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For each of the following payments, indicate the form (Form W-2, W-4, W-3, W-2G, 1099-B, 1099-DIV,
1099-INT, 1099-MISC, or 1099-R) that should be used to report the payment.
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a. |
Dividends from a mutual fund
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b. |
Las Vegas gambling winnings
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c. |
Interest paid by a bank
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d. |
Payment of salary and commissions to an employee
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|
e. |
Payments from an IRA account
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f. |
Use to report wages to the Social Security Administration. |
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- State how each of the following accounts should be classified on the balance sheet. (a) Treasury Stock (b) Retained Earnings (c) Vacation Pay Payable (d) Foreign Currency Translation Adjustment (e) Allowance for Bad Debts (f) Liability for Pension Payments (g) Investment Securities (Trading) (h) Paid-In Capital in Excess of Stated Value (i) Leasehold Improvements (j) Goodwill (k) Receivables—U.S. Government Contracts (l) Advances to Salespersons (m) Premium on Bonds Payable (n) Inventory (o) Patents (p) Unclaimed Payroll Checks (q) Income Taxes Payable (r) Subscription Revenue Received in Advance (s) Interest Payable (t) Deferred Income Tax Asset (u) Tools (v) Deferred Income Tax LiabilityHow would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.When should liabilities for each of the following items be recorded in the accounts of the business entity?(a) Acquisition of goods by purchase on credit (b) Salaries(c) Annual bonus paid to management(d) Dividends
- Which of the following liabilities is created when a company receives cash for services to be provided in the future? A. Unearned Revenue B. Estimated Warranty Payable C. Accrued Liability D. Accounts PayableIn what section of the balance sheet should the following items appear, and what balance sheet terminology would you use? a. Treasury stock (recorded at cost). b. Checking account at bank. c. Land (held as an investment). d. Sinking fund. e. Unamortized premium on bonds payable. f. Copyrights. g. Pension fund assets. h. Premium on common stock. i. Long-term investments (pledged against bank loans payable).Assuming the entity paid its liabilities incurred prior year, what is the proper debit for this transaction? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts Payable
- Which of the following is an example of revenue or expense to be recognized in the current period’s income statement? A)Cash received from a client before the service is provided B)Inventory purchased for sale to customers C)Cost of utilities used during the period D)Cash collected from an account receivableContribution received from shareholders will be recorded as. a. Dr Receivables Cr Cash account b. Dr Capital Cr Cash account c. Dr Cash account Cr Capital d. Dr Cash account Cr receivablesFor each transaction, indicate whether each account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders’ equity; in the income statement as (d) a revenue or (e) an expense; or in the statement of stockholders’ equity as (f) a dividend. Account Classifications Accounts Related Transactions 1. ____________ Utilities payable Amounts owed for utilities. 2. ____________ Cash Cash available for use. 3. ____________ Salaries expense Cost of salaries. 4. ____________ Common stock Shares of ownership sold to investors. 5. ____________ Service revenue Sale of services to customers.
- Below are typical transactions for Hewlett-Packard.Type ofBusiness Activity Transactions1.______________ Pay amount owed to the bank for previous borrowing.2. ______________ Pay utility costs.3. ______________ Purchase equipment to be used in operations.4. ______________ Provide services to customers.5. ______________ Purchase office supplies.6. ______________ Purchase a building.7. ______________ Pay workers’ salaries.8. ______________ Pay for research and development costs.9. ______________ Pay taxes to the IRS.10. ______________ Sell common stock to investors.Required:Indicate whether each transaction is classified as a financing, investing, or operating activity.Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. provided legal services to client, who paid at the time of service B. received cash for legal services performed last month C. received cash from clients for future services to be provided D. provided legal services to client, to be collected next monthIdentify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
