Copyright © 2007 Prentice-Hall. All rights reserved 1 Current Liabilities and Payroll Chapter 11.

Slides:



Advertisements
Similar presentations
John J. Wild Sixth Edition
Advertisements

Chapter 9 Current Liabilities
Adjustments, Financial Statements, and the Quality of Earnings
Chapter 12 Skyline College.
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,
Employer Taxes, Payments, and Reports
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.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 9-3 Accrued Expenses.
ACCT 201 ACCT 201 ACCT Reporting and Analyzing Current Liabilities UAA – ACCT 201 Principles of Financial Accounting Dr. Fred Barbee Chapter 9.
© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide Reporting and Analyzing Current Liabilities.
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 10 Reporting and Interpreting Liabilities McGraw-Hill/Irwin.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Current Liabilities and Contingencies 13 Insert Book Cover Picture.
Current Liabilities and Payroll
Payroll Accounting, Taxes, and Reports
Adjusting Entries. Measuring Business Income n Accounting period assumption n Cash accounting versus accrual accounting n Matching principle n Materiality.
Copyright © 2007 Prentice-Hall. All rights reserved 1 Completing the Accounting Cycle Chapter 4.
Copyright © 2007 Prentice-Hall. All rights reserved 1 Current Liabilities and Payroll Chapter 11.
Payroll and Short-Term Liabilities
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 10 Reporting and Interpreting Liabilities McGraw-Hill/Irwin.
8 - 1 The Employer’s Tax Responsibilities: Principles and Procedures Chapter 8.
Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 10 Employer Payroll Tax Reporting.
Payroll Liabilities and Tax Records
Learning Objectives Understand the Business – LO1 Explain the role of liabilities in financing a business. Study the accounting methods – LO2 Explain how.
Financial Accounting Fundamentals John J. Wild Third Edition John J. Wild Third Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies,
Preparing Payroll Records
Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall. Chapter 10 1.
Chapter 10. Account for current liabilities of known amount.
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 8 Purchasing/ Human Resources/ Payment Process: Recording.
Accounting Principles, Ninth Edition
Current Liabilities and Payroll
CURRENT LIABILITIES AND CONTINGENCIES
Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 12 SLIDE Financial Planning Financial Records.
Chapter 4 Income Measurement and Accrual Accounting
12–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time.
1 Chapter 9 Current Liabilities, Contingencies, and Payroll Financial Accounting 4e by Porter and Norton.
©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber Current Liabilities and Payroll Chapter 11.
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Current Liabilities and Contingencies
Chapter 14 Payroll Accounting, Taxes, and Reports.
Current Liabilities, Payroll & Long-Term Liabilities
© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Current Liabilities and Payroll Accounting Chapter 11.
McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-1 CHAPTER 7 Accounting for and Presentation of Liabilities McGraw-Hill/Irwin.
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.
Spiceland | Thomas | Herrmann Financial Accounting Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.
Problem 4-2 Group 1: LukeAlexNairiAnidaSouthyda. a. On September 1,2007, Burress collected six months’ rent of $7,200 on storage space. At that date,
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.
Principles of Business, Marketing, and Finance Financial Planning Copyright © Texas Education, All rights reserved.
I-1 Prepared by Coby Harmon University of California, Santa Barbara Westmont College W ILEY IFRS EDITION.
Microcomputer Accounting Applications – QuickBooks Adjusting Entries Review.
Accounting for Current Liabilities Chapter 9 Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior.
Chapter 11 Sample Problems
© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Current Liabilities and Payroll Accounting Chapter 11.
Chapter 11-1 CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING Accounting Principles, Eighth Edition.
Chapter 9 - Current Liabilities Accounting For Current Liabilities.
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.
Spiceland | Thomas | Herrmann Financial Accounting Current Liabilities Chapter 8 Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction.
Chapter 10 Reporting and Interpreting Liabilities 1© McGraw-Hill Ryerson. All rights reserved.
GLENCOE / McGraw-Hill. Accruals, Deferrals, and the Worksheet.
Payroll Accounting Appendix F Learning Objectives
Business Entity Concept
Payroll Liabilities and Tax Records
Accounting for and Presentation of Liabilities
College Accounting A Contemporary Approach
Financial and Managerial Accounting
Accruals, Deferrals, and the Worksheet
Presentation transcript:

Copyright © 2007 Prentice-Hall. All rights reserved 1 Current Liabilities and Payroll Chapter 11

Copyright © 2007 Prentice-Hall. All rights reserved 2 Dina Company issued a 60-day note payable on December 1. What adjusting entry should be prepared on December 31? 1.Debit cash, credit note payable 2.Debit interest expense, credit note payable 3.Debit interest expense, credit interest payable 4.Debit interest payable, credit interest expense

Copyright © 2007 Prentice-Hall. All rights reserved 3 Answer: 3

Copyright © 2007 Prentice-Hall. All rights reserved 4 Emmett Company has a year-end of December 31 and issued a 60-day note payable on December 1. The entry to record the payment of the note in January would include 1.A debit to interest payable 2.A credit to note payable 3.A debit to cash 4.A credit to interest expense

Copyright © 2007 Prentice-Hall. All rights reserved 5 Answer: 1

Copyright © 2007 Prentice-Hall. All rights reserved 6 The adjusted trial balance for Young Company has the following liabilities: Accounts payable$1,000 Interest payable500 Notes Payable$5,000 The notes payable requires monthly principal payments of $100. What is the amount of total current liabilities?

Copyright © 2007 Prentice-Hall. All rights reserved 7 Answer: Current liabilities Accounts payable$1,000 Interest payable500 Currently maturing portion of Notes Payable ($100 X 12)1,200 Total$2,700 The rest of the notes payable is reported under long-term liabilities.

Copyright © 2007 Prentice-Hall. All rights reserved 8 On Sept. 1, Revale Company collected $600 for six months’ rent in advance. The $600 was credited to Unearned Rent. What is the December 31 adjusting entry? 1.Debit Cash $600, credit Unearned Rent $600 2.Debit Rent Receivable $600, credit Rent Revenue $600 3.Debit Unearned Rent $400, credit Rent Revenue $400 4.Debit Rent Receivable $400, credit Rent Revenue $400

Copyright © 2007 Prentice-Hall. All rights reserved 9 Answer: 3 Rent revenue for four months = $400

Copyright © 2007 Prentice-Hall. All rights reserved 10 Warranty expense should be recorded: 1. In the period when the warranty claims are paid 2. In the period when the sale was recorded 3. On the day of the sale 4. When the warranty period expires

Copyright © 2007 Prentice-Hall. All rights reserved 11 Answer: 2 The matching principle dictates that the expenses related to a sale be recognized in the same accounting period as the sale.

Copyright © 2007 Prentice-Hall. All rights reserved 12 When recording Warranty Expense, what account is credited? 1.Cash 2.Sales 3.Estimated Warranty Revenue 4.Estimated Warranty Payable

Copyright © 2007 Prentice-Hall. All rights reserved 13 Answer: 4

Copyright © 2007 Prentice-Hall. All rights reserved 14 When it is reasonably possible that a contingent liability will result in a realized loss, how is it reported? 1. It is not reported 2. Describe the situation in a note to the financial statements 3. Record an expense and liability based on estimated amounts

Copyright © 2007 Prentice-Hall. All rights reserved 15 Answer: 2

Copyright © 2007 Prentice-Hall. All rights reserved 16 Which of the following is not a required payroll deduction? 1.Employee income tax 2.FICA old age, survivors’, and disability insurance tax 3.FICA medicare tax 4.Pension contribution

Copyright © 2007 Prentice-Hall. All rights reserved 17 Answer: 4

Copyright © 2007 Prentice-Hall. All rights reserved 18 The employer pays all of the following payroll taxes except: 1.FICA tax 2.State unemployment tax 3.Income tax 4.Federal unemployment tax

Copyright © 2007 Prentice-Hall. All rights reserved 19 Answer: 3 Income tax is withheld from the employee’s paycheck. It is not a tax paid by the employer.

Copyright © 2007 Prentice-Hall. All rights reserved 20 Which of these taxes has no maximum annual tax? 1.FICA old age, survivors’, and disability insurance tax 2.FICA medicare tax 3.Federal unemployment tax 4.State unemployment tax

Copyright © 2007 Prentice-Hall. All rights reserved 21 Answer: 2

Copyright © 2007 Prentice-Hall. All rights reserved 22

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2025 SlidePlayer.com. Inc. All rights reserved.