Accounts -AW-Q18 online

Accounts -AW-Q18 Online Services

PROBLEM I: (worth 5 points)

Jennings Co. employs a staff of 100 at a total monthly gross pay of $100,000. The company withholds federal income tax at 20% and state income tax at 3% for all employees. FICA tax is withheld at a rate of 7.65%.

Jennings pays its employees on the last day of the month but does not remit the withholdings until the 10th of the next month.

Required: Prepare the journal entry Jennings should make to record salaries and employee withholdings for June 30. Round all amounts to the nearest whole dollar.

Date Debit Credit

June 30

PROBLEM II: (worth 15 points) Assuming cash is a part of a transaction that also affects each of the accounts shown below, indicate using a “√” the type of activity the transaction should be classified as for purposes of the Statement of Cash Flows. The first one has been done as an example. There should be only one checkmark per row.

		Operating Activity	Investing Activity	Financing Activity
	Accounts Receivable	√
a.	Note Payable
b.	Building
c.	Goodwill
d.	Sales Revenue
e.	Prepaid Advertising
f.	Treasury Stock
g.	Common Stock
h.	Estimated Warranty Liability
i.	Unearned Warranty Revenue
j.	Inventory
k.	Federal Income Taxes Withheld Payable
l.	Interest Revenue
m.	Loss on the Sale of Equipment
n.	Patent
o.	Dividends Payable

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PROBLEM III: (worth 10 points) The following is the adjusted trial balance for Wolf Laundromat for the year ending December 31, 2015.

Wolf Laundromat Inc. Adjusted Trial Balance December 31, 2015

Cash ……………………………………………………………………………………… Accounts Receivable ……………………………………………………………….. Supplies ………………………………………………………… Machinery ….. ……………………………………………… ………. Accumulated Depreciation—Machinery ……………………………………. Accounts Payable ……………………………………………………………………. Income Taxes Payable …………………………………………………………….. Note Payable (due in three years)………………………………….. Common Stock (no par) …………………………………………………………… Retained Earnings …………………………………………………………………… Dividends ……………………………………………………………………………… Laundry Revenue ……………………………………………………………………. Laundry Supplies Expense ……………………………………………………….. Depreciation Expense ……………………………………………………………… Rent Expense …………………………………………………………………………. Miscellaneous Expenses…………………………………………… Income Tax Expense ………………………………………………………………..

Total

Debit Credit $ 9,000

400 300 39,000

$ 22,000 2,000 500 5,000 9,500 4,400

5,000

41,300 10,000

8,000 5,000 7,000

1,000 0 $84,700 $84,700

Required: At the bottom of this page and on the backside of this page, prepare the following properly formatted statements

Single-step income statement

Statement of stockholders’ equity (Note: The beginning Common Stock balance was $9,500. No new stock was issued during the year).

Classified balance sheet

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