Funeral Accounting Midterm

James received $650 for working 40 hours. What is the hourly rate of pay for James

$16.25

Bill Jones was hired as a trade embalmer. Bill's pay will be based on each body he has embalmed. Based on the piece-rate system at the rate of $125 per body. If Bill embalmed 6 bodies a day, and works 4 days a week, what are his total earning?

$3,000

Mindy receives an annual salary of $25,000 plus a 5% commission on all sales during the year in excess of $100,000. Her sales for the year total $210,000. Her total earnings amount to:

$31,000

Munoz Company had the following account balances as of December 31. Cash: $15,000 Equipment: $7,000 Accounts Payable: $4,200 R. Munoz, Capital: $10,300 R. Munoz, Drawing: $3,000 Income from Services: $18,500 Rent Expenses: $6,000 Supplies Expenses: $2,000 What is the credit balance of the trial balance?

$33,000

Bob Cougar Landscaping has assets of $70,000 and equity of $30,000. Determine the amount of liabilities in the business.

$40,000

Sally worked 45 hours during the week at an hourly rate of $10 per hour. Assume that sally's overtime rate is paid at time and a half over 40 hours. What is Sally's gross pay for the week?

$475

Roscoe's employer pays time and a half for all hours worked in excess of 8 hours per day and double time for all hours worked on Sundays. Roscoe's regular hourly rate is $9 per hour. During the week, Roscoe worked the following hours: Monday: 8 hrs Tuesday: 8 hrs Wednesday: 9 hrs Thursday: 10 hrs Friday: 8 hrs Sunday: 6 hrs Her total gross wages are:

$508.50

John smith is paid $15 per hour and he worked 35 hours during the week. What is John's gross pay?

$525

Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives overtime at a rate of 1.5 (time and a half) what would her earnings be for the week?

$555

Clean and Fresh Laundromat has assets of $120,000 and liabilities of $35,000. Determine the amount of owner's equity.

$85,500

The Accounts Receivable T account shows the following $250, debit $1,250, debit $300, credit $250, credit What is the balance of the account?

$950, Debit

Janice works 40.75 hours a week. How many hours of overtime will Janice be paid?

0.75

Employees may be paid hourly or salary based on the following:

A & B (type of work performed and the employer's discretion)

Types of compensation that an employee might receive include: profit sharing meals a bonus all of these a commission

All of these

A depositor's Cash account is carried on the books of the bank as:

Asset

Which of the following is the fundamental accounting equation?

Assets= Liabilities + Owner's Equity

Accounts Payable is reported on which financial statement?

Balance sheet

the _______ shows the financial position of a company

Balance sheet

A twelve month period beginning on January 1 and ending on December 31 of the same year is called a:

Calendar Year

The______ requires that revenue is recorded when it is received in cash and expenses are recorded when they are paid in cash.

Cash basis of accounting

Accumulated Depreciation, Equipment is shown as a(n)

Contra account on the balance sheet

A $500 payment for Supplies Expense was incorrectly journalized and posted as a debit to Rent Expense for $500 and a credit to Cash for $500. The correcting entry using the one-step method would include a

Debit for $500

Tonka services receives a bill for a three-month liability insurance policy. The transactions would involve

Debit to Prepaid Insurance

the adjusted balances for Tomas Co. are listed below Cash: $20,000 Accounts Receivable: $2,500 Prepaid Insurance: $3,500 Equipment: $15,000 Accumulated Depreciation: $2,000 Accounts Payable: $4,000 J. Tomas, Capital: $30,000 J. Tomas, Drawing: $10,000 Income from Services: $35,000 Wages Expense: $12,000 Rent Expense: $8,000 The entry to close revenue would involve a ?

Debit to income summary

Apple Company purchased $6,000 in equipment, paying $2,000 in cash and placing the remainder on account. The accountant would record the following journal entry:

Equipment: $6,000 Accounts Payable: $4,000 Cash: $2,000

The owner's right, claim, or financial interest is referred to as:

Equity

The number of an account is 567, this probably means that the account is the first account in the:

Expense Section

The order of the financial statements are prepared in as follows:

Income Statement, Statement of Owner's Equity, Balance Sheet

Account(s) Payable is a:

Liability

The W-4 for lists all of the following EXCEPT one:

Lists the total wages to be earned

Which of the following is an asset account? Office Equipment Supplies Expense None of the above Sales Insurance Expense

Office Equipment

Which of the following classifications of accounts has/have a normal balance?

Revenue and Liabilities

Which of the following are all temporary accounts?

Revenue, expenses, and Owner's Drawing

What are the two parts of FICa taxes?

Social security and Medicare

Which of the following sequences or records describes the proper sequence in the accounting cycle

Source documents, journal, ledger, work sheet, financial statements

The______ shows how and why the owner's equity account has changed over a stated period of time

Statement of Owner's Equity

A_________ means that the digits of a number have been switched around

Transposition

What item is NOT used to calculate the federal income tax to be withheld by employers?

W-2

A law that protects employees and dependents against losses due to injury or death on the job is:

Worker's Compensation Laws

The __________ requires the revenue is recorded when earned and expenses are recorded when incurred

accrual basis of accounting

A person who performs a service for a fixed amount and is not under the specific direction of the party being served is called:

an independent contractor

The expanded accounting equation is:

assets= liabilities + owner's equity - drawing + revenue - expenses

$4,500 payment for Rent Expense was incorrectly journalized and posted a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the on-step method would include a:

debit to cash fo $900

Net pay is equal to:

gross pay minus all deductions

Accrued wages are wages that:

have been earned by employees but not paid

When a T account has several items on both sides, the balance of the account is written:

on the side with the larger total

which of the following is true concerning the trial balance?

the trial balance proves only that the total ledger debit balances equal the total ledger credit balances