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Exam 7: The Payroll Register, Employees Earnings Records, and Accounting System Entries

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Question 21

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What is the primary purpose of a labor report?

A) It communicates departmental profitability.
B) It depicts the ideal distribution of labor in a firm.
C) It designates where labor is used in a firm.
D) It is a report designed to be read by parties external to the firm.

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Question 22

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A(n) ________ is a collection of cash and other items that are used in the operation of the business.

A) Revenue
B) Equity
C) Asset
D) Liability

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Question 23

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Zipperle Company has the following payroll information for the pay period ending September 18, 20XX: Gross pay $ 27,894.50 Federal withholding tax $ 3,570.00 Social Security tax $ 1,670.56 Medicare tax $ 390.70 401(k) contributions $ 1,115.78 Health Insurance $ 950.00 Garnishment $ 450.00 Net pay $ 19,747.46 Which items would be debited in the General Journal entry to record the employees' share of the payroll?

If a firm accrues the payroll due but not paid at the end of a financial period, what should it do on the first day of the next financial period?

At the end of the financial period, the payroll accountant records the ________ of the employee's pay that is earned but not yet paid; in the next financial period, this entry is ________.

On which financial report will employer-paid portions of health insurance premiums be listed?

What does the term "billable time" mean as it pertains to payroll accounting?

How does a debit balance in the wages and salaries expense account affect a firm's income statement?

What are the General Journal entries that should appear on each pay date?

Rushing River Boats has the following data in its Social Security tax payable General Ledger account: Social Security tax payable ACCOUNT NO. 221 BALANCE DATE DESCRIPTION POST REF. DEBIT CREDIT DEBIT CREDIT Jan 31 J4 420 1,620 Feb 15 J5 For the entry on January 31, what does the J4 signify?

Which of these accounts is increased by a debit? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the Box with the question mark to empty the box for a wrong answer. Any boxes left with a question Mark will be automatically graded as incorrect.)

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: May 5 Payroll Taxes Expense $ 27,671.87 Federal income tax payable 11,955.00 Social Security tax payable ??? Medicare tax payable 3,197.15 FUTA tax payable 1,322.96 SUTA tax payable 9,481.20 What is the amount of the Social Security tax payable?

Kierofree Air Tours has the following payroll data for its November 5 pay date: Nov 5 Wages and salaries expense 522 $ 199,023.00 Federal withholding tax payable 220 $ 33,833.91 Social Security tax payable 221 11,442.35 Medicare tax payable 222 2,676.03 401(k) contributions payable 223 6,965.81 Health Insurance payable 224 14,468.97 Union Dues payable 227 4,975.58 Wages and salaries payable 226 ??? How much is the net pay?

Why is it important to have columns on the payroll register title "Earnings subject to Federal Withholding" and "Earnings subject to FICA"?

Besides containing the supporting data for periodic tax reports, the employee earnings record serves as a backup in the event of computer failure.

A debit always decreases the balance of an account.

What effect do payroll entries have on a firm's accounting system?

The General Journal contains records of a firm's financial transactions, which appear chronologically.

The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries expense 522 $ 12,987.00 Federal withholding tax payable 220 $ 2,207.79 Social Security tax payable 221 ??? Medicare tax payable 222 ??? 401(k) contributions payable 223 454.55 Health Insurance payable 224 944.15 State Income tax payable 227 324.68 Wages and salaries payable 226 8,134.55 Jan 19 Wages and salaries payable 226 8,134.55 Cash 101 8,134.55 Which of the following represents the missing Social Security and Medicare taxes, assuming that the health Insurance is qualified under Section 125?

In the General Ledger, the debit column reflects the balance of the account.