reimbursement plan
Q: Define Refund Liability.
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A: Balance of Payment is a statement of monetary transactions made and records between residents of a…
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A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…
Q: Define Discount Rate.
A: A discount rate is rate which is used to bring future value of cash flow to the present value.It is…
Q: Define the term recovery allowance percentages?
A: Tax based depreciation rates are provided by the IRS and are called MACRS which is the modified…
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A: Company needs to complete the goal set initially by the top level of management. These goals include…
Q: Define Interest receivable.
A: Introduction: Interest Receivable is an amount which has been earned by the person but the same has…
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A: A nonprofit organization’s expenses can be classified into two types, they are expenses for program…
Q: Type of CPM Loan?
A: Introduction: CPM refers to constant payment mortgage, this is nothing but an arrangement…
Q: Define Prepaid rent.
A: Prepaid Expense: It refers to the expenditure incurred by company that is paid in one accounting…
Q: Describe Liabilities from Advance Collections.
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: Define liabilities
A: Accounting: Accounting is the process of recording the financial transaction of the organization…
Q: Define secured basis loan
A: Introduction: Loan is the amount that investors borrow for a given period of time. Farmers pay a set…
Q: Define annuity due
A: Annuity due is an arrangement of payments that are equal as well these payments are paid or received…
Q: Define stretching accounts payable
A: Accounts Payable are the money owed by the company, wherein this comprises short-term loans from…
Q: Discuss the term ‘co-payment
A: Co-payment is a very important term in the field of health insurance.
Q: Define refunding operation
A: Introduction: Refunding is the method of withdrawal or repayment of an existing bond issue by…
Q: perlod of a loan or investment
A: Compounding period and period of loan are interrelated to each other.
Q: Define credit enhancement
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: Define receivables and understand issues related to their recognition.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: The term of Final Payment. Effects of Final Payment.
A: A contract is made so that the work can be done legally and both are bond to fulfill their portion…
Q: Define Interest cost.
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Define savings and loan association (S&L
A: Savings & Loan Association (S&L) is basically an organization intended for the purpose of…
Q: Define Accrued Interest Payable.
A:
Q: ther with a remittance puld Northup recogniz®
A: Consignment is the process of authorizing the third party known as consignee to sell the products of…
Q: Explain payment (PMT)
A: Payment is the transfer of money, goods, or services in exchange for goods and services in…
Q: Define asset retirement obligations (AROs).
A:
Q: Define expense recognition principle
A: Expense recognition principle says that all expenses for the particular period must be recognized in…
Q: Define Deferred Payments.
A: Liabilities: Liabilities are referred to as the obligation of the business towards the creditors…
Q: Distinguish betwenn program service expenses and supporting service expenses.
A: Expenditures related to the public services offered by the NFP are referred to as program service…
Q: Differentiate annuity dues and deferred annuities.
A: An annuity can be divided into two types: Annuity due: Unlike a regular annuity, annuity due…
Q: assets t receivable (net pries
A: Ratio analysis is a very effective tool in Accounting to analyse…
Q: punts receivable ipment umulated deprec tes payable
A: particulars amount particulars amount To rent expenses $45000 By service fee earned $177500 To…
Q: Payable.
A: The correct answer is c) Long term bonds payable
Q: Explain payment date
A: Whenever firms have the excess cash, either they can distribute it as dividend or can retain that…
Q: loan, what amount of money will be required to pay the down payment, the origination fee and the…
A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…
Q: Appropriation account
A: Appropriation accounts keep aside money/ profits for various specific purposes. For example dividend…
Q: Define Current Receivables.
A: Current receivables are recorded under current assets of the company.
Q: Explain payables deferral period (PDP)
A: Payable deferral period (PDP) is a period or number of days that firms take to pay their creditors…
Q: Describe the conditions that would make the use of advance-discounts appropriate.
A: Discount means a selling of goods or service below the price of goods. This reduction in price is…
Q: Define Accretion expense.
A: Accretion expense is incurred due to the effluxion of time which is calculated on the basis of…
Q: Define discount interest
A: Introduction: Usually, interest is the sum charged over an amount of time by the borrower for the…
Q: Define Advance payments.
A: Advance Payment : Advance Payment is a payment made before goods or services are provided. Advance…
Q: Define Interest revenue.
A: Revenue: Revenue is earnings from the operations of a business. The operating activities are the…
Q: ll informtion of recievable analysis and example
A: Answer: Receivables are those assets that represents the money that the customers have to pay off to…
Q: Insurance
A: Expected profit refers to the profit that the company would be earning after considering one or two…
Q: Define Annuity.
A: Definition: Present value: This is the amount of future value reduced or discounted at a rate of…
Q: What are program services expenses?
A: Non-Profit Organization is legal entity formed to serve the welfare for the people & society. It…
Q: Define clearing (payment process)
A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…
Q: Define Deferred annuity.
A:
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- Completing the Payroll Register The Employee Payroll Register presents all the computations previously performed as it applies to this payroll period. Complete the following steps (if a field should be blank, leave it blank): Record the amount to be withheld for group insurance. Record the amount to be withheld for health insurance. Each worker is to be paid by check. Assign check numbers provided to the correct employee. Compute the net pay for each employee. Total the input columns. KIPLEY COMPANY, INC.Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $0.42 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 0.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 0.41 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 0.53 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00…All details related to an employee's earnings, deductions, and net pay throughout the year would be found in: Multiple Choice the Wages Expense account in the general ledger. the payroll register. the general journal. О the individual earnings record.According to PAS 19, short-term employee benefits are recognized a. at each year-end b. at each month-end c. on a semi-monthly basis d. when an employee has rendered service in exchange for those benefits.
- Prepare journal entry to record the employee benefit expense. Compute for the Fair Value Plan Asset (FVPA) as of December 31 and projected benefit obligation on December 31.BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 6,400 Gross Pay for September $ 800 Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.)Describe the types of application control used for the following data in a payroll system.a. Employee nameb. Employee numberc. Social Security numberd. Rate per hour or salarye. Marital statusf. Number of dependentsg. Cost centerh. Regular hours workedi. Overtime hours workedj. Total employees this payroll period
- Question 9: In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. O Asset В. O Liability C. O Revenue D. O ExpenseThe amount of time over which an employee is paid is known as ___________. payroll pay period payroll register payroll clerkAn employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
- The needs of management and the requirements of various federal and state laws make it necessary for employers to keep records that will provide all of the following information for each employee EXCEPT a.name, address, and Social Security number. b.gross amount of earnings accumulated since the first of the year. c.number of hours the employee works as a volunteer for the community. d.gross amount of earnings, date of payment, and period of employment covered by each payroll.Assume that you are working with a payroll application that produces weekly paychecks, including paystubs. Listed below are 20 data elements that would appear on the paycheck/paystub. For each numbered item, indicate the immediate (versus ultimate) source of the item. For instance, the immediate source of the number of exemptions for an employee would be the employee master data, as opposed to the ultimate source, which is the W-4 form filed by the employee. Some items may have more than one source, as in the case of item 1. You have the following choices: Arrange your answer as follows: The items to be considered are as follows:INPUT VALIDATIONDescribe the types of input edits used for the following data in a payrollsystem. a. Employee nameb. Employee numberc. Social security number d. Rate per hour or salarye. Marital statusf. Number of dependents g. Cost centerh. Regular hours workedi. Overtime hours worked
