Questions from College Accounting

Q: At the end of August 201X, the total amount of OASDI

At the end of August 201X, the total amount of OASDI, $570, and Medicare, $230, was withheld as tax deductions from the employees of ABC, Inc. Federal income tax of $2,960 was also deducted from their...

Q: Prepare a worksheet for Michaud Co. from the following information using

Prepare a worksheet for Michaud Co. from the following information using Figure 11.10: Figure 11.10:

Q: Joan’s Grocery Store made the following Form 941 payroll tax deposits during

Joan’s Grocery Store made the following Form 941 payroll tax deposits during the look-back period of July 1, 201A, through June 30, 201B: Quarter Ended …………………………. Amount Paid in 941 Taxes September...

Q: If Joan’s Grocery Store downsized its operation during the second quarter of

If Joan’s Grocery Store downsized its operation during the second quarter of 201B and, as a result, paid only $6,119.83 in Form 941 taxes for the quarter that ended on June 30, 201B, should Joan’s Gro...

Q: Assuming a semiweekly depositor, from the following T accounts, record

Assuming a semiweekly depositor, from the following T accounts, record: (a) the July 3 payment for FICA (OASDI and Medicare) and federal income taxes, (b) the July 31 payment of SUTA tax, and (c) the...

Q: Maple Co. purchased merchandise costing $360,000. Calculate

Maple Co. purchased merchandise costing $360,000. Calculate the cost of goods sold under the following situations: a. Beginning inventory $42,000 and no ending inventory b. Beginning inventory $49,00...

Q: From the following income statement (Figure 21.12), balance

From the following income statement (Figure 21.12), balance sheet (Figure 21.13), and additional data for Dent Company, prepare a statement of cash flows using the indirect method. Figure 21.12: F...

Q: From the financial statements and additional information provided in Problem 21A-

From the financial statements and additional information provided in Problem 21A-1 for Dent Company, prepare a statement of cash flows using the direct method. Problem 21A-1: From the following inco...

Q: What is the purpose of using reversing entries? Are they mandatory

What is the purpose of using reversing entries? Are they mandatory? When should they be used?

Q: From the comparative balance sheet of Lord Corporation in Figure 22.

From the comparative balance sheet of Lord Corporation in Figure 22.6: (a) prepare a horizontal analysis of each item for the amount of increase or decrease as well as the percent increase or decrease...