Bank reconciliation, calculating payroll

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$