Questions from Financial Accounting

Q: Hugh Stanley manages a Dairy House drive-in. His straight

Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time-and-a-half for hours in excess of 40 per week. Stanley’s payroll deductions include withheld income tax of...

Q: Ricardo’s Mexican Restaurant incurred salaries expense of $62,000 for

Ricardo’s Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the t...

Q: County Company had the following partially completed payroll register:

County Company had the following partially completed payroll register: Requirements: 1. Complete the payroll register. Round to two decimals. 2. Journalize County Company’s salarie...

Q: McNight Industries completed the following transactions during 2018: /

McNight Industries completed the following transactions during 2018: Journalize the transactions. Explanations are not required. Round to the nearest dollar.

Q: Details about a company’s liabilities appear in a number of places in

Details about a company’s liabilities appear in a number of places in the annual report. Visit http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s Annual Report. Use Target...

Q: The general ledger of Seal-N-Ship at June 30

The general ledger of Seal-N-Ship at June 30, 2018, the end of the company’s fiscal year, includes the following account balances before payroll and adjusting entries. Accounts Payable ………….………………….…...

Q: Futuristic Electronic Center began October with 65 units of merchandise inventory that

Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following purchases: Futuristic uses the periodic inventory s...

Q: Logan White is general manager of Valuepoint Salons. During 2018,

Logan White is general manager of Valuepoint Salons. During 2018, White worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary....

Q: The following transactions of Plymouth Pharmacies occurred during 2017 and 2018:

The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: Journalize the transactions in Plymouth’s general journal. Explanations are not required. Round to...

Q: The following transactions of Jasmine Reef occurred during 2018:

The following transactions of Jasmine Reef occurred during 2018: Requirements: 1. Journalize required transactions, if any, in Reef ’s general journal. Explanations are not require...