Questions from College Accounting

Q: Considering the following events, determine which month the revenue or expenses

Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber pre...

Q: What are interim financial statements? Why would a business want to

What are interim financial statements? Why would a business want to prepare them?

Q: Describe how a special payroll bank account is useful in paying the

Describe how a special payroll bank account is useful in paying the wages and salaries of employees.

Q: What information is needed to use the wage-bracket withholding table

What information is needed to use the wage-bracket withholding table? Where is the table found?

Q: a. Why would a business use a Petty Cash Fund?

a. Why would a business use a Petty Cash Fund? b. Describe the entry needed to establish a $50 Petty Cash Fund and an entry to reimburse the fund.

Q: What taxes are employers accounting for that increase the debit to Payroll

What taxes are employers accounting for that increase the debit to Payroll Tax Expense?

Q: What is the purpose of Form 941? How often is it

What is the purpose of Form 941? How often is it prepared, and what are the due dates?

Q: What is the purpose of Form 940? How often is it

What is the purpose of Form 940? How often is it prepared, and what is the due date?

Q: What is a physical inventory? What does the word periodic mean

What is a physical inventory? What does the word periodic mean in the term periodic inventory?

Q: On the Income Summary line of a work sheet, $126

On the Income Summary line of a work sheet, $126,220 appears in the Income Statement Debit column and $123,300 appears in the Income Statement Credit column. Which figure represents the beginning inve...