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Chapter 11: Current Liabilities and Payroll

Horngren'S Financial And Managerial Accounting
Pages: 578 - 618

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75 Questions for Chapter 11: Current Liabilities and Payroll

  1. What payroll taxes is the employer responsible for paying?

    Found on Page 604
  2. What are the two main controls for payroll? Provide an example of each.

    Found on Page 604
  3. When do businesses record warranty expenses, and why?

    Found on Page 604
  4. What is contingent liability? Provide some examples of contingencies.

    Found on Page 604
  5. Curtis Company is facing a potential lawsuit. Curtis’s lawyers think that it is reasonably possible that it will lose the lawsuit. How should Curtis report this lawsuit?

    Found on Page 604
  6. How is the times-interest-earned ratio calculated, and what does it evaluate?

    Found on Page 604
  7. Erin O’Neil Associates reported short-term notes payable and salaries payable as follows:

    Found on Page 607
  8. Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time-and-a-half for hours in excess of 40 per week. Stanley’s payroll deductions include withheld income tax of 20%, FICA tax, and a weekly deduction of $5 for a charitable contribution to United Way. Stanley worked 58 hours during the week.

    Found on Page 608
  9. Recording employer payroll taxes and employee benefits Ricardo’s Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense).

    Found on Page 578
  10. Rios Raft Company had the following liabilities.

    Found on Page 604

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