College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 7, Problem 4DQ
Explain the difference between gross earnings and net earnings for a payroll period.
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Describe the cost and basic accounting activities related to payroll ?
What is the source of data used to:
a. Record the distribution of the payroll.
b. Record the employer's payroll taxes.
What account is debited when journalizing the payment of payroll?
Salary Expense
Payroll Tax Expense
Employee Income Tax Payable
Payroll Expense
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - On January 21, the column totals of the payroll...Ch. 7 - Precision Labs has two employees. The following...Ch. 7 - Prob. 8ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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- B. D Based on the information below, 1) complete the April 15th payroll register for Mansouri Medical Center and 2) prepare the jounal entries needed to record payroll and the also the employer's liability. (Two journal entries) Assume a state unemployment tax rate of 3.2% and a federal unemployment tax rate of 0.8% and a $7,000 maximum taxable earnings. Use of formulas is required, along with appropriate number formatting, correct spelling and neatness. Yes, neatness counts! Idid the heavy lifting for you here- you need to do the rest. Gross Pay - Federal Union Dues Name Earnings to Date Standard Gross Pay - Overtime Total Gross Pay Withholding Deduction 無一 排 70.00 S 50.00 $ 18.10 $ 9.20 $ 9.00 200.00 S 250.00 $ 300.00 $ 350.00 $ 270.00 S J. Erin M. Riddle W. Monde M. Murray 2$ 3,800.00 $ 300.00 S 11.00 6,950.00 $ 7,200.00 $ 8,000.00 $ 14.00 300.00 $ 350.00 $ 15.70 $ 28.40 $ 4 27 28 29 30 B1 32 33 34 35 36 37 38 39 40 41 42 43 Payroll - Chapter 8 Readyarrow_forwardWhat information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?arrow_forwardThe deparment that should pay the payroll is the: a. payroll deparment b. human resources deparment c. trasures's department d. timekeeping departmentarrow_forward
- What’s mean change in payroll ratearrow_forwardwhy are we not including the gross salaries and inocome taxes for the total payroll expense this pay period?arrow_forwarddescribe the substantive sufit procedures you will be performing on a) the payroll balances b) the payroll transactions in the profit and loss accountarrow_forward
- Total payroll was $946,000, of which $222,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $806,000. Income taxes in the amount of $173,700 were withheld, as was $19,500 in union dues. The state unemployment tax is 3.5%, but Waterway Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current F.I.C.A. tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Waterway makes more than $250,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all…arrow_forwardTo what account is total net pay credited? cash voluntary deductions payroll Salaries Expensearrow_forwardWhich of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment taxes.c. Income taxes.d. Employee portion of insurance and retirement payments.arrow_forward
- What are the advantages of using ACH to process payroll as compared to paying employees by cheque.arrow_forwardWhich of the following type of information is not provided on a payroll register? a.regular rate of pay. b.marital status. c.record of time worked. d.vacation benefits.arrow_forwardWhen an entity has more than one class of employee, it is important to evaluate the reasonableness of payroll based on employee class. Which of the following procedures is commonly used to test this? -Calculate revenue per employee --Calculate total payroll costs as a percent of revenue --Comparing payroll expenses with prior year balances or budgets --Calculate average payroll cost per employee classificationarrow_forward
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