Questions from Financial Accounting

Q: McIntyre Company adheres to a policy of depositing all cash receipts in

McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is...

Q: On January 26, Nyree Co. borrowed cash from Conrad Bank

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6...

Q: Lindsey Vater’s weekly gross earnings for the week ended March 9 were

Lindsey Vater’s weekly gross earnings for the week ended March 9 were $1,200, and her federal income tax withholding was $193.44. Assuming the social security tax rate is 6% and Medicare tax is 1.5% o...

Q: The payroll register of Heritage Co. indicates $4,800

The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period to...

Q: The payroll register of Heritage Co. indicates $4,800

The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Earnings of $14,000 are subject to st...

Q: Regling Company provides its employees vacation benefits and a defined benefit pension

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $25,000 for the period. The pension formula determined a pension cost of $...

Q: PepsiCo, Inc. (PEP) reported the following information about

PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions): a. How much of the long-term debt was disclosed as a curre...

Q: An employee earns $25 per hour and 1.5 times

An employee earns $25 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 52 hours during the week, determine the employee’s (a) gross pay and (b) net...

Q: K. Mello Company has three employees—a consultant, a

K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: For the current pay...

Q: According to a summary of the payroll of Mountain Streaming Co.,

According to a summary of the payroll of Mountain Streaming Co., $120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $30,000 was subject to state and federal unemploy...