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Assume that the MUST Co. pays a weekly payroll, and the company pays 1 1/2 times the regular rate for overtime.  What would be the gross earnings for an employee whose regular earnings are $20 per hour, and this employee worked 40 hours this pay period?

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:  Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).  What would be the Total Current Liabilities for this Balance Sheet? LIABILITIES       Current liabilities:                     ______   Total current liabilities     Long-term liabilities:         ______ Total liabilities      

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that $1,125 of outstanding checks had not been included in the September 30 bank statement.  Which of the following statement correctly details what should be done with these outstanding checks when preparing the reconciliation?

In the closing entries to close the drawing account, what entry would be made?

The balance in the equipment account before adjustment on December 31 of the current year is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $10,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

Assume the social security tax rate is 6.0% and the Medicare tax rate is 1.5% on all earnings.  What would be the amount of the social security tax to withhold from an employee whose gross pay prior to this pay period was $32,000 and his gross earnings for this weekly pay period is $855?

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that $1,125 of outstanding checks had not been included in the September 30 bank statement.  Which of the following statement correctly details what should be done with these outstanding checks when preparing the reconciliation?

When preparing the Multiple-Step Income Statement for a merchandising business, assume that the Adjusted Trial Balance contains the following accounts and balances: Sales Salaries Expense, $90,000; Depreciation Expense-Store Equipment, $8,500; Miscellaneous Selling Expense $1,500; Office Salaries Expense, $40,000; Depreciation Expense-Office Equipment, $19,000; Miscellaneous Administrative expense, $1,000. What is the Total Operating Expenses amount on the Multiple-Step Income Statement?

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that a deposit of $1,900 had been mailed to the bank by Dart Co. on September 29 and was not included in the September 30 bank statement.  Which of the following statement correctly details what should be done with this outstanding deposit when preparing the reconciliation?

Which one of the following statements about packaging is TRUE?