5.01 & 5.02 Accounting Flashcard

Front

Calculate Brenda’s regular, overtime and total hours for the week based on the following hours worked: 8 hours on Monday, 7 hours on Tuesday, 9 hours on Wednesday, 10 hours on Thursday, 8 hours on Friday, and 4 hours on Saturday. Brenda’s rate of pay is $10 per hour.

Back

40 Regular Hours, 6 Overtime Hours, and 46 Total Hours

Front

In Figure 1, what are David’s gross earnings for the pay period?

Back

$470.00

Front

In Figure 2, what is the Medicare withholding for Megan?

Back

$6.53

Front

Simon has gross earnings of $975.00 and total deductions of $425.00. What is Simon’s net pay?

Back

$550.00

Front

What is the correct entry for recording Rusty's Auto’s payroll with $2,500 in wages, $75.40 in Social Security withholding, $16.40 in Medicare withholding, $100.00 in federal income tax withholding, and $80.00 in state income tax withholding?

Back

Debit Salary Expense $2,500; credit Social Security Tax Payable $75.40, Medicare Tax Payable $16.40, Federal Income Tax Payable $100.00, State Income Tax Payable $80.00, Cash $2,228.20

Front

In Figure 3, what is the employer’s federal unemployment tax for the pay period?

Back

$20.00

Front

What is the entry to record the employer’s payroll taxes for Suzy's Shoppe, which has Social Security Tax $150.00, Medicare Tax $75.00, and Federal Unemployment Tax $25.00?

Back

Debit Payroll Tax Expense $250.00; Credit Social Security Tax Payable $150.00, Medicare Tax Payable $75.00, Federal Unemployment Tax Payable $25.00

Front

Danny's Diner paid the following taxes: Social Security $400.00, Medicare $150.00, Federal Income Tax $500.00. What is the entry to journalize the payment of the payroll taxes?

Back

Debit Social Security Tax Payable $400.00, Medicare Tax Payable $150.00, Federal Income Tax Payable $500.00; Credit Cash $1,050.00

Front

Sarah's Stationery Store paid federal unemployment taxes of $75.00. What is the entry to journalize the payment of the unemployment taxes? Options: Debit Cash $75.00; Credit Federal Unemployment Tax Payable $75.00, Debit Federal Unemployment Tax Payable $75.00, Credit Cash $75.00, Debit Federal Unemployment Tax Payable $75.00, Credit Payroll Tax Expense $75.00, Debit Payroll Tax Expense $75.00, Credit Cash $75.00

Back

Debit Federal Unemployment Tax Payable $75.00, Credit Cash $75.00

Front

In Scenario 1, calculate the adjusted checkbook balance.

Back

$1,050.00