Questions from College Accounting

Q: Kovarik Company had the following payroll for the week ended March 21

Kovarik Company had the following payroll for the week ended March 21: Assumed tax rates are as follows: a. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) o...

Q: Grande Company has the following balances in its general ledger as of

Grande Company has the following balances in its general ledger as of March 1 of this year: a. FICA Taxes Payable (liability for February), $9,180.00 (total for employee and employer). The FICA Social...

Q: Sharon’s Dance Studio has the following information related to its current year

Sharon’s Dance Studio has the following information related to its current year payroll as of December 31: a. Federal Unemployment Tax Payable as of December 31, $110.00 b. FUTA taxable earnings limit...

Q: TruGreen is the world’s largest lawn and landscape company, employing over

TruGreen is the world’s largest lawn and landscape company, employing over 10,000 employees and serving more than 1.7 million customers. The Pawtucket Red Sox is a minor league baseball affiliate of t...

Q: What are real accounts? What are nominal accounts? Give examples

What are real accounts? What are nominal accounts? Give examples of each.

Q: Between the end of one month and the 15th day of the

Between the end of one month and the 15th day of the next month, the balance in the employer’s business bank account has been getting smaller and smaller. An employee prepares the next payroll and cor...

Q: Explain what is meant by unearned revenue. Why it is treated

Explain what is meant by unearned revenue. Why it is treated as a liability?

Q: Indicate the work sheet columns (Income Statement Debit, Income Statement

Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon,...

Q: Journalize the required adjusting entries for the year ended December 31 for

Journalize the required adjusting entries for the year ended December 31 for Butler Spa and Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system. a–b. On December 31, a...

Q: On December 31, the end of the year, the accountant

On December 31, the end of the year, the accountant for Fireside Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining t...