Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $14,000 bonus on August 22, 2017. A requirement by some banks requiring depositors to maintain minimum cash balances in their bank accounts. Debit cards allow you to pay for a purchase later when the bill arrives. A voucher system is a set of procedures and approvals designed to control cash payments. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. (Check all that apply. 158, were completed in December. What alternative would give Juan the most interest and what would the total interest be? You should select only one financial institution for all of your checking, savings, and investing needs. Review the items below and determine which would cause a decrease in the monthly bank statement balance. **b**. (Check all that apply.) A check drawn by a depositor for $150 in payment of a liability was recorded in the journal as $510. Cash funds used for a special business need. **6. On sep 30 fund shows $104 in cash along with receipts for the following expenditures: Transportation-in $40 Postage expenses 123 Miscellaneous expenses 80 The petty cashier could not account for a $3 shortage in the Insuring assets against casualty and bonding employees who handle cash, reduces risk of loss. 155. A. It started out with $100 in the fund at the beginning of the month. However, a person trying to deposit a check has no idea or control over whether the check will clear, and sometimes, that person is the victim of check fraud. During 2019, Pacilio Security Services experienced the following transactions: Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? Lorenzo is considering two banks for his checking account. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls?, Which of the following are correct regarding why management uses internal controls?, The internal control of _____of duties means that the responsibility for a transaction should be divided between two or more individuals. gela075 Plus. A. No deposit was made by the company until August 24, 20--. b.The revenue activities of a service business involve the building of a product. Which of the following represents the difference between the benefit analysis report and the annual total compensation report? Which of the following information points needs to be updated and issued monthly? On December 1, Job No. (Check all that apply.). These jobs had combined direct materials costs of $9,750 and direct labor costs of$15,000. How many checks would Lorenzo need to write each month to make Suny Bank cheaper to use than Merchants? **d.** Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _____ accounts. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Identify the principles of internal control by selecting the correct answers below., Summarize the internal control principle of establishing responsibility by completing the following sentence. The operating cycle sometimes is longer than one year in duration. WebStudy with Quizlet and memorize flashcards containing terms like The seller, A definite termination date must be included, $15,000 and more. The note had an 8 percent interest rate and a one-year term to maturity. (Be sure to compute cost of goods sold using the FIFO cost flow method.) \text{Accounts Payable}&&2,200\\ a. c. The operating cycle sometimes is shorter than one year in duration. It had a cost of$4,000. (Check all that apply. Katie's savings are an example of an annuity. Review the following statements and select the ones which accurately describe a Petty Cash fund. B. \begin{array}{lc} However, Walmart does sell recovered (and new) pallets online. It contains information about the quantity received as well as its condition and whether it agrees with the purchase order. Fannon's Chocolate Factory operates in North Carolina. Find the gas mileage for each trip. ** There was$165 of supplies on hand at the end of the year. true. (Round your intermediate calculations and final answers to 2 decimal places.). Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102. 82 terms. \text{Direct labor}\hspace{45pt} 8,400\\ Employer contributions for retirement plan payments for employees are defined as wages and, If on any day during a deposit period an employer has accumulated $100,000 or more in, If an employee defers compensation into a 401(k) plan, the deferral (payroll deduction) is still. The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. Only the petty cashier is responsible for paying cash from the fund. What is always true about trial balance reports? The employees are classified according to job titles for workers' compensation insurance premium computation purposes. What is the employee and company Occupational Privilege Tax for these employees? ), Determine which of the items below would appear in the Checks and Debits column of a bank statement and would cause a decline in the account's balance. ** Paid the payroll taxes, both the amounts withheld from the salaries plus the employer share of Social Security tax and Medicare tax, on $60,000 of the salaries plus$7,000 of the federal income tax that was withheld. Bonding employees who handle cash is important because it: What is the purpose of internal controls? (Check all that apply.). -ensure reliable accounting -protect assets -promote efficient operations -uphold company policies -all of the above, An effective system of internal Which of the following financial institutions specializes in making personal loans to people who are perceived to have a higher risk of default? The Cash account will be debited for $105. \text{Insurance Expense}\\ However, the company notices that August 31 is a Thursday, and the pay period will end on September 1. WebStudy with Quizlet and memorize flashcards containing terms like Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. decedent's debts IRS lens mortgage liens corporate franchise liens, The millage breakout for ad valorem The process of transferring amounts from the General Journal to the General Ledger is called posting. jimmy_nguyen713. 100% of deposits are guaranteed) B. to protect assets and ensure reliable accounting, Which of the following are principles of internal control? She starts to save $850 every year and plans to renovate her kitchen. Do you think it is possible for risk-free Treasury bills to offer a negative nominal interest rate? **21. On payday, Friday, a semiweekly depositor has accumulated employment taxes totaling $13,900. Brown Co. decides to increase the amount in its petty cash fund from 100 to $150. (Round your answers to 2 decimal places. At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. To maintain control of cash payments, all payments should be made by check except. It is an asset reported on the balance sheet. Davis Reyes is the accounting for Heads Up Hat Corporation. Determine which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. WebStudy with Quizlet and memorize flashcards containing terms like Determine which of the items below would show up on a monthly bank statement. WebStudy with Quizlet and memorize flashcards containing terms like A schedule that accounts for the differences between cash balance shown on the bank statement and the cash balance shown on the general ledger, Note receivable collected by bank in favor of the depositor and credited to the account of the depositor, Deposit in transit and more. (Check all that apply. At the end of the month, ABC Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $44. \text{December 31, 2016}\\ Because they have lower expenses, Web-based financial institutions tend to pay higher interest rates on deposits than institutions with physical branches. If the Federal Reserve buys or sells Treasury securities to affect the money supply, it uses, If the government borrows funds to finance a military build-up in the Middle East, this will cause a, Interest rates could change due to all of the following except. \text{Petty cash}&&\text{100}\\ Are the average wages Rio Tinto pays likely to be higher or lower? The depositor orders new checks through the bank at a cost of $50. WebStudy with Quizlet and memorize flashcards containing terms like 23) Which of the following is an example of a formal group? The following annual account balances are taken from ABC Co at year end. Which of the following are payroll responsibilities of Cheeky Cat Furnishings? Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. b. Proper internal control 611-613.). Demonstrate the journal entry to replenish the account and recognize the cash shortage by choosing the correct actions from those given below. The unadjusted trial balance for First Class Maids Company, a cleaning service, is as follows: ", Choose all statements that describe a "credit union." 1. Identify the examples of good internal control designed to protect over-the-counter cash receipts. ________ are nondepository institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services. The one-year loan rate for individuals is usually about the same as the one-year CD rate. In addition to the cashier and clerk who have access to the cash a third employee should have access to, the records for cash, but not the actual cash. If you were debating MM, how would you counter them? Summarize the information included on the inside and the outside of a voucher by selecting the correct items below. Another name for these types of financial institutions is. Risk premium is the amount of interest you might receive over and above the risk-free return insured by the federal government. (Check all that apply. WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. **25. Describe what a petty cash fund is by completing the following sentence. (Check all that WebStudy with Quizlet and memorize flashcards containing terms like Milligan's Millworks pays its employees on a weekly basis. (Check all that apply.). \end{array} Sunny Day Flooring has employees in its manufacturing, sales, and administrative departments. Calculates employee net pay, generates paychecks, completes and files monthly, quarterly, and annual payroll tax forms. The company now needs more network technicians a hybrid of electrical and mechanical engineering that hardly existed five years ago. Is it likely that total employment at Rio Tintos mines will have increased or decreased as a result of its use of robots? Choose the items below that would be subtracted from the book balance on a bank reconciliation. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. Which of the following would appear as a credit memorandum on the bank statement? Demonstrate the correct journal entry to reduce the amount in the account by choosing the correct action from those given below. $$ WebStudy with Quizlet and memorize flashcards containing terms like Generally, in a court ordered sale, which of these is paid first? Determine which of the following entries is correct to record cash sales and the shortage. WebStudy with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. ** Liability -Interest paid by the bank on the bank account balance. 1. general trivia questions and answers checkpoint operation failed cannot create the \text{Salaries Expense}&6,000\\ WebStudy with Quizlet and memorize flashcards containing terms like Common payment choices for everyday activities include all of the following except A. Milligan's Millworks pays its employees on a weekly basis. A) people who assemble in the company library to read B) a group of employees attending a colleague's wedding C) a functional department in an organization D) a group of employees who meet after work to play basketball, 24) Groups Interest earned on the September cash balance in the bank. Demonstrate the journal entry to replenish the account and recognize its shortage by choosing the correct action from those given below, In preparing a monthly bank reconciliation, a business follows several steps. A depositor's account is a(n) __________ (liability/asset/expense) on the bank's records, but it is a(n) ________ (liability/asset/expense) on the books of the account owner. At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. $950 B. Identify the bank reconciliation items that would require adjustments to the book balance. (Round your answers for "SUTA Due" to 2 decimal places. ** Equity ** Paid$7,200 of utilities expense for the year. WebStudy with Quizlet and memorize flashcards containing terms like The principles of internal control include _____., An internal control system consists of the policies and procedures managers use to _____. 86 terms. (Check all that apply.). Highly liquid investments that are usually reported with cash on the balance sheet. The term structure is often based on rates of return or yields offered by ________ which are ________ issued by the U.S. Treasury with different maturities. Jackson Brothers established a petty cash fund of $200 at the beginning of the year, but it decides to reduce the amount in the fund to $130. The unemployment tax rate is 4.5 percent. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls? They estimated that $200 would be needed in the fund. The analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the balance of the cash account in the ledger. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, Identify and Explain: precedent, strict constructionist, loose constructionist, jurisdiction, original jurisdiction, district court, court of appeals, circuit, appellate jurisdiction, brief, senatorial courtesy. b.The revenue activities of a service business involve the building of a product. The information on the bank statement reflects the bank's records of the depositor's account. (Note: After its emergence from bankruptcy, WorldCom was merged into MCI, Inc. Review the items below and determine which would cause an increase in the monthly bank statement balance. If you were debating MM, how would you counter them. Checks written by another depositor but charged against this companys account. Peter, age 17 and employed by his family-owned corporation, is covered under FICA. \text{Allowance for doubtful accounts}&&\text{2,485}\\ (Check all that apply. B) Your total banking expenses are likely to be lower. $$ Keep a minimum level of cash necessary to operate. Identify the item below that would be subtracted from the book balance on a bank reconciliation. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. Only a little more important than direct finance in the United States C. Much more important than direct finance through stock and bond markets D. The same thing as finance through stock and (Check all that apply.). A. Assuming that Allison could invest any funds not required for a minimum deposit in a one-year CD paying 6 percent, what would be the monthly cost to Allison for First National and City Bank? The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. This type Currently, it contains $5 in cash and receipts for supplies of $40 and delivery expenses of $49. Enter the bank statement balance then add any deposits in transit and subtract any outstanding checks. an electronic (not paper) transfer of cash. mam90. \textbf{Account Title}&\textbf{Debit}&\textbf{Credit}\\ c.The revenue activities of a service business involve providing services to customers. \textbf{Distance} && \textbf{Gas Used}\\ Reorienting management philosophy away from controls. Juan has $1,000 that he would like to invest in a CD. (Check all that apply.) (Check all that apply.). Melinda is single with 0 withholding allowance and is paid $39,260 per year. ** Paid installers and other employees a total of$65,000 for salaries for the year. Far less important than direct finance through stock and bond markets B. Timing differences between the bank statement and the depositor's records are reflected in the bank reconciliation. All cash payments should be made with cash. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $20,000 bonus on August 16, 2017. Jack has $1,000 that he wishes to invest for the next two years. The process of earning simple interest does not allow a depositor or investor to earn interest on any previously earned interest. A. What are the penalties associated with the lack of reporting and remitting payroll taxes? ($14,000 of salaries is subject to this tax.) WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Which of the following are principles of internal control?, The triple threat of fraud involves: and more. mam90. Demonstrate the correct journal entry to create the account by choosing the correct action from those below. Which of the following is not a disadvantage of using ATM cards? Tax Liability Amount: $42,300 annual payroll taxes. Demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below. Demonstrate the correct journal entry to create the account by choosing the correct action from those below, Petty Cash is debited for $200; Cash is credited for $200. Which of the following financial institutions would be used the most by business customers wishing to borrow money? The equipment has a 5-year life and a $2,000 salvage value. **Required** Choose the statement below which is correct regarding which bank reconciliation items require adjusting journal entries. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. A seller of goods or services, usually a manufacturer **18. To show this increase in the petty cash account, you would: The petty cashier is responsible for making payments from the petty cash fund. $$ Assume that the confidence level is to be 99%. Which of the following would be the best place to put the $3,000? The information on the bank statement reflects the bank's records of the depositor's account. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following statements is true? B) All banks offer the same rates on CDs. A petty cash fund is used for (large/small) payments in order to (increase/avoid) the time and cost of writing checks for (large/small) amounts. ), Jackson Co. needs to replenish its petty cash fund. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. the depositor can use a check. A) people who assemble in the company library to read B) a group of employees attending a colleague's wedding C) a functional department in an organization D) a group of employees who meet after work to play basketball, 24) Groups Check. The fund was initially established with $100. Cashier's checks, money orders, and traveler's checks are secured check alternatives to a personal check and therefore are more risk-free for the payee. B. A special cash fund to pay relatively small amounts. Interest earned on the September cash balance in the bank. The journal entry to replenish the account would include a. are highly liquid investments that earn interest. Assume that no pre-tax deductions exist for any employee.). The fund had $5 cash and has receipts of$60 for yard mowing, $15 for office supplies expense, and$17 for miscellaneous expenses. ), Identify the basic internal control guidelines which should be in place to protect a business's cash by selecting the correct answers below. \begin{aligned} C) Use long-term loans to take advantage of current low rates. Employers do not pay payroll taxes on payments made to independent contractors. (Check all that apply.). A special form for recording relevant data about a liability and the details of its payment. ), A cash register tape reflected total sales equaling $100, but the cash in the cash register drawer equaled $105. **17. In essence, what areMMs and GLs views regarding the effect of dividend policy on the cost of capital and stock prices? The fund was initially established with $100. \end{array} A risk-free rate is a return on an investment that is guaranteed for a specified period. A depositor's account is a(n) (liability/asset/expense) on the bank's records, but it is a(n) (liability/asset/expense) on the books of the account owner. Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. Review the statements below and determine which is correct regarding this discrepancy. **22. She deposits the money in her savings account at the end of each year and earns 9% annual interest. For the month of August 2017, the payroll taxes (employee and employer share combined) were as follows: Legends Leadworks is a monthly schedule depositor of payroll taxes. -ensure reliable accounting -protect assets -promote efficient operations -uphold company policies -all of the above, An effective system of internal City Bank requires a $500 minimum deposit, but charges only 5 cents per check. ), A note collected by the bank on behalf of the account owner, Choose the items below that would be subtracted from the book balance on a bank reconciliation. -Expenses would not be recorded in the period in which they were incurred, Jackson Brothers established a petty cash fund of $200 at the beginning of the year, but it decides to reduce the amount in the fund to $130. 8. $$ ). WebStudy with Quizlet and memorize flashcards containing terms like 23) Which of the following is an example of a formal group? Juan has been reading that interest rates are rising and, based on his research, he estimates that by year-end the rate on one-year CDs will increase to 10 percent. Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. To help managers know if the business is receiving the assets and services it has paid for. A single employee is responsible for receiving and counting cash. They set out to find lefties to test. -Divide responsibility for related transactions. Determine which of the items below would appear in the Deposits and Credits column of a bank statement and would cause an increase in the account's balance. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. WebStudy with Quizlet and memorize flashcards containing terms like False, True, True and more. Demonstrate the journal entry to replenish the account by choosing the correct action from those given below. When should the company deposit the employment taxes for each weekly payday? However, if during the year it has an undeposited tax liability of $100,000 (which triggers the one-banking-day rule), the company becomes a semiweekly depositor for the remainder of the year. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. A person who has access to an asset must _____ access to that asset's accounting records. True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. -It records the effects of cash overages and cash shortages, Identify when the Petty Cash fund is debited or credited by selecting the correct answer below. Exempt educational assistance includes payments for tools that employees keep after they complete a course of instruction. Sophie Sue Breeders has the following voluntary withholdings to remit: Which column exists in the employees' earnings records but not in the payroll register? On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at$10 per units and 27,000 units for Job 50 at $12 per unit. When a consumer deposits a check that bounces, banks sometimes charge a fee to the depositor, usually in the range of $10 to $19. (A full year's depreciation was taken in 2018, the year of acquisition.) The additional taxes are not accumulated with the previous liability of $105,000. 154 and Job No. The term structure of interest rates is the relationship between the maturities of ________ debt securities and the annualized yields offered on those securities. $$ b. Webwhich of the statements below is correct regarding information reflected on a monthly bank statement. Surprise Depositor Fees. C) One two-year CD returning $180 interest. A seller of goods or services, usually a manufacturer They estimated that $100 would be needed in the fund. general trivia questions and answers checkpoint operation failed cannot create the B) Whether it is state or federally chartered. There are several reasons why the petty cash fund would experience a shortage or an overage. If $f^{\prime}(x)=5 x^4$, what is $f(x)$? \text{Merchandise inventory (23 @ \$280)}&&\text{6,440}\\ WebStudy with Quizlet and memorize flashcards containing terms like Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. Explain how a voucher system strengthens the control over cash disbursements by selecting the correct statements below. Which statement below explains why liquid assets are needed in a business? Check. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following is NOT correct? 9. 3. Daniel F Viele, David H Marshall, Wayne W McManus, Managerial Accounting: Creating Value in a Dynamic Business Environment, In Exercises $13$ through $24$, find the particular solution of the given differential equation that satisfies the specified condition. OASDI taxes are levied when the wages are earned by, rather than when paid to, employees. Webwhich of the statements below is correct regarding information reflected on a monthly bank statement. Modigliani and Miller (MM), on the one hand, and Gordon and Lintner (GL), on the other hand, have expressed strong views regarding the effect of dividend policy on a firms cost of capital and value. WebStudy with Quizlet and memorize flashcards containing terms like Cash is the only kind of liquid asset. c. How could MM use the clientele effect concept to counter their opponents arguments? True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. To process the loan and be assured of funding, the title company would request your payment as a. Journalize the entry on April 6 to record the purchase and on April 21 to record the requisition from the materials storeroom. (See Problem $11$. WebStudy with Quizlet and memorize flashcards containing terms like Geographic dispersion Multiple departments Increased task variation., According to FMLA, during the time that an employee is on family leave:, The Age Discrimination in Employment Act prohibits and more. Human ______________ (error/fraud) involves intent to defeat internal controls for personal gain. Deposit ticket - Lists currency, coins and checks deposited into an account. What is always true about the General Ledger? \begin{array}{lrr} Only the items reconciling the book balance require adjustment. To prevent an overdraft or "bounced check," it is always a good idea to record your check written in your check register and reconcile your account balance when you receive your monthly bank statement. A. Web1. -We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two. \displaystyle\int_{1}^{5}\displaystyle\int_{0}^{2} \frac{x}{\sqrt{y+x^2}}\ dx\ dy WebStudy with Quizlet and memorize flashcards containing terms like The allocation of the cost of a tangible fixed asset is referred to as ___, whereas the allocation of the cost of an intangible asset is referred to as, For a manufacturing company, what type of cost is factory depreciation expense?, Service life Allocation method Allocation base and more. Cash. ** Purchased$425 of supplies on account. Grace Company gathered the following reconciling information in preparing its July bank reconciliation: Hector Company developed the following reconciling information in preparing its March bank reconciliation: Entries are made to the petty cash account when. Identify the item below that would be added to the book balance. WebAbout Our Coalition. Child Psych - Exam 2. Unlimited (i.e. ** Recognized depreciation expense on the equipment and the van. \text{Direct Materials}\hspace{25pt} **20. 5. Unlimited (i.e. Identify the statement below that describes what the Days' sales uncollected ratio assesses. They estimated that $200 would be needed in the fund. d. accrued salaries expense of$250 that hasn't been paid yet. Choose the statement below which is correct regarding which bank reconciliation items require adjusting journal entries. Determine which of the statements below is correct regarding information reflected on a monthly bank statement. \text{Common stock}&&\text{50,000}\\ $50,000 B. On December 31, Job No. Select the one that is correct. True False, Cash management helps in personal financial planning. ** Paid the accounts payable. Employees may use Form 4070 to report the amount of their tips to their employers. \text{(e)} \\ When a consumer deposits a check that bounces, banks sometimes charge a fee to the depositor, usually in the range of $10 to $19. &\textbf{Balance}\\ Webwhich of the statements below is correct regarding information reflected on a monthly bank statement. It had a total cost of $5,000. Deposit made on September 5 and processed by the bank on September 6. Place the following steps in the proper order (e.g. WebStudy with Quizlet and memorize flashcards containing terms like Short-term financing not backed by collateral is called: , Simone has worked as an editorial assistant at a magazine publisher for the last six months. $$ Katie's savings are an example of an annuity. which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. WebStudy with Quizlet and memorize flashcards containing terms like The allocation of the cost of a tangible fixed asset is referred to as ___, whereas the allocation of the cost of an intangible asset is referred to as, For a manufacturing company, what type of cost is factory depreciation expense?, Service life Allocation method Allocation base and more. A summary of all transactions mailed to the depositor or made available online by the bank each month. Debit Cash $1,000 and credit Notes Receivable $1,000. **7. the depositor can use a check. WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. At what income level do employees contribute an additional percentage to their Medicare tax deduction? Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. Error testing includes (a) comparing deposits on the bank statement with deposits in the (accounting/sales/customer) records and (b) comparing (outstanding/canceled) checks on the bank statement with (checks/deposits) recorded in the accounting records. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls? Hello, and welcome to Protocol Entertainment, your guide to the business of the gaming and media industries. WebStudy with Quizlet and memorize flashcards containing terms like Extremely low interest rates favor investors and boost the incentive to save. A manufacturer of game controllers is concerned that their controller may be difficult for left-handed users. The employer must remit $4.00 per month per employee that earns more than $500 per month. On December 31, Job No. (Check all that apply.). The intentional act of deceiving an employer for personal gain. Review the following statements and select the ones which accurately describe a Petty Cash fund. The purpose of a labor report is to do what? 2. Financial institutions loan funds at a ________ they pay depositors. ** Asset ** Recognized the expired rent for the office building for the year. To maximize her earnings, she should put her savings in a. decedent's debts IRS lens mortgage liens corporate franchise liens, The millage breakout for ad valorem Convenience, deposit rates and insurance, and fees are the primary considerations in choosing a financial institution for your needs. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Financial and Managerial Accounting, Volume 1, Carl S Warren, James M Reeve, Jonathan E. Duchac, Fundamental Financial Accounting Concepts, Christopher Edmonds, Frances M McNair, Philip R. Olds, Thomas P. Edmonds. The operating cycle sometimes is longer than one year in duration. Lyle Ingram, the payroll accountant, needs to compute net pay for the employees for Hay Industries. Part-time employees pay a FICA tax at half the tax rate of full-time employees. Describe what a petty cash fund is by completing the following sentence. Identify the bank reconciliation items that would require adjustments to the book balance. Since you don't have a need for the money in the near future, which of the following would be the best place to put the $5,000? Each bank deposit is supported by a deposit ticket. It started out with $100 in the fund at the beginning of the month. * \text{Total}&\underline{\underline{\$33,900}}&\underline{\underline{\$33,900}}\\ WebStudy with Quizlet and memorize flashcards containing terms like D, E, B and more. Only the items reconciling the book balance require adjustment. 86 terms. B. d. The operating cycle is a concept applicable both to Which of the following information points needs to be updated and issued monthly? (Round your answers to 2 decimal places. In preparing a monthly bank reconciliation, a business follows several steps. The employees of Sia Lights are paid biweekly. Other data: A. It measures how quickly a company can convert its accounts receivables into cash. Employer's contributions to a Simplified Employee Pension Plan (SEP) for its employees. as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? Companies create internal controls to protect assets and ensure reliable accounting. ** Recognized the employer Social Security and Medicare payroll tax that has not been paid on$5,000 of salaries expense. If the same person orders supplies, verifies receipt of the supplies, and pays the supplier, which of the following is a possible negative result? On sep 30 fund shows $104 in cash along with receipts for the following expenditures: Transportation-in $40 Postage expenses 123 Miscellaneous expenses 80 The petty cashier could not account for a $3 shortage in the How could MM use the information content, or signaling, hypothesis to counter their opponents arguments? Which of the following are the rates for Social Security and Medicare taxes, respectively? & \\ \hline \hline as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? Cash is debited for $70 and Petty Cash is credited for $70. WebStudy with Quizlet and memorize flashcards containing terms like Expenses, Company starts a $350 petty cash fund on sep 9. An employee, Melinda Gunnarson, comes to her on September 14 and requests a pay advance of $955, which she will pay back in equal parts on the September 28 and October 12 paychecks. (Assume that no pre-tax deductions exist for any Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102. A check drawn by a depositor for $150 in payment of a liability was recorded in the journal as $510. $$ Web1. The fund was initially established with $100. Identify the item below that would be added to the book balance. WebAbout Our Coalition. A. Johnson Industries, a semiweekly depositor, pays its employees every Friday. Purchase requisitions are used for control purposes. (Check all that apply.). WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. 779\ \text{miles} && 64\ \text{gallons}\\ A purchase order is a document the purchasing department uses to place an order with a vendor. (Check all that apply. Using the Wage Bracket Method Tables for Income Tax Withholding in Appendix C, compute the federal income tax withholdings for the following employees of Milligan's Millworks. After observing a number of workers assembling similar devices, she guesses that the standard deviation is 6 minutes. Sales tax is not charged on this service. The fund was initially established with $100. The reports may be used as employee contracts, Bob Higgins works for Red Apple Engines, which pays employees on a semimonthly basis. The adjusted bank balance must equal the adjusted cash balance per books. the depositor can use a check. Calculate the adjusted cash balance per books of ABC Co. given the following information. Which of the following is not a requirement or result of the Sarbanes-Oxley Act of 2002? Far less important than direct finance through stock and bond markets B. **19. True or false: An owner of a small business usually knows if the business is receiving the assets and services the company paid for. The insurance coverage provided by the FDIC for a savings account is _____ per depositor until January 1, 2014. ** Three Coins, currency (paper money), checks, money orders, and money on deposit that is available for unrestricted withdrawal from banks and other financial institutions. Which should she choose? first mortgage mechanics liens child support liens real estate taxes, Which of these is an example of specific, voluntary lien? Are the wages of the truck drivers who were replaced by robots likely to end up higher or lower in the drivers new jobs? The company should follow the semiweekly deposit rules and pay the $20,000 by Friday. \begin{array}{c} WebStudy with Quizlet and memorize flashcards containing terms like Generally, in a court ordered sale, which of these is paid first? Other Quizlet sets. A monthly depositor's employment taxes total $3,800 on Wednesday, March 31, 20--, the end of the calendar quarter. His bank offers two alternatives, i.e., a one-year CD paying 6% or a two-year CD paying 9 percent. The risk-free rate on borrowed funds is determined by. Hello, and welcome to Protocol Entertainment, your guide to the business of the gaming and media industries. Determine the statements below that are true regarding why a bank reconciliation is used. a.The revenue activities of a retail business involve providing services to customers. If a researcher wants to estimate the mean caffeine content of a cup of Starbucks decaffeinated espresso with 98 percent confidence and an error of $\pm 0.1 \mathrm{mg}$, what is the required number of cups that must be tested? The insurance coverage provided by the FDIC for a savings account is _____ per depositor until January 1, 2014. mam90. Choose the items below that would be added to the book balance on a bank reconciliation. Employees and independent contractors pay different FICA tax rates. If something happened to cause savers to lose faith in the safety of banks, what might happen to the economy? \text{Depreciation Expense - Equipment}\\ However, Walmart does sell recovered (and new) pallets online.. Phoenix-based Airguns of Arizona. **12. c. The operating cycle sometimes is shorter than one year in duration. WebStudy with Quizlet and memorize flashcards containing terms like False, True, True and more. ** Sold 130 alarm systems for $580 each plus sales tax of 5 percent. Twenty-three and $\frac{10}{100}$. A monthly depositor's employment taxes total $3,800 on Wednesday, March 31, 20--, the end of the calendar quarter. **Required** ), A note collected by the bank on behalf of the account owner, Choose the items below that would be subtracted from the book balance on a bank reconciliation. To which parties does an employer have fiduciary duty when it incurs payroll liabilities? (Check all that apply.). (Check all that apply. Choose the statement below which is correct regarding which bank reconciliation items require adjusting journal entries. psy quiz 4/5/6. \$\hspace{5pt}\text{(b)}&\text{Jobs completed}\hspace{35pt} WebKatie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. Prepare an income statement, statement of changes in stockholders' equity, a classified balance sheet, and statement of cash flows. a. * Describe WorldCom's major accounting irregularities prior to its bankruptcy. Brown Co. decides to increase the amount in its petty cash fund from 100 to $150. Which of the following should not be considered cash by an accountant? 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