What is Debt Warranty expense, Credit Warranty liability.
100
equation to calculate interest
What is face value of the note*annual interest rate*time in terms of one year=interest
100
In January, gross earnings in Ramirez Company were $80,000. All earnings are subject to 6.65% FICA taxes. Federal income tax withheld was $6,000, and state income tax withheld was $1,500. Calculate net pay for January
What is 67,180
100
The total compensation earned by an employee. It consists of wages or salaries, plus any bonuses and commissions.
What is Gross Earnings!
100
to subtract payroll deductions from gross earnings, you arrive at the?
What is Net pay
200
To record the payment of payroll you would
What is debit salaries and wages payable Credit Cash.
200
to separately calculate the amount in sales the equation to do this is
What is Total cost of items purchased / 100 plus the sales tax.
200
If cash is borrowed on a $50,000, 6-month, 12% note on September 1, how much interest expense would be incurred by December 31?
What is 2,000
200
Benefits that employers provide to retired employees for (1) pensions and (2) healthcare and life insurance
What is Postretirement benefits
200
What are mandatory deductions? List them!
What is Mandatory deductions that come out of the gross earnings and are required by law and consist of FICA taxes and income taxes.
300
Paying off interest payable
What is Debit Interest payable and Notes payable and Credit Cash.
300
The current ratio is computed as
What is current assets divided by current liabilities.
300
For any hours in excess of 40, the company pays at one-and-a-half times the regular rate. Calculate Kim's pay if she makes 18 an hour and worked 52 hours that week
What is 1,044
27$/hr @ overtime *12
18 *40
300
is a debt that a company expects to pay within one year or the operating cycle, whichever is longer
What is Current liability
300
Name the four functions of payroll activities
What is hiring employees, timekeeping, preparing the payroll, and paying the payroll
400
Employer payroll taxes do not include
What is federal income taxes.
400
If cash is borrowed on a $150,000, 9-month, 19% note on June 1, how much interest expense would be incurred by December 31?
What is 16,625
150000*19%* 7/12
400
refers to the ability to pay maturing obligations and meet unexpected needs for cash
What is liquidity
400
What information is shown in a W-2 statement?
What is gross earnings, FICA taxes withheld, and income taxes withheld for the year
500
How should companies report contingent liabilities
What is 1.If the contingency is probable (if it is likely to occur) and the amount can be reasonably estimated, the liability should be recorded in the accounts.
2.If the contingency is only reasonably possible (if it could happen), then it needs to be disclosed only in the notes that accompany the financial statements.
3.If the contingency is remote (if it is unlikely to occur), it need not be recorded or disclosed.
500
Maggie Sharrer Company borrows $88,500 on September 1, 2017, from Sandwich State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2017?
What is $3,540.
500
All states have unemployment compensation programs under state unemployment tax acts (SUTA). Like federal unemployment taxes, this provides benefits to employees who lose their jobs.
What is state unemployment taxes
500
What is the difference between gross pay and net pay?
What is Gross earnings is the total compensation earned by an employee. net pay by subtracting payroll deductions from gross earnings.