Exam #4

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aznbabeforu
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289747
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Exam #4
Updated:
2014-11-24 00:52:46
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Danso
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Description:
Flash cards for Professor Emmanuel Danso's 4th Exam on Chapters 8 & 9.
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  1. Form 940.
    An annual report filed by employers showing total wages paid to employees, total wages subject to federal unemployment tax, total federal unemployment tax, and other information also known as Employer's Annual Federal Unemployment Tax Return.
  2. Form 941.
    A quarterly report showing the tax liability for withholdings of Employees' Federal Income Tax and FICA taxes and the employer's share of FICA taxes. Total tax deposits made in the quarter are also listed on this employer's quarterly federal tax return.
  3. Form W-2.
    A form containing information about employee earnings and tax deductions for the year.
  4. Form W-3.
    An annual report sent to the Social Security Administration listing the total wages and tips, total federal income tax withheld, total Social Security and Medicare taxable wages, total Social Security and Medicare tax withheld, and other information for all employees of a firm also known as transmittal of wage and tax statements.
  5. SUTA.
    This tax is paid by employers only. The proceeds are used to pay subsistence benefits to unemployed workers.
  6. FUTA.
    Paid only by the employer. This purpose is to financially support government-run employment offices, pay half of extended unemployment benefits when unemployment is high, and provide a fund that states can borrow from to pay benefits if needed.
  7. FICA.
    Consists of Social Security taxes and Medicare taxes.
  8. Comparison: Periodic Versus Perpetual Inventory Systems.

    Transaction: Sold merchandise, having a cost of $1,643.48, to customer on account, $1,933.50.
    Periodic: Debit Accounts Receivable $1,933.50; Credit Sales, $1,933.50

    Perpetual: Debit Accounts Receivable $1,933.50; Credit Sales, $1,933.50.

    Debit Cost of Goods Sold, $1,643.48; Credit Merchandise Inventory, $1,643.48.
  9. Comparison: Periodic Versus Perpetual Inventory Systems.

    Transaction: Customer returned merchandise, $254, having a cost of $215.90.
    Periodic: Debit Sales Returns & Allowances, $254; Credit Accounts Receivable, $254.

    Perpetual: Debit Sales Returns & Allowances, $254; Credit Accounts Receivable, $254.

    Debit Merchandise Inventory, $215.90; Credit Cost of Goods Sold, $215.90.
  10. Comparison: Periodic Versus Perpetual Inventory Systems.

    Transaction: Purchased merchandise from supplier on account, $1,710, with prepaid freight of $85.50.
    Periodic: Debit Purchases, $1,710 & Freight In, $85.50; Credit Accounts Payable, $1,795.50.

    Perpetual: Debit Merchandise Inventory, $1,795.50; Credit Accounts Payable, $1,795.50.
  11. Comparison: Periodic Versus Perpetual Inventory Systems.

    Transaction: Returned merchandise to supplier, $270.
    Periodic: Debit Accounts Payable, $270; Credit Purchases Returns & Allowances, $270.

    Perpetual: Debit Accounts Payable, $270; Credit Merchandise Inventory, $270.
  12. Define Employee's Individual Earnings Record.
    A supplementary record for each employee showing personal payroll data and yearly cumulative earnings, deductions, and net pay.
  13. Form W-4. (Employee's Withholding Allowance Certificate)
    A form that specifies the number of allowances claimed by each employee and gives the employer the authority to withhold money for an employee's federal income taxes.
  14. Define FOB destination.
    Shipping terms under which the seller pays the freight charges and includes them in the selling price. Title or ownership changes hands when the buyer receives the goods.
  15. Define FOB shipping point.
    Shipping terms under which the buyer pays the freight charges between the point of shipment and the destination. Payment may be made directly to the carrier upon receiving the goods or to the supplier if the supplier prepaid the freight charges on behalf of the buyer. Title or ownership changes hands when goods are transferred to the freight company.
  16. Where will this journal entry be recorded?

    Sold employee refrigerator on account.
    Sales Journal.

    Used to record sales of merchandise sold on account only.
  17. Where will this journal entry be recorded?

    Bought office supplies for cash.
    Cash Payments Journal.
  18. Where will this journal entry be recorded?

    Sold merchandise for cash.
    Cash Receipts Journal.
  19. Where will this journal entry be recorded?

    Bought office furniture on account.
    General Journal.
  20. Where will this journal entry be recorded?

    Received credit memo for merchandise return.
  21. Where will this journal entry be recorded?

    Issued credit memo for merchandise returned by customer.
  22. Where will this journal entry be recorded?

    Recorded and paid month's payroll.
  23. Where will this journal entry be recorded?

    Paid freight on office furniture.

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