Questions from College Accounting


Q: The financial statements for Zhang Company follow. Assume that the withdrawals

The financial statements for Zhang Company follow. Assume that the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018.

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Q: The financial statements for Cole Company follow. /

The financial statements for Cole Company follow. Required Using the statements of Cole Company, prepare a statement of cash flows for the year ended December 31, 2018.

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Q: Why must employers maintain employees’ individual earnings records?

Why must employers maintain employees’ individual earnings records?

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Q: What is the purpose of the post-closing trial balance?

What is the purpose of the post-closing trial balance? What is the difference between a trial balance and a post-closing trial balance?

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Q: What information is included in an employee’s individual earnings record?

What information is included in an employee’s individual earnings record?

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Q: What is the purpose of the payroll register?

What is the purpose of the payroll register?

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Q: You are preparing a post-closing trial balance for the company

You are preparing a post-closing trial balance for the company where you work, but it doesn’t balance. You are tired, and besides, you don’t think the company pays you for this much hassle and extra t...

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Q: What is the purpose of the Income Summary account? How does

What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?

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Q: List three required deductions and four voluntary deductions from an employee’s total

List three required deductions and four voluntary deductions from an employee’s total earnings.

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Q: Explain the difference between gross earnings and net earnings for a payroll

Explain the difference between gross earnings and net earnings for a payroll period.

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