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Exam 6: Payroll Register, employees Earning Records, and Accounting System Entries

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Question 31

Multiple Choice

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The _________________ reflects all unpaid payroll liabilities at any point in the financial period.

A) Income statement
B) Statement of Owners' Equity
C) Payroll register
D) Balance sheet

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Question 32

Multiple Choice

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

A) The statement of owners' equity
B) The income statement
C) The balance sheet
D) The labor report

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Question 33

Multiple Choice

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It is important that the payroll accountant understand the flow of the payroll transactions,especially when working with ______________.

The _______ is the master document that contains an employee's marital status,deductions,and year-to-date earnings.

How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA,FUTA,and SUTA?

Columns included in the payroll register to compute net pay may include which of the following (select all that apply) ?

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

A debit always decreases the balance of an account.

The payroll register is identical for each company.

Rushing River Boats has the following data in its Social Security tax payable General Ledger account: It is a monthly schedule depositor.What entry should appear in the General Ledger to reflect the tax remittance on February 15?

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

To which items is information from the payroll register transferred (select all that apply) ?

Kierofree Air Tours has the following payroll data for its November 5 pay date: How much is the net pay?

The following data is for the January 19 pay date for Waryzbok Inc.: Which of the following represents the missing Social Security and Medicare taxes?

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

Which of the following is a financial report that is reflects the effects of debit and credit General Journal entries used in payroll accounting? (Select all that apply)

As of the June 11 pay date,the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account.A credit of $16,250 is recorded on the June 25 pay date.What is the balance in the account?

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date: When the firm remits the union dues for this pay period,what is the correct General Journal entry?

What is true about the trial balance?

Dooley Publishing has the following payroll data for its July 1 pay date: How much Federal withholding tax was deducted from employees' pay?