Quiz 13 - resources.uscareerinstitute.edu
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Instructor Key Pack 3 0201801LB03A-IK-23 3-1 Quiz 13 -1 For each incorrect initial entry. -1 For format errors. 100-80 = Nice job! 79 and below = Keep working on this.
Transcript of Quiz 13 - resources.uscareerinstitute.edu
Instructor Key
Pack 3
0201801LB03A-IK-23 3-1
Quiz 13
-1 For each incorrect initial entry. -1 For format errors.
100-80 = Nice job! 79 and below = Keep working on this.
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0201801LB03A-IK-23 3-3
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Quiz 13 General Ledger 1 2
Cash Acct. #100Date Description P/R Dr Cr
5 1 Balance 2 0 0 0 00J14 4 5 00
3 J14 3 4 2 00 6 J14 3 1 00 7 J14 5 0 0 0 00 9 J14 5 5 0010 J14 8 5 0014 J14 3 7 4 0 0015 J14 2 0 0 0 0017 J14 1 2 5 0020 J15 1 2 0 0 0021 J15 1 4 5 0 0022 J15 1 5 0 0025 J15 2 0 0 0031 J15 2 6 8 0 00
J15 3 0 0 0 00J15 5 6 00
Totals 1 5 0 2 0 00 7 1 3 9 00Account balance 7 8 8 1 00
Date Accounts Receivable Acct. #111 P/R Dr Cr5 1 Balance 1 8 4 00
4 J14 2 3 0 00 5 J14 3 4 0022 J15 1 5 0 0031 Totals 4 1 4 00 1 8 4 00 Account balance 2 3 0 00
Date Inventory Acct. #121 P/R Dr Cr5 1 Balance 9 0 0 0 00
31 Adjusting entry J15 9 0 0 0 00Adjusting entry J15 8 0 0 0 00Totals 1 7 0 0 0 00 9 0 0 0 00
Account balance 8 0 0 0 00
Date Prepaid Insurance Acct. #131 P/R Dr Cr5 1 Balance 1 0 0 0 00
31 Adjusting entry J15 1 0 0 00Totals 1 0 0 0 00 1 0 0 00
Account balance 9 0 0 00
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Date Office Supplies Acct. #133 P/R Dr Cr5 1 Balance 2 8 0 00
6 J14 3 1 0031 Adjusting entry J15 6 0 00
Totals 3 1 1 00 6 0 00 Account balance 2 5 1 00
Date Land Acct. #141 P/R Dr Cr5 1 Balance 5 0 0 0 0 00
Date Building Acct. #143 P/R Dr Cr5 1 Balance 5 0 0 0 0 00
Date Accum. Depr. Bldg. Acct. #144 P/R Dr Cr5 1 Balance 1 4 4 0 0 00
31 Adjusting entry J15 2 0 0 00Account balance 1 4 6 0 0 00
Date Equipment Acct. #145 P/R Dr Cr5 1 Balance 2 0 0 0 00
Date Accum. Depr. Equip. Acct. #146 P/R Dr Cr5 1 Balance 1 2 0 0 00
31 Adjusting entry J15 2 0 00Account balance 1 2 2 0 00
Date Notes Payable Acct. #201 P/R Dr Cr5 1 Balance 5 4 0 0 00
25 J15 2 0 0 0031 Totals 2 0 0 00 5 4 0 0 00
Account balance 5 2 0 0 00
Accounts Payable 1 2
Date Description Acct. #202 P/R Dr Cr5 1 Balance 4 2 7 00
3 J14 3 4 2 0010 J14 8 5 0012 J14 4 2 0 0019 J14 1 0 0 0 0027 Return J15 2 0 0 0031 Totals 6 2 7 00 1 8 4 7 00
Account balance 1 2 2 0 00
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Sales Tax Payable 1 2
Date Description Acct. #231 P/R Dr Cr5 1 Balance 4 6 00
7 J14 1 4 7 0014 J14 9 8 0021 J15 2 7 0031 J15 1 3 4 00
J15 3 00Totals 3 00 4 5 2 00Account balance 4 4 9 00
Date Mortgage Payable Acct. #251 P/R Dr Cr5 1 Balance 7 0 0 0 0 00
20 J15 1 2 0 0 0031 Total 1 2 0 0 00 7 0 0 0 0 00
Account balance 6 8 8 0 0 00
Date Alice Peterson, Equity Acct. #301 P/R Dr Cr5 1 Balance 2 2 9 9 1 00
31 Closing entry J16 4 9 0 7 00Closing entry J16 1 2 5 00Totals 1 2 5 00 2 7 7 7 3 00
Account balance 2 7 8 9 8 00
Date Alice Peterson, Drawing Acct. #302 P/R Dr Cr5 1 Balance 0 00
17 J14 1 2 5 0031 Closing entry J16 1 2 5 00
Account balance 0 00
Income Summary 1 2
Date Description Acct. #321 P/R Dr Cr5 1 Balance 0 00
31 Adjusting entry J15 9 0 0 0 00Adjusting entry J15 8 0 0 0 00Closing entry J16 1 2 8 9 4 00Closing entry J16 6 9 8 7 00Totals 1 5 9 8 7 00 2 0 8 9 4 00Balance 4 9 0 7 00Closing entry J16 4 9 0 7 00Account balance 0 00
The Account Balance showing $0 can be included but is not necessary.
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0201801LB03A-IK-23 3-7
Sales 1 2
Date Description Acct. #401 P/R Dr Cr5 1 Balance 0 00
4 J14 2 3 0 00 7 J14 4 8 5 3 0014 J14 3 6 4 2 0021 J15 1 4 2 3 0031 J15 2 5 4 6 00
Balance 1 2 6 9 4 00Closing entry J16 1 2 6 9 4 00Account balance 0 00
Date Sales Rtns. & Allow. Acct. #402 P/R Dr Cr5 1 Balance 0 00
31 J15 5 3 00Closing entry J16 5 3 00Account balance 0 00
Date Purchases Acct. #501 P/R Dr Cr5 1 Balance 0 00
12 J15 4 2 0 0019 J14 1 0 0 0 0031 Balance 1 4 2 0 00 Closing entry J16 1 4 2 0 00
Account balance 0 00
Date Purchase Rtns. & Allow. Acct. #521 P/R Dr Cr5 1 Balance 0 00
27 J15 2 0 0 0031 Closing entry J16 2 0 0 00
Account balance 0 00
Date Salary Expense Acct. #601 P/R Dr Cr5 1 Balance 0 00
15 J14 2 0 0 0 0031 J15 3 0 0 0 00
Balance 5 0 0 0 00 Closing entry J16 5 0 0 0 00
Account balance 5 0 0 0 00
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Date Utility Expense Acct. #605 P/R Dr Cr5 1 Balance 0 00
9 J14 5 5 0031 Closing entry J16 5 5 00
Account balance 0 00
Date Telephone Expense Acct. #613 P/R Dr Cr5 1 Balance 0 00
J14 4 5 0031 Closing entry J16 4 5 00
Account balance 0 00
Date Office Supply Expense Acct. #615 P/R Dr Cr5 1 Balance 0 00
31 Adjusting entry J15 6 0 00Closing entry J16 6 0 00Account balance 0 00
Date Insurance Expense Acct. #619 P/R Dr Cr5 1 Balance 0 00
31 Adjusting entry J15 1 0 0 00Closing entry J16 1 0 0 00Account balance 0 00
Date Depreciation Expense Acct. #621 P/R Dr Cr5 1 Balance 0 00
31 Adjusting entry J15 2 2 0 00Closing entry J16 2 2 0 00Account balance 0 00
Date Bad Debts Expense Acct. #623 P/R Dr Cr5 1 Balance 0 00
5 J14 3 4 0031 Closing entry J16 3 4 00
Account balance 0 00
Pack 3 Instructor Key
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Quiz 13 Subsidiary Ledgers
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Quiz 13 Worksheet
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Quiz 13 Financial Reports
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Quiz 14
-4 points for each incorrect answer.
100-80 = Terrific work! 79 and below = Keep working hard!
1. B
2. D
3. D
4. A
5. D
6. C
7. D
8. C
9. B
10. A
11. B
12. C
13. A
14. D
15. C
16. C
17. A
18. D
19. A
20. B
21. B
22. A
23. B
24. C
25. D
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Quiz 15
Multiple choice: (60 points total). -3 points for each incorrect answer.
Journal/Forms: (40 points total). -1 point for each correct entry on forms and journal.
100-80 = Fine work on your studies! 79 and below = Keep working hard on your studies!
1. A
2. C
3. A
4. B
5. C
6. D
7. B
8. C
9. D
10. A
11. D
12. D
13. B
14. A
15. A
16. B
17. D
18. A
19. D
20. B
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General Journal Page 10
XYZ Company
20XX Description P/R Dr Cr7-7 Salary expense 9 4 2 50
Federal tax payable 9 3 00 FICA payable 5 8 44 Medicare tax payable 1 3 66 State tax payable 7 00 Salaries payable 7 7 0 40 To record weekly payroll
Salaries payable 7 7 0 40 Cash 7 7 0 40 check issued to payroll
Payroll taxes expense 7 2 10 FICA payable 5 8 44 Medicare tax payable 1 3 66
XYZ’s total tax liability is: $244.20
Possible notes:
-A total of the above starred items. -The state liability is included.
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Quiz 16
-1 point for each initial error.
100-80 = You are mastering the payroll process. 79 and below = You are beginning to master the payroll process.
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Form 940 for 2012: Employer's Annual Federal Unemployment (FUTA) Tax ReturnDepartment of the Treasury — Internal Revenue Service
850112OMB No. 1545-0028
Employer identification number
(EIN) —
Name (not your trade name)
Trade name (if any)
AddressNumber Street Suite or room number
City State ZIP code
Read the separate instructions before you complete this form. Please type or print within the boxes.
Type of Return (Check all that apply.)
a. Amended
b. Successor employer
c. No payments to employees in 2012
d. Final: Business closed or stopped paying wages
Instructions and prior-year forms are available at www.irs.gov/form940.
Part 1: Tell us about your return. If any line does NOT apply, leave it blank.
1a If you had to pay state unemployment tax in one state only, enter the state abbreviation . 1a 1b If you had to pay state unemployment tax in more than one state, you are a multi-state
employer . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b Check here. Complete Schedule A (Form 940).
2 If you paid wages in a state that is subject to CREDIT REDUCTION . . . . . . . . 2 Check here. Complete Schedule A (Form 940).
Part 2: Determine your FUTA tax before adjustments for 2012. If any line does NOT apply, leave it blank.
3 Total payments to all employees . . . . . . . . . . . . . . . . . . . 3 .4 Payments exempt from FUTA tax . . . . . . . 4 .
Check all that apply: 4a Fringe benefits 4b Group-term life insurance
4c Retirement/Pension 4d Dependent care
4e Other
5 Total of payments made to each employee in excess of $7,000 . . . . . . . . . . . . . . . . 5 .
6 Subtotal (line 4 + line 5 = line 6) . . . . . . . . . . . . . . . . . . . . 6 .
7 Total taxable FUTA wages (line 3 – line 6 = line 7) (see instructions) . . . . . . . . 7 .8 FUTA tax before adjustments (line 7 x .006 = line 8) . . . . . . . . . . . . . 8 .
Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax,
multiply line 7 by .054 (line 7 × .054 = line 9). Go to line 12 . . . . . . . . . . . 9 .10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax,
OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . 10 .
11 If credit reduction applies, enter the total from Schedule A (Form 940) . . . . . . . 11 .Part 4: Determine your FUTA tax and balance due or overpayment for 2012. If any line does NOT apply, leave it blank.
12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12) . . . . . . . . . 12 .
13 FUTA tax deposited for the year, including any overpayment applied from a prior year . 13 .14 Balance due (If line 12 is more than line 13, enter the excess on line 14.)
• If line 14 is more than $500, you must deposit your tax. • If line 14 is $500 or less, you may pay with this return. (see instructions) . . . . . . . 14 .
15 Overpayment (If line 13 is more than line 12, enter the excess on line 15 and check a box below.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 .▶ You MUST complete both pages of this form and SIGN it. Check one: Apply to next return. Send a refund.
Next ■▶
For Privacy Act and Paperwork Reduction Act Notice, see the back of Form 940-V, Payment Voucher. Cat. No. 11234O Form 940 (2012)
7 5 7 5 7 5 7 5 7
Frank Bailey
Bailey's Boxes
2929 Kent Road
Parkfield OR 97212
x
116,287 50
95,287 50
95,287 50
21,000 00
126 00
126 00
120 00
6 00
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Form 941V is not necessary because no payment is due.
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Quiz 17
-4 points for each incorrect answer.
100-80 = Very nice work! 79 and below = Keep up the hard work!
1. D
2. B
3. D
4. C
5. A
6. B
7. D
8. C
9. A
10. D
11. B
12. B
13. B
14. B
15. C
16. B
17. C
18. D
19. C
20. B
21. D
22. B
23. A
24. D
25. A
