00
Leung, Cara
1
S
36
14.00
5,600.00
Melling, Melissa
2
M
40
14.50
5,945.00
Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city earnings tax at the rate of 1%, both applied to gross pay. Bacon and Leung have $15 withheld and Cole and Hicks have $10 withheld for health insurance. Bacon and Leung have $20 withheld to be invested in the travel agency’s credit union. Cole has $38.75…
Chapter 3 Solutions
FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QSCh. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...
Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16
Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A
Recording prepaid expenses and...Ch. 3 - Prob. 1PSBCh. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SPCh. 3 - Prob. 1GLPCh. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1DQCh. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQCh. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTN
Knowledge Booster
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