ACC 225 ACC225 Module 5 Check Your Understanding Answers (AAU Online)

ACC 225 ACC225 Module 5 Check Your Understanding Answers (AAU Online)

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ACC 225 Module 5 Check Your Understanding (AAU Online)

1.The entry to recognize the estimated expense related to compensated absences would be composed of:

2.What are post-employment benefits?

3.During the first week of January, Liesl Grady earned $600.  Assume that FICA taxes are 7.65 percent of wages up to $50,000, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000.  Assume that Lisa has voluntary withholdings of $40 (in addition to taxes) and that federal and state income tax withholdings are $30 and $16, respectively.  What amount is the check, net of all deductions, that Lisa received for the week’s pay?

4.Many companies collect sales tax at the time of sale.  Between the collection of this tax and its payment to a government, the tax is classified as a(n):

5.What are some of the reasons that reported income tax expense may differ from the actual amount of cash paid for taxes?

6.What is the accounting term for obligations incurred because of damage done by companies to the environment?

7.Conceptually, a cost should be recorded as an asset whenever it has:

8.What items would be classified on the “Other Revenues and Expenses” section of the income statement?

9.During the year, Samson Company earned revenues of $456,000 and incurred $392,000 for various operating expenses.  There are 10,000 shares of stock outstanding.  Earnings per share is:

10.What are contingencies and how do you account for them?

11.Please complete the following exercise from your textbook:

1.Exercise 8-30 “Deferred Income Taxes” (p. 363)

12.Please complete the following exercise from your textbook:

2.Exercise 8-34 “Preparing an Income Statement” (p. 364)


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