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Bank reconciliation, calculating payroll
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Calculate payroll gross to net for each employee.
Calculate the employers federal tax deposit due. Ucancy is a biweekly filer.
The company matches payroll contributions up to 5%. What is the employers contribution?
Reconcile the book balance to the bank balance using the bank statement provided.
Additional Instructions:
General Accounting Autumn Semester Exam 3 Name: ______________________________
Shirley is the office manager for Ucancy Eye Center in Tallahassee Florida. She is a salaried employee making $60,000 per year. She contributes 10% to the pension plan and does not get her health insurance through the company. Payroll is biweekly and Florida does not have a state income tax. She has four employees with the following information:
Joe Sally Kim Eric
Hourly wage $100 $10 $30 $100
Hours worked
Monday 8 6 8 0
Tuesday 8.5 6 8 10
Wednesday 8 6 8 10
Thursday 8 6 8 10
Friday 4 8 8 0
Monday 10 6 8 0
Tuesday 8.5 6 8 10
Wednesday 8 6 8 10
Thursday 8 6 8 10
Friday 8 8 8 0
Pension contribution 10% 5% 5% 10%
Health ins. Deduction $100 $50 $50 $100
Federal tax rate is $15% for Shirley, Sally & Kim, 24% for Joe & Eric
Calculate payroll gross to net for each employee.
Calculate the employer’s federal tax deposit due. Ucancy is a biweekly filer.
The company matches payroll contributions up to 5%. What is the employer’s contribution?
During the month of September, Shirley made the following deposits:
$25,000, $22,000, $30,000, $28,000, $22,000
She wrote the following checks:
Check # Amount
1001 $1,000
1002 $2,500
1003 $300
1004 $20,000
1005 $450
1006 $125
1007 $375
1008 $5,000
1009 $410
1010 $1,250
1011 $750
1012 $720
1013 $900
1014 $20,000
Her balance per the bank at the end of August was $90,500 which she balanced to her book balance of $89,000 because check #1000 for $1,000 and check # 999 for $500 were outstanding.
What was the book balance in the checking account at the end of September?
Reconcile the book balance to the bank balance using the bank statement provided.
Attached is a daily sheet for September 1. Using the information provided on the daily sheet, calculate total sales by category and doctor and prepare the journal entry for all sales and cash receipts.
What is the accounting equation?
Define internal control and why is it important?
What is the Rule of 9’s and how is it beneficial?
Based on what you have learned about accounting and the many situations we have discussed, how do you believe you will use it in the future?
DAILY SHEET
SEPTEMBER 1, 20XX
PATIENT EXAM GLASSES/CONTACTS PRESCRIPTION DOCTOR TOTAL BILLED CASH RECEIVED
Edna Flowers $100 $350 Dr. Joe $450 $350
Sally Smith $100 $250 Dr. Eric $350 $350
James Edwards $100 $50 Dr. Joe $150 $0
Tom Bailey $100 $300 Dr. Eric $400 $150
Mary Franklin $100 $275 Dr. Joe $375 $0
Terry Simpson $100 $500 Dr. Eric $600 $0
O.J. Simpson $100 $450 Dr. Joe $550 $0
Jerry Jones $100 $325 Dr. Eric $425 $425
Kim Kay $100 $350 Dr. Joe $450 $175
Barbara Phillips $100 $275 $75 Dr. Eric $450 $375
Johnny Manziel $100 $300 Dr. Joe $400 $150
Nick Saban $100 $300 Dr. Eric $400 $150
Jenny Jones $100 $525 Dr. Joe $625 $325
Martha Ray $100 $450 Dr. Eric $550 $225
John Jons $100 $425 Dr. Joe $525 $525
Philip Cross $100 $275 Dr. Eric $375 $375
Mary Simms $100 $325 Dr. Joe $425 $425
Joe Reiner $100 $300 Dr. Eric $400 $150
Erica Anderson $100 $550 Dr. Joe $650 $275
Lori Mains $100 $325 Dr. Eric $425 $425
Donna Curl $100 $300 Dr. Joe $400 $150
Susan Helms $100 $350 Dr. Eric $450 $175
Sunshine Bank
456 Urban Meyer Way
Tallahassee, Florida
Ucancy Eye Center
707 Blind Highway
Tallahassee, Florida
Checking Account Account # -------3595
Activity from September 1, 20xx -September 30, 20xx
Beginning balance 90,500.00$
Credits 127,000.00$
Debits 33,630.00$
Service fees 10.00$
Ending blance 183,860.00$
Deposits/Credit Activity
1-Sep Deposit 25,000.00$
2-Sep Deposit 22,000.00$
20-Sep Deposit 30,000.00$
27-Sep Deposit 28,000.00$
30-Sep Deposit 22,000.00$
Withdrawals/Checks/Debit activity
Date Check #
1-Sep 999 500.00$
1-Sep 1000 1,000.00$
7-Sep 1001 1,000.00$
9-Sep 1002 2,500.00$
16-Sep 1003 300.00$
16-Sep 1004 20,000.00$
16-Sep 1005 450.00$
24-Sep 1006 125.00$
24-Sep 1007 375.00$
24-Sep 1008 5,000.00$
28-Sep 1009 410.00$
30-Sep 1010 1,250.00$
30-Sep 1012 720.00$
30-Sep Service fees 10.00$
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