Questions from College Accounting

Q: Columbia Industries estimated that its total payroll for the coming year would

Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers’ compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers’ comp...

Q: Selected information from the payroll register of Wray’s Drug Store for the

Selected information from the payroll register of Wray’s Drug Store for the week ended July 14, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both o...

Q: Oxford Company has five employees. All are paid on a monthly

Oxford Company has five employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Oxford Company include the following: REQUIRED 1. Journal...

Q: Multnomah Manufacturing estimated that its total payroll for the coming year would

Multnomah Manufacturing estimated that its total payroll for the coming year would be $540,000. The workers’ compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers’...

Q: Indicate whether each of the following documents or procedures is for a

Indicate whether each of the following documents or procedures is for a retail business or for a wholesale business, as described in the chapter. 1. A cash register receipt is given to the customer. 2...

Q: Color Florists, a retail business, had the following cash receipts

Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%. Jan. 1 Received payment on account from Ray Boyd, $880. 3 Received payment on account from...

Q: What steps are followed in posting purchases from the general journal to

What steps are followed in posting purchases from the general journal to the accounts payable ledger?

Q: Paul Jackson owns a retail business. The following sales, returns

Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax. Apr. 1 Sale on account No. 111 to O. L. Meyers, $2,100 plus sales tax....

Q: Based on the information provided in Problem 10-11B,

Based on the information provided in Problem 10-11B, Problem 10-11B: Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax...

Q: Using T accounts for Cash, Accounts Receivable, Sales Tax Payable

Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each...