Author: Anonymous

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Balance Sheet section of the Work Sheet: Cash, $150,000; Accounts Receivable, $160,000; Merchandise Inventory, $200,000; Land, $130,000; Equipment, $240,000; Accumulated Depreciation-Equipment, $140,000. What would be the Total Property Plant and Equipment for this Balance Sheet?  

Assume that the MUST Co. pays a weekly payroll.  Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)–  Assume the deduction for each withholding allowance is $81 (a)   SINGLE person (including head of household)-   If the amount of wages (after subtracting withholding allowances) is: Not over $73. . . .     The amount of income tax to withhold                                          is $0       Over— But not over–   of excess over– $73 —$260 $ 0.00 plus 10% —$73 $260 —$832 $18.70 plus 12% —$260 $832 —$1,692 $87.34 plus 22% —$832 $1,692 –$3,164 $276.54 plus 24% —$1,692 $3,164 —$3,998 $629.82 plus 32% —$3,164 $3,998 —$9,887 $896.70 plus 35% —$3,998 $9,887 . . . . . . . . . . . $2,957.85 plus 37% —$9,887

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Gross Profit is $100,000 and that the Total Operating Expenses are $45,000.  What is the $55,000 (Gross Profit minus Total Operating Expenses) called?  

Assume that the MUST Co. pays a weekly payroll, and the company pays 1 1/2 times the regular rate for overtime.  What would be the gross earnings for an employee whose regular earnings are $20 per hour, and this employee worked 40 hours this pay period?

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:  Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).  What would be the Total Current Liabilities for this Balance Sheet? LIABILITIES       Current liabilities:                     ______   Total current liabilities     Long-term liabilities:         ______ Total liabilities      

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances: Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000. What is the Total Operating Expenses amount on the Multiple-Step Income Statement?

The balance in the equipment account before adjustment on December 31 of the current year is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $10,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances:  Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000.  What is the Total Selling Expenses amount on the Multiple-Step Income Statement? Operating expenses:          Selling expenses:                 ________              Total selling expense   ?

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that $1,125 of outstanding checks had not been included in the September 30 bank statement.  Which of the following statement correctly details what should be done with these outstanding checks when preparing the reconciliation?

Assume the social security tax rate is 6.0% and the Medicare tax rate is 1.5% on all earnings.  What would be the amount of the social security tax to withhold from an employee whose gross pay prior to this pay period was $32,000 and his gross earnings for this weekly pay period is $855?