Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 16, Problem 4MCQ
To determine
Calculate the amount of cash paid for salaries and wages.
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Income Taxes Payable was credited for $7,500 in the entry when Antonio Company recorded
payroll. When Antonio Company records employer's payroll taxes, Income Taxes Payable should be
credited for:
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a. Some other amount.
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The cash received for interest during 2021 was
The cash paid for salaries during 2021 was
The cash paid for insurance premiums during 2021 was
Chapter 16 Solutions
Principles of Financial Accounting.
Ch. 16 - A company uses the indirect method to determine...Ch. 16 - Prob. 2MCQCh. 16 - Prob. 3MCQCh. 16 - Prob. 4MCQCh. 16 - The following information is available for a...Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - When a statement of cash flows is prepared using...
Ch. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - If a company reports positive net income for the...Ch. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - Prob. 13DQCh. 16 - Prob. 14DQCh. 16 - Prob. 15DQCh. 16 - Classify the following cash flows as either...Ch. 16 - Statement of cash flows Label the following...Ch. 16 - Prob. 3QSCh. 16 - Prob. 4QSCh. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - The plant assets section of the comparative...Ch. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - A company uses a spreadsheet to prepare its...Ch. 16 - Prob. 21QSCh. 16 - Bioware Co. reports cost of goods sold of 42,000....Ch. 16 - Prob. 23QSCh. 16 - Prob. 24QSCh. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Prob. 27QSCh. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Fitz Company reports the following information....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Use the following information to determine cash...Ch. 16 - For each of the following separate transactions,...Ch. 16 - Prob. 11ECh. 16 - Use the following information to prepare a...Ch. 16 - Prob. 13ECh. 16 - Complete the following spreadsheet in preparation...Ch. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Use the following information about Ferron Company...Ch. 16 - Prob. 20ECh. 16 - Prob. 1APCh. 16 - Refer to the information in Problem 16-1A....Ch. 16 - Forten Companys current-year income statement,...Ch. 16 - Prob. 4APCh. 16 - Prob. 5APCh. 16 - Golden Corp.s current-year income statement,...Ch. 16 - Prob. 7APCh. 16 - Prob. 8APCh. 16 - Prob. 1BPCh. 16 - Prob. 2BPCh. 16 - Gazelle Corporations current-year income...Ch. 16 - Prob. 4BPCh. 16 - Prob. 5BPCh. 16 - Prob. 6BPCh. 16 - Prob. 7BPCh. 16 - Prob. 8BPCh. 16 - Prob. 16SPCh. 16 - Use Apples financial statements in Appendix A to...Ch. 16 - Prob. 2AACh. 16 - Prob. 3AACh. 16 - Prob. 1BTNCh. 16 - COMMUNICATING IN PRACTICE Your friend, Diana Wood,...Ch. 16 - Prob. 3BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTN
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- An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 Rarrow_forwardInstructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.arrow_forwardKA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxesarrow_forward
- Accounting The payroll summaries for Snowball Sales, Inc. for the first and second quarters of the calendar year show the following salaries: 1st QTR 2nd QTR A. Frozen 2,950.00 5,284.00 U. Icicle 5,498.00 3,765.00 C. Frost 9,489.00 6,995.00 W. Fahrenheit 7,150.00 2,225.00 J. Snow 9,700.00 4,160.00 P. Blizzard 0.00 6,330.00 Total 34,787.00 28,759.00 Record the following transactions in the proper general journal entry form. Descriptions are not required. A template has been provided for your convenience.arrow_forwardThe entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000arrow_forwardThe totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).arrow_forward
- The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Debit Credit Payroll taxes: OASDI Payable: HI Payable: FUTA Taxes Payable: SUTA Taxes Payable:arrow_forwardThe totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.arrow_forwardThe following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.arrow_forward
- Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?arrow_forward1. A bank supervisor is paid a salary of P600,000 a year. Compute for his a) Weekly gross pay b) Bi-weekly gross pay c) Semi-monthly gross pay d) Monthly gross payarrow_forwardIncome Taxes Payable was credited for $7,500 in the entry when Antonio Company recorded payroll. When Antonio Company records employer's payroll taxes, Income Taxes Payable should be credited for: Select one: a. Some other amount. b. $7,500. c. $0. d. $15,000. e. The answer does not existarrow_forward
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