5.01 & 5.02 Accounting Quiz

Brenda worked 8 hours on Monday, 7 hours on Tuesday, 9 hours on Wednesday, 10 hours on Thursday, 8 hours on Friday, and 4 hours on Saturday. Brenda’s rate of pay is $10 per hour. Calculate Brenda’s regular, overtime and total hours for the week.

• 39 Regular Hours, 7 Overtime Hours, and 46 Total Hours

• 40 Regular Hours, 6 Overtime Hours, and 46 Total Hours

• 43 Regular Hours, 3 Overtime Hours, and 46 Total Hours

• 46 Regular Hours, No Overtime Hours, and 46 Total Hours

In Figure 1, what are David’s gross earnings for the pay period?

• $420.00

• $500.00

• $470.00

• $370.00

In Figure 2, what is the Medicare withholding for Megan?

• $652.50

• $65.25

• $6.53

• $0.65

Simon has gross earnings of $975.00 and total deductions of $425.00. What is Simon’s net pay?

• $550.00

• $975.00

• $1,300.00

• $1,400.00

Rusty's Auto has $2,500 in wages, $75.40 in Social Security withholding, $16.40 in Medicare withholding, $100.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company’s payroll?

• Debit Salary Expense $2,500, Cash $2,228.20; credit Social Security Tax Payable $75.40, Medicare Tax Payable $16.40, Federal Income Tax Payable $100.00, State Income Tax Payable $80.00

• Debit Salary Expense $2,500, Social Security Tax Payable $75.40, Medicare Tax Payable $16.40, Federal Income Tax Payable $100.00, State Income Tax Payable $80.00; credit Cash $2,228.20

• Debit Salary Expense $2,500; credit Social Security Tax Payable $75.40, Medicare Tax Payable $16.40, Federal Income Tax Payable $100.00, State Income Tax Payable $80.00, Cash $2,228.20

• Debit Social Security Tax Payable $75.40, Medicare Tax Payable $16.40, Federal Income Tax Payable $100.00, State Income Tax Payable $80.00; credit Salary Expense $2,500, Cash $2,228.20

In Figure 3, what is the employer’s federal unemployment tax for the pay period?

• $2.00

• $20.00

• $200.00

• $300.00

Suzy's Shoppe has employer payroll taxes as follows: Social Security Tax $150.00, Medicare Tax $75.00 and Federal Unemployment Tax $25.00. What is the entry to record the employer’s payroll taxes?

• Debit Payroll Tax Expense $250.00, Credit Cash $250.00

• Debit Payroll Tax Expense $250.00, Social Security Tax Payable $150.00; Credit Medicare Tax Payable $75.00, Credit Federal Unemployment Tax Payable $25.00

• Debit Payroll Tax Expense $250.00; Credit Social Security Tax Payable $150.00, Medicare Tax Payable $75.00, Federal Unemployment Tax Payable $25.00

• Debit Social Security Tax Payable $150.00, Medicare Tax Payable $75.00, Federal Unemployment Tax Payable $25.00; Credit Payroll Tax Expense $250.00

Danny's Diner paid the following taxes: Social Security $400.00, Medicare $150.00, Federal Income Tax $500.00. What is the entry to journalize the payment of the payroll taxes?

• Debit Cash $1,050.00; Credit Social Security Tax Payable $400.00, Medicare Tax Payable $150.00, Federal Income Tax Payable $500.00

• Debit Payroll Tax Expense $1,050.00, Credit Cash $1,050.00

• Debit Social Security Tax Payable $400.00, Medicare Tax Payable $150.00, Federal Income Tax Payable $500.00; Credit Cash $1,050.00

• Debit Social Security Tax Payable $400.00, Medicare Tax Payable $150.00, Federal Income Tax Payable $500.00; Credit Payroll Tax Expense $1,050.00

Sarah's Stationery Store paid federal unemployment taxes of $75.00. What is the entry to journalize the payment of the unemployment taxes?

• Debit Cash $75.00; Credit Federal Unemployment Tax Payable $75.00

• Debit Federal Unemployment Tax Payable $75.00, Credit Cash $75.00

• Debit Federal Unemployment Tax Payable $75.00, Credit Payroll Tax Expense $75.00

• Debit Payroll Tax Expense $75.00, Credit Cash $75.00

In Scenario 1, calculate the adjusted checkbook balance.

• $1,050.00

• $1,230.00

• $1,350.00

• $1,420.00