It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in Year 1 and 70% in Year 2 for the Year 1 sales. and Weighted average b. The feature that distinguishes loss __________ from other liabilities is the uncertain outcome. $ Scene will record this entry with a credit to Notes Payable in the amount of $__________. Spelling Comapny uses a perpetual inventory system. The Puzzles Division was sold at a loss of$90,000 before income taxes. An adjustment may be needed to record the amount of the prepaid item that has not expired at the end of the accounting period. Amounts withheld from an employee's gross pay are called: Jorge Lopez worked 40 hours this week and earned $1,000 in total compensation. When using the Navigation Bar in QBO to enter in sales transactions, a user must perform, C) Select Sales and click on the drop-down arrow for New transaction. The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. During November, the company sold 30,000 computers, and 400 computers were serviced under the warranty at a total cost of $55,000. What is the net pay to employees? a. Next, select the. This transaction will be recorded with a: On September 15, a company issued a check for $5,200 in payment for a note, $5,000, and interest, $200. B) Recurring transactions are not often used in QBO since transactions are specifically adjusted to suit every user's needs. Federal and state taxes and other withholdings totaled $350. Boyd's Bicycles Sales and Repairs Co. offers a 6-month warranty on all new bicycle purchases. The $500 would be recorded with a debit to Cash and a credit to the Unearned Revenues, which is a ___________________ account. The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is, debit Vacation Pay Expense; credit Vacation Pay Payable. The QBO Journal is used to record adjustments (and corrections). $\$ 19.99 \times 500$ and c. the items subtracted from an employee's gross pay to arrive at take-home pay. | Bose | $3.4$ | It is probable that a future loss will occur. Display the Chart of Accounts, select View Register, To edit and delete an account in the Chart of Accounts, Display the Chart of Accounts, Select Run Report drop-down arrow, select Edit or Delete, All of the following onscreen forms and sequences are ways to record vendor and expense. Sterling Inc. has two long-term notes outstanding. Complete the following table to reflect any The first major step in implementing ABC is to identify the (1) that will form the foundation for the system. Experience indicates that 80 percent of the cards will be redeemed before they expire. Niwa's entry to record this transaction would include which of the following entries? Zion Co. sells $100 of merchandise and collects $10 sales tax. B) Profit and Loss, Balance Sheet and Statement of Cash Flows. What is that order and why do. Dec. 28. Assume that all appropriate adjusting journal entries were made at 12/31. Prepare a statement of comprehensive income for the year ended December 31, 2017. Specific identification c. LUDO d. FIFO True False, FICA includes partnerships in its definition of employer. b. External reports are (1) (more/less) detailed than internal reports. If Coca-Cola's sales had grown from 1939 to 1945 at the same rate that they grew between 1934 and 1939, its sales in 1945 would have been approximately ___ cases. Most employees and employers are required to pay: Employers' responsibilities for payroll include: The employer should record payroll deductions as: The amount of federal income taxes withheld from an employee's paycheck is determined by: Recording employee expenses for employers may involve: The Federal Insurance Contributions Act (FICA) requires that each employer file a: An employee earned $47,000 during the year working for an employer. $434.00. C) If the Expense form or Check form was used to enter the vendor transaction. In what situation would you NOT use the Pay Bills form? A) Due to a company's prescreening activities, it is generally not that important to track the receivable after the credit sale. Study with Quizlet and memorize flashcards containing terms like Which icon allows you to create a new expense transaction?, Plus sign inside a circle icon, The _____ form is used to pay bills. Laws require employers to withhold __________ taxes from employees' pay to cover costs of the system. Study with Quizlet and memorize flashcards containing terms like On September 1, ABC Company borrowed $50,000 on a 6%, 9-month note payable to XYZ National Bank. Indicate the order in which the following onscreen vendor and expense transaction forms typically should be prepared. ABC procedures produce numbers that do not match traditional costing. Two activity cost pools have been identified: Customer Service with a total cost of $200,000 and a total activity of 25,000 customer service calls; and Product Development with a total cost of $300,000 and total activity of 20,000 development hours. A "bucket" in which costs are accumulated that relate to a single activity measure in the ABC system is a(n) ______. These withholdings are called employee ___________ and include items such as medical premiums. and more. To learn more about preparing 1099s, see www.irs.gov. ), In activity-based costing, another term for allocation base or activity measure is (1) (2). Usually, traditional costing ______ high-volume products and ______ low-volume products. Is the following covered by FICA tax? The liability is probable and cannot be reasonably estimated. Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is located. The discount rate is 6%. Keys should record a contingent liability prior to the evacuation. 1. FICA contributions are 7.65%, and FUTA contributions are 6.2%. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? The, 1. Is the following covered by FICA tax? QuickBooks considers all of the following to be vendors except: Which of the following two are Vendor and Expense transactions? The Trial Balance lists all accounts with their debit and credit balances. Bryne Co. sells merchandise and collects a 5% state sales tax. A Trial Balance lists each account and the account balance at the end of the accounting period. The employer's total FICA payroll tax for this employee is: An employee earned $62,500 during the year working for an employer. On June 1, Sawyer Co. borrowed $5,000 by extending their past-due account payable with a 45-day, 12% interest-bearing note. Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40 hours during a week. During the month, Boyd sales total $20,000. Each computer has a 2 year warranty that covers replacement of defective parts. The process by which employees are investigated by an insurance company that will insure the business against losses through employee theft or mishandling of funds is called: Preparing a petty cash voucher for each payment, Internal controls related to petty cash include. This is effected under Palestinian ownership and in accordance with the best European and international standards. and more. The goods were sold for $1,000 and cost Lakewood $500. What is the adjusting entry for the accrued interest at December 31 on the note? Your risk tolerance II. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. | :--- | :---: | :---: | :---: | What is the amount of total unemployment taxes the employer must pay on this employee's wages? A) Increased with credits and decreased with debits. A) Select Accounting from the Navigation Bar, and from the Chart of Accounts window select View Register. State unemployment taxes imposed on employers in order to provide unemployment benefits to qualified workers are known as __________. and more. Records all transactions affecting the Checking account. How can a business track accounts payables to make certain it's paying on time? A contingent liability is recorded if which conditions are met? Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. Total cost of each activity divided by the total activity is the computation of ______. When using the Navigation Bar to enter expense transactions in QBO, a user must perform the following: A) Select Expenses and click on the drop-down arrow for New transaction. b. Study with Quizlet and memorize flashcards containing terms like Current liabilities are due a. but not receivable for more than one year b. but not payable for more than one year c. and receivable within one year d. and payable within one year, Notes may be issued a. when assets are purchased b. to creditors to temporarily satisfy an account payable created earlier c. when Simar guarantees parts and labor for one year after installation. A written promise to pay a specified amount on a stated future date within one year or the company's operating cycle, whichever is longer, is considered a ______________. As a result of this transaction, Cadie would record a __________ on her balance sheet. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. Which vulnerability exploit resulted from the attacker's actions?, By Home. Study with Quizlet and memorize flashcards containing terms like Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Cash Utilities Expense Wages Expense Land Accounts Receivable Unearned Rent Accumulated Depreciation Frank Kent, Drawing Land Salaries Payable Supplies Unearned Rent, Classify the following 1. In QBO, when customers pay bills via Credit Card the following is true: B) Using QBO's Merchant Account Service you can obtain online authorization and. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. Which of the following activities, and the QBO form used to record it, is incorrect? A company's total expected overhead for the year is $500,000. ), experienced the following events: $$ \begin{matrix} \text{Jul 6} & \text{Smith invested \$41,000 in the business, which in turn issued its common stock to him. Taxes associated with these earnings include federal withholding tax of $45, state withholding tax of $18, social security tax of $44.64, Medicare tax of $10.44, FUTA tax of $4.32, and SUTA tax of $38.88. What payroll tax form meets the following description: Filed with the IRS, this form summarizes the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter? The first major step when implementing an ABC system is ______. Modern Learning Lab. Study with Quizlet and memorize flashcards containing terms like A _________ is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events., Which of the following items would be considered a current liability?, A measurable obligation arising from agreements, contracts, or laws is called a ________ B. QuickBooks Online is accounting in the cloud. This transaction would typically be recorded in which account in Spot's books? The time can then be transferred to a specific customer's invoice by completing the following steps: B) Select Customer Name in drop-down Customer List, and select Service from the drop-down Services List. The other is a seven-year note for $210,000. Flashcards. In QBO, what situations cause the company to use the Bank Deposit form? A) Increased with debits and decreased with credits. What are the 2 main aspects of using QBO Employee and Payroll? Which of the following is paid only by the employer? A) Acollection of products or services that are sold together as a bundle. Federal and state income taxes withheld, FICA, and unemployment taxes. outstanding checks and deposits in transit are: A signature of the payee written on the back of the check that transfer ownership of the check without specifying to whom or for what purpose is called a, a form used to record the deposit of cash or checks to a bank accounts is called a, a check dated some time in the future is called a, a check that has been paid by the bank on which it was drawn is called a, A statement that accounts for all differences between the balance on the bank statement and the book balance of cash is called a, A fee charged by banks to cover the cost of maintaining accounts and providing services is called a, have been recorded in the cash payments journal but have not yet been paid by the bank, deposit that is recorded in the cash receipts journal but that reaches the bank too late to be shown on the monthly bank statement, Items found on the first section of the bank reconciliation, or adjustments to the bank statement balance include. Why is it important to have a petty cash fund available in a company? | Rock Ventures | $5.1$ | Jorge Lopez worked 40 hours this week and earned $1,000. (Check all that apply.) Lakewoood uses a perpetual inventory system. A ________________ liability is a liability due within one year or the company's operating cycle, whichever is longer. This Friday, were taking a look at Microsoft and Sonys increasingly bitter feud over Call of Duty and whether U.K. regulators are leaning toward torpedoing the Activision Blizzard deal. Abby Co. allows each employee two weeks of paid time off during each calendar year. The following totals for the month of April were taken from the payroll register of Magnum Company. (Enter your answer as a whole number.). Angela Bennett is an employee of Marks Co. The journal entry required at December 31, 2018 would include which of the following? Adjustments are often necessary to bring the accounts up to date at the end of the accounting period. | Gulf States Toyota | $8.0$ | Rimland Corporation has employee salary expense of $10,000 on April 30, 2018. ), Select all that apply Costs that can be easily traced to individual products include _____., Which costing system charges products only with the costs of the capacity used by those products and not with the cost of unused capacity? Payroll taxes expense take all taxes. FICA is paid by both employee and employer, If a company wants to turn on Time Tracking preferences, go to, Gear icon then choose Account and Settings then choose Advanced, To delete an account in the QBO COA from Navigation Bar, Select Accounting the Select Specific account then drop down arrow by View register then Delete, Select Account and Settings the Advanced, Check Enable account numbers then Check Show account numbers, Save, QBO offers two different ways to enter transaction information. QBO Reports is a process included in QBO SatNav. An employer must pay FUTA taxes even if the employer pays SUTA taxes. What is the amount of total unemployment taxes the employee must pay? Federal government taxes implemented on employers in order to provide unemployment to benefits to qualified workers are known as ___________. Next, select the type of new transaction and complete the online form. The company will record this transaction in a perpetual inventory system with a debit to: A company sold merchandise inventory to a customer for $1,000, with credit terms 2/10, n/30; the cost of the inventory was $600. The journal entry to record wages paid includes a ______. Display more detailed information about accounts, Resources that we own that have future benefit such as cash, bank accounts, equipment and A/R, Income accounts for a company are used to track, Sales to customers and other revenue earned, the prices charged customers for products and services provided, Sales or revenues, Fees earned, Interest income, Rental income, Gains on sale of assets, costs of providing products and services to customers, Three different options for accessing how to enter transactions, 3 Activities in the Statement of Cash Flows, Customer Reports, Vendor Reports, Inventory Reports, Transaction Journal, Audit Log, such as Customer Profitability and Accounts Receivable Aging, such as Open Purchase Orders and Accounts Payable Aging, such as Sales by Product/Services Summary and Physical Inventory Worksheet, Owner Contributions, Owner Distributions, Retained Earnings, Interest Earned and Other Ordinary Income, Corrections, or correcting entries, fix mistakes in the accounting system. Employers must pay employee taxes in addition to those paid by the employees. What is the amount and type of gain on this sale, before netting of any other gains and/or losses? Accrued expenses are expenses that are incurred but not yet paid or recorded. A. 2. Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons: b. Find the product. Anderson Co. issued a $49,608, 60-day, discounted note to National Bank. Gross earnings for the pay period are $100,000. FUTA taxes are: A. Explain. This Journal entry will result in a debit to: All of the following are payments for expenses Except: Enter all cash payment transactions into the accounting records promptly: Identify internal controls related to cash payments: The totals from the cash payments journal are posted to the, Keep cash receipts in a locked register, safe, or drawer. Our payment may consist of cash, check, or credit card. Employers must pay employee taxes in addition to those paid by the employees. What is the amount of the employer's annual payroll taxes expenses for this employee? D) Profit and Loss, Balance Sheet and Statement of Cash Flows. deposit, refund, expense, etc. C) It is a payroll tax owed by the business and reported annually on a tax form 940. \hline Select two from the following to display the Chart of Accounts (COA): a. A _____________ is a seller's obligation to replace or fix a product that fails to perform as expected within a specified period. When completing a bank reconciliation, adjustments such as deposits in transit, outstanding checks, and bank errors, are adjustments that are listed in the: Items found on the second section of the bank reconciliation, or adjustments to the book balance include: A special-purpose cash fund used to handle payments involving small amounts of money is called a, Cash, accounts receivable, sales, and sales tax payable are commonly found on which special journal, a document that records the verification that the amount of currency and coins in a cash register agrees with amount shown on the cash register audit tape is called a. For example, an adjustment may be needed to record the amount of insurance that has not expired as Prepaid Insurance (an asset with future benefit) and the amount of insurance that has expired as Insurance Expense. (Enter only one word per blank.). Which transaction type does not appear on the Create (+) screen? D) On the Balance Sheet Assets are recorded at the Assets' fair market value on the date the Balance Sheet is prepared. Federal Insurance Contributions Act amounts, a. credit to FICA (Social Security and Medicare) Payable of $45.90. Why would a company want to use account numbers on its Chart of Accounts? Interest incurred on the note is calculated as. Weighted average b. D. Unemployment taxes. The most common reports prepared using ABC data are the product and customer (1) reports. What is that order and why do financial statements need to be prepared in that order? and more. What is difference between the Chart of Accounts and Recurring Transactions? Study with Quizlet and memorize flashcards containing terms like True or False: Specific identification is an inventory method typically used when accounting for expensive and unique inventory items. Compute the mean and variance of the number of refrigerators sold daily. EX of Bills include rent, utilities expense, insurance expense, and accounting and professional services. What statement is true regarding a company's bank and credit card in QBO? (Enter only one word per blank. How does the Fed control the money supply in the United? The goos were sold for $1,000 and cost Lakewood $500. Prepare journal entries to record the following transactions. In activity-based costing, the consumption of overhead resources is caused by ______. The cost of repair defects under the warranty is estimated at 5% of the sales price. The primary objective of accounting is to provide information for decision making and QBO is used to capture, track, sort, summarize, and communicate financial information. Guarantee Company signs a $150,000, 8%, 9-month, interest-bearing note. and more. The company should: A company sells computers at a selling price of $1,800 each. The employee's annual FICA taxes amount is: Phildell Phoenix is paid monthly. 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