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11 - 1 Current Liabilities and Payroll Accounting Ex. 197 Phaedra Hise had earned (accumulated) salary of $103,000 through November 30. Her December salary amounted to $9,500. Richard Tangard began employment on December 1 and will be paid his first month's salary of $7,000 on December 31. Income tax withholding for December for.
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12 - 1 Accounting for Partnerships 31.A partnership is an association of no more than two persons to carry on as co-owners of a business for profit. 32.Once assets have been invested in the partnership, they are owned jointly by all partners. 33.Each partner's initial investment in a partnership should be recorded at book.
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11 - 1 Current Liabilities and Payroll Accounting 139.By January 31 following the end of a calendar year, an employer is required to provide each employee with a(n) a.state unemployment tax form. b.federal unemployment tax form 940. c.wage and tax statement form W-2. d.employee's withholding allowance certificate form W-4. 140.Which of the following payroll taxes are usually.
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11 - 1 Current Liabilities and Payroll Accounting 129.The following totals for the month of April were taken from the payroll register of Asplend Company. Salaries and wages$72,000 FICA taxes withheld5,508 Income taxes withheld15,000 Medical insurance deductions2,700 Federal unemployment taxes192 State unemployment taxes1,296 The entry to record accrual of Asplend Company’s payroll taxes would include a a.debit to Payroll Tax.
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11 - 1 Current Liabilities and Payroll Accounting COMPLETION STATEMENTS               204.A current liability is a debt that can be expected to be paid within ______________ year or the ______________, whichever is longer.               205.Liabilities are classified on the balance sheet as being _______________ liabilities or ______________ liabilities.               206.Obligations in written form are called.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 191 Old Hampton Company is preparing adjusting entries at December 31. An analysis reveals the following: 1.During December, Old Hampton Company sold 3,000 units of a product that carries a 60-day warranty. The sales for this product totaled $100,000. The company expects 4% of the.
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11 - 1 Current Liabilities and Payroll Accounting S-A E  219(Ethics) Borowitz Company maintains two separate accounts payable computer systems. One is known to all the users, and is used to process payments to vendors. Employees enter the vendor code, or the name and address of new vendors, the amount, the account, and.
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12 - 1 Accounting for Partnerships 48.In a partnership, mutual agency means a.each partner acts on his own behalf when engaging in partnership business. b.the act of any partner is binding on all other partners, only if partners act within their scope of authority. c.an act by a partner is judged as binding on other.
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12 - 1 Accounting for Partnerships Ex. 179 Juanita Gomez and Brandi Toomey have formed the GT Partnership, and have capital balances of $130,000 and $100,000, respectively, on January 1, 2014. On June 1, 2014, Toomey invested an additional $30,000. Also during the year, Gomez withdrew $60,000 and Toomey withdrew $48,000. Sales for.
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12 - 1 Accounting for Partnerships a148.On November 30, capital balances are Ross $300,000, Ellis $250,000 and Gise $250,000. The income ratios are 20%, 20% and 60%, respectively. Ross decides to retire from the partnership. In order for Ellis and Gise to have equal capital interests after the retirement of Ross, how.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 187 Country Outfilter's 2014 financial statements contained the following data (in millions). Current assets$16,890Accounts receivable$1,550 Total assets  42,430Interest expense980 Current liabilities  12,000Income tax expense1,270 Total liabilities  32,580Net income2,230 Cash       380 Instructions Compute these values: (a)Working capital.(b)Current ratio. Ex. 188 Sweet Baking Company sells professional grade mixers for home use. The machines carry a 2-year.
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11 - 1 Current Liabilities and Payroll Accounting EXERCISES Ex. 177 Faulkner Company has the following selected accounts after posting adjusting entries: Accounts Payable$  45,000 Notes Payable, 3-month70,000 Accumulated Depreciation—Equipment14,000 FICA Taxes Payable27,000 Notes Payable, 5-year, 8%30,000 Warranty Liability29,000 Payroll Tax Expense6,000 Interest Payable3,000 Mortgage Payable200,000 Sales Taxes Payable16,000 Instructions (a)Prepare the current liability section of Faulkner Company's balance sheet, assuming $25,000 of the mortgage is.
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12 - 1 Accounting for Partnerships Ex. 187 The HK Partnership is liquidated when the ledger shows: Cash$60,000  Noncash Assets90,000 Liabilities44,000 Howell, Capital100,000 Kenton, Capital6,000 Henson and Kaenzig income ratios are 3:2, respectively. Instructions Prepare a schedule of cash payments, assuming that the noncash assets were sold for $65,000. Assume that any partner’s capital deficiencies cannot be paid to the partnership. aEx..
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12 - 1 Accounting for Partnerships Ex. 181 The Zhuzer Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000, and the following capital balances: Zhu $112,000 and Zerkel $50,000. The firm is liquidated, and $265,000 in cash is received for the noncash assets. Zhu and Zerkel income ratios are 60%.
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12 - 1 Accounting for Partnerships 78.The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin. At the beginning of the year, Mayer’s Capital account had a balance of $800,000, while Rodin’s ' Capital account had.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 184 Ishee Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $291,500, which includes a 6% sales tax. InstructionsCompute sales taxes payable, and make the entry to record sales and sales taxes payable. Ex. 185 Schweigert Paint.
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12 - 1 Accounting for Partnerships BE 164 After liquidating noncash assets and paying creditors, account balances in the Main Co. are Cash $29,000, Art, Capital (Cr.) $11,000, Bob, Capital (Cr,) $8,000 and Cam, Capital (Cr.) $10,000. The partners share income equally. Instructions Journalize the final distribution of cash to the partners. BE 165 Appalachian Company at.
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12 - 1 Accounting for Partnerships TRUE-FALSE STATEMENTS 1.The personal assets, liabilities, and personal transactions of partners are excluded from the accounting records of the partnership. 2.The act of any partner is binding on all other partners if the act appears to be appropriate for the partnership. 3.A major advantage of the partnership form of.
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12 - 1 Accounting for Partnerships Ex. 180 Actor, Brees, and Cotswald are forming The ABC Partnership. Actor is transferring $40,000 of personal cash and equipment worth $38,000 to the partnership. Brees owns land worth $27,000 and a small building worth $112,000, which he transfers to the partnership. There is a long-term mortgage.
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12 - 1 Accounting for Partnerships 58.Bagley invests personally owned equipment, which originally cost $220,000 and has accumulated depreciation of $60,000 in the Bagley and Eggers partnership. Both partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley’s investment should be a.Equipment220,000 Accumulated Depreciation—Equipment60,000 Bagley,.
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11 - 1 Current Liabilities and Payroll Accounting 159.The record that provides a cumulative summary of each employee’s gross earnings, payroll deductions, and net pay during the year and is required to be maintained to comply with state and local federal law is the a.register. b.employee earnings record. c.statement of earnings. d.wage and tax statement. a160.Post-retirement benefits.
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11 - 1 Current Liabilities and Payroll Accounting BRIEF EXERCISES BE 167 Sonoma Company has the following selected accounts after posting adjusting entries: Accounts Payable$  62,000 Notes Payable, 3-month40,000 Accumulated Depreciation—Equipment14,000 Notes Payable, 5-year, 6%80,000 Payroll Tax Expense4,000 Interest Payable3,000 Mortgage Payable120,000 Sales Taxes Payable38,000 Instructions Prepare the current liability section of Sonoma Company's balance sheet, assuming $16,000 of the mortgage is payable next.
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12 - 1 Accounting for Partnerships 98.The balance sheet of a partnership will a.report retained earnings below the partnership capital accounts. b.show a separate capital account for each partner. c.show a separate drawing account for each partner. d.show the amount of income that was distributed to each partner. 99.The liquidation of a partnership may result from each.
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12 - 1 Accounting for Partnerships MULTIPLE CHOICE QUESTIONS 38.A hybrid form of business organization with certain features like a corporation is a(n) a.limited liability partnership. b.limited liability company. c."S" corporation. d.sub-chapter "S" corporation. 39.A partnership a.has only one owner. b.pays taxes on partnership income. c.must file an information tax return. d.is not an accounting entity for financial reporting purposes. 40.A general partner.
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12 - 1 Accounting for Partnerships Ex. 176 Carraway and Boos have a partnership agreement which includes the following provisions regarding sharing net income or net loss: 1.A salary allowance of $48,000 to Carraway  and $36,000 to Boos. 2.An interest allowance of 10% on capital balances at the beginning of the year. 3.The remainder to be.
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11 - 1 Current Liabilities and Payroll Accounting MATCHING 214.Match the items below by entering the appropriate code letter in the space provided. A.Current liabilityF.Federal income taxes B.Notes payableG.FICA taxes C.Wage and Tax StatementH.Federal unemployment taxes D.Current ratioaI.Post-retirement benefits E.Contingent liabilityaJ.Pension plan _____              1.Levied against employees' wages without limit. _____              2.An obligation in the form of a written promissory note. _____             .
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12 - 1 Accounting for Partnerships 118.In liquidation, balances prior to the distribution of cash to the partners are: Cash $204,000; Paley, Capital $112,000; Stengel, Capital $104,000, and King, Capital $12,000 deficiency. The income ratio is 6:2:2, respectively. How much cash should be distributed to Stengel if King does not pay his.
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12 - 1 Accounting for Partnerships EXERCISES Ex. 170 Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $35,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Rossi contributes $25,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 201 In March, gross earnings of Perlman Company totaled $250,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Instructions(a)Compute the employer's payroll tax expense.(b)Prepare the entry to record payroll taxes. Ex. 202 The following payroll liability accounts are.
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12 - 1 Accounting for Partnerships Ex. 185 The MFP Partnership is to be liquidated when the ledger shows the following: Cash$  50,000 Noncash Assets200,000 Liabilities50,000 Mossimo, Capital75,000 Fandango, Capital100,000 Plank, Capital25,000 Mossimo, Fandango, and Plank’s income ratios are 6:3:1, respectively. Instructions Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $140,000 in.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 180 Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2014Borrows $120,000 from Merchants and Marine Bank by signing a 3-month, 10% note. Dec. 31, 2014Prepares the adjusting entry. Feb. 1, 2015Pays principal and interest to Merchants and Marine Bank. Instructions Prepare journal entries for each.
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11 - 1 Current Liabilities and Payroll Accounting 149.A current liability is a debt the company reasonably expects to pay from existing current assets within a.one year. b.the operating cycle. c.one year or the operating cycle, whichever is longer. d.one year or the operating cycle, whichever is shorter. 150.Which of the following statements concerning current liabilities is.
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12 - 1 Accounting for Partnerships Ex. 174 The Jamison and Stephens partnership reports net income of $50,000. Partner salary allowances are Jamison $18,000 and Stephens $12,000. Any remaining income is shared 60:40. Instructions Determine the amount of net income allocated to each partner. Ex. 175 Ando, Dadd, and Porter formed a partnership on January 1, 2014..
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12 - 1 Accounting for Partnerships a128.Jill and Smita have partnership capital account balances of $1,056,000 and $792,000, respectively and share profits and losses equally. Sierra is admitted to the partnership by investing $440,000 for a one-fourth ownership interest. The balance of Smita’s Capital account after Sierra is admitted is a.$726,000. b.$792,000. c.$858,000. d.$572,000. a129.The admission of.
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12 - 1 Accounting for Partnerships 68.Brekke and Fig decide to organize a partnership. Brekke invests $30,000 cash, and Fig contributes $24,000 cash and equipment having a book value of $12,000. Choose the entry to record Fig’s investment in the partnership assuming the equipment has a fair value of $18,000. a.Cash24,000 Equipment 12,000 Fig, Capital.
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12 - 1 Accounting for Partnerships BRIEF EXERCISES BE 160 Draper and Becker decide to organize a partnership. Draper invests $25,000 cash, and Becker contributes $5,000 and equipment having a book value of $7,000 and a fair value of $15,000. Instructions Prepare the entry to record each partner’s investment. BE 161 Sonoma Company and Woodberry Company decide to.
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11 - 1 Current Liabilities and Payroll Accounting BE 172 On December 1, Cypress Grove Company introduces a new product that includes a one-year warranty on parts. In December, 500 units are sold. Management believes that 5% of the units will be defective and that the average warranty costs will be $60 per.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 199 Ada Marion earns a salary of $7,500 per month during the year. FICA taxes are 7.65% on the first $110,100 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 193 Marilou Wheeler's regular hourly wage rate is $14, and she receives a wage of 1 1/2 times her regular rate for work in excess of 40 hours. During a June pay period, Marilou worked 46 hours. Marilou's federal income tax withholding is $68,.
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12 - 1 Accounting for Partnerships Ex. 178 The adjusted trial balance of the Ricci and Napoli Partnership for the year ended December 31, 2014, appears below: RICCI AND NAPOLI PARTNERSHIP Adjusted Trial Balance December 31, 2014    Debit Credit Current Assets............................................19,000 Plant Assets..............................................80,000 Current Liabilities..........................................7,000 Long-term Debt............................................40,000 Ricci, Capital..............................................20,000 Ricci, Drawings............................................4,000 Napoli, Capital............................................18,000 Napoli , Drawings..........................................7,000 Sales Revenue............................................110,000 Cost of Goods Sold........................................62,000 Operating Expenses........................................  23,000      195,000195,000 The partnership agreement.
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12 - 1 Accounting for Partnerships Ex. 172 A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $75,000 of personal cash to the partnership. Stokes owns land worth $25,000 and a small building worth $120,000, which she transfers to the partnership. Hayes transfers to the partnership cash of.
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12 - 1 Accounting for Partnerships 11.Unless stated otherwise in the partnership contract, profits and losses are shared among the partners in the ratio of their capital equity balances. 12.If salary allowances and interest on capital are stipulated in the partnership profit and loss sharing agreement, they are implemented only if income is.
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11 - 1 Current Liabilities and Payroll Accounting SHORT-ANSWER ESSAY QUESTIONS S-A E 215 A company will incur product repair costs in the future if products that it sells currently under warranty are brought in for repair during the warranty period. The company will also incur bad debts expense in the future if customers.
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12 - 1 Accounting for Partnerships 88.A partners' capital statement explains a.the amount of legal liability of each of the partners. b.the types of assets invested in the business by each partner. c.how the partnership will be capitalized if a new partner is admitted to the partnership. d.the changes in each partner's capital account and in.
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12 - 1 Accounting for Partnerships 21.The function of the Partners' Capital Statement is to explain the changes in partners' capital account balances during a period. 22.A detailed listing of all the assets invested by a partner in a partnership appears on the Partners' Capital Statement. 23.Total partners' equity of a partnership is equal.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 195 Selected data from a February payroll register for Ginn Company are presented below. Some amounts are intentionally omitted. Gross earnings: Regular$22,200State income taxes $(3) Overtime    (1)   Union dues  200 Total    (2)   Total deductions   (4) Deductions:Net pay$19,931 FICA taxes$1,989Accounts debited: Federal income taxes  2,840Salaries/wages expense   (5) FICA taxes are 7.65%. State income.
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12 - 1 Accounting for Partnerships 108.The liquidation of a partnership a.cannot be a voluntary act of the partners. b.terminates the business. c.eliminates those partners with a capital deficiency. d.cannot occur unless all partners approve. 109.The liquidation of a partnership is a process containing the following steps: 1.Pay partnership liabilities in cash. 2.Allocate the gain or loss on realization.
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11 - 1 Current Liabilities and Payroll Accounting Ex. 198 Assume that the payroll records of Klein Tanker Company provided the following information for the weekly payroll ended November 30, 2014. Year-to-Date HourlyFederalEarnings Through EmployeeHours WorkedPay RateIncome TaxUnion Dues   Previous Week T. King44$45$362$9$111,000 T. Binion461597523,200 N.Cole4025148—5,700 C. Hennesey4230230749,500 Ex. 198(Cont.) Additional information: All employees are paid overtime at time and a half.
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12 - 1 Accounting for Partnerships Ex. 184 The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1.The noncash assets were sold for.
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12 - 1 Accounting for Partnerships a138.A bonus to a new partner a.is prohibited by GAAP. b.results when the new partner's capital credit is less than his or her investment of assets in the firm. c.may occur when recorded book values are lower than market values. d.results when the new partner's capital credit is greater than.
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