Warren Reeve Duchac Accounting 26e Current Liabilities and Payroll 11 C H A P T E R human/iStock/360/Getty Images.

Slides:

Advertisements

Similar presentations

Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved

Advertisements

Chapter 9 Current Liabilities

C Learning Objectives 1.The Nature of Current Liabilities 2.Short-Term Notes Payable 3.Contingent Liabilities 4.Payroll and Payroll Taxes 5.Accounting.

CPA, MBA BY RACHELLE AGATHA, CPA, MBA Current Liabilities & Payroll Slides by Rachelle Agatha, CPA, with excerpts from Warren, Reeve, Duchac.

After studying this chapter, you should be able to:

Click to edit Master title style Liabilities that are to be paid out of current assets and are due within a short time, usually within one year,

Financial Accounting, Sixth Edition

Slide F 1. Slide F 2 Appendix F Payroll Accounting Learning Objectives After studying this chapter, you should be able to: 1.Compute and record the payroll.

H-1. H-2 Learning Objectives Record the payroll for a pay period. 1 Record employer payroll taxes. 2 Discuss the objectives of internal control for payroll.

Payroll Accounting, Taxes, and Reports

10 Current Liabilities and Payroll Liabilities that are to be paid out of current assets and are due within a short time, usually within one year,

Principles of Financial Accounting, 11e

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide Reporting and Analyzing Current Liabilities.

Current Liabilities and Payroll

Payroll Accounting, Taxes, and Reports

Payroll Accounting, Taxes, and Reports

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

C Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Prepared by: C. Douglas Cloud Professor Emeritus of Accounting Pepperdine University Current Liabilities and Payroll Chapter 10.

LESSON 13-1 Payroll Accounting, Taxes, and Reports

Financial Accounting Fundamentals John J. Wild Third Edition John J. Wild Third Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies,

C Learning Objectives Power Notes 1.The Nature of Current Liabilities 2.Short-Term Notes Payable 3.Contingent Liabilities 4.Payroll and Payroll Taxes.

Hosted by Ms. Appel True/False 1True/False 2Fill In The Blank 1 Fill In The Blank FinalFinal.

Payroll Computations, Records, and Payment

11 Current Liabilities and Payroll Financial Accounting 14e

Cash, Short-term Investments and Accounts Receivable

Current Liabilities and Payroll

Click to edit Master title style Current Liabilities and Payroll.

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Payroll Accounting, Taxes, and Reports

14 Long-Term Liabilities: Bonds and Notes Accounting 26e C H A P T E R

©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber Current Liabilities and Payroll Chapter 11.

8 Current Liabilities © 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution.

Accounting Principles Using Excel for Success PowerPoint Presentation by: Douglas Cloud, Professor Emeritus Accounting, Pepperdine University © 2011 Cengage.

Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely.

© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

10 Current Liabilities and Payroll Student Version.

Section 2Employer’s Payroll Taxes What You’ll Learn  How to calculate the employer’s FICA taxes.  How to calculate federal and state unemployment taxes.

H-1. H-2 Accounting in Action Learning Objectives After studying this chapter, you should be able to: [1] Compute and record the payroll for a pay period.

Chapter 11 Current Liabilities and Payroll. Learning Objectives 1.Account for current liabilities of known amount 2.Calculate and journalize basic payroll.

Chapter 11 Current Liabilities and Payroll © 2009 The McGraw-Hill Companies, Inc.

Of Financial Accounting, 3e CORNERSTONES. © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part,

Accounting for Current Liabilities Chapter 9 Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior.

Prepared by: C. Douglas Cloud Professor Emeritus of Accounting Pepperdine University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned,

Section 2Employer’s Payroll Taxes What You’ll Learn  How to calculate the employer’s FICA taxes.  How to calculate federal and state unemployment taxes.

Payroll Liabilities and Tax Records Making Accounting Relevant Federal, state, and local governments pass tax laws in order to generate revenue for government.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Current Liabilities and Payroll Accounting Chapter 11.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze a payroll transaction. LO2.

Chapter 11-1 CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING Accounting Principles, Eighth Edition.

Chapter 9 - Current Liabilities Accounting For Current Liabilities.

Chapter Nine Accounting for Current Liabilities and Payroll McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter Nine Accounting for Current Liabilities and Payroll McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.

C Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Practical Math Applications © Cengage Learning/South-Western Practical Math Applications © 2011 Cengage Learning. All rights reserved. May not be scanned,

Prepared by: C. Douglas Cloud Professor Emeritus of Accounting Pepperdine University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned,

Current Liabilities and Payroll

10 Current Liabilities and Payroll Financial and Managerial Accounting

Financial and Managerial Accounting

Current Liabilities and Payroll

21 Budgeting Financial and Managerial Accounting 13e C H A P T E R

© 2014 Cengage Learning. All Rights Reserved.

Current Liabilities and Payroll

© 2014 Cengage Learning. All Rights Reserved.

Current Liabilities and Payroll

Principles of Financial Accounting, 11e

Presentation transcript:

Warren Reeve Duchac Accounting 26e Current Liabilities and Payroll 11 C H A P T E R human/iStock/360/Getty Images

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Proceeds from Notes Payable On July 1, Bella Salon Company borrowed cash from Best Bank by issuing a 60-day note with a face amount of $60,000. a.Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b.Determine the proceeds of the note, assuming the note is discounted at 6%.

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Karen Dunn’s weekly gross earnings for the present week were $2,250. Dunn has two exemptions. Using the wage bracket withholding table with a $75 standard withholding allowance for each exemption, what is Dunn’s federal income tax withholding? Federal Income Tax Withholding

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Karen Dunn’s weekly gross earnings for the week ending December 3 were $2,250, and her federal income tax withholding was $ Assuming the social security rate is 6% and Medicare is 1.5%, what is Dunn’s net pay? Employee Net Pay

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The payroll register of Chen Engineering Services indicates $900 of social security withheld and $225 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $2,925. Provide the journal entry for the period’s payroll. Journalize Period Payroll

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The payroll register of Chen Engineering Services indicates $900 of social security withheld and $225 of Medicare tax withheld on total salaries of $15,000 for the period. Earnings of $5,250 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. Journalize Period Tax

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Mansfield Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $44,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $450,000 during the period. Provide the journal entry for the (a) vacation pay and (b) pension benefit. Vacation Pay and Pension Benefits

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Cook-Rite Co. sold $140,000 of kitchen appliances during August under a six-month warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On September 12, a customer required a $200 part replacement plus $90 of labor under the warranty. Provide the journal entry for (a) the estimated warranty expense on August 31 for August sales, and (b) the September 12 warranty work. Estimated Warranty Liability

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Sayer Company reported the following current assets and current liabilities for the years ended December 31, 2016 and 2015: Quick Ratio (slide 1 of 2) a.Compute the quick ratio for 2016 and b.Interpret the company’s quick ratio across the two time periods.

Example Exercise ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Quick Ratio (slide 2 of 2)