Chapter 11: Q9RQ (page 604)
How might a business use a payroll register?
Short Answer
The payroll register is used as an original book for recording payroll transactions.
Chapter 11: Q9RQ (page 604)
How might a business use a payroll register?
The payroll register is used as an original book for recording payroll transactions.
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Get started for freeHow is the times-interest-earned ratio calculated, and what does it evaluate?
The income statement for California Communications follows. Assume California Communications signed a 3-month, 9%, $3,000 note on June 1, 2018, and that this was the only note payable for the company.
Requirements
1. Fill in the missing information for California’s year ended July 31, 2018, income statement. Round to the nearest dollar.
2. Compute the times-interest-earned ratio for the company. Round to two decimals.
How do unearned revenues arise?
What payroll taxes is the employer responsible for paying?
On August 10, Swanson Company recorded sales of merchandise inventory on account, \(4,000. The sales were subject to sales tax of 4%. The company uses the perpetual inventory system. On September 30, Swanson paid \)500 of sales tax to the state.
1. Journalize the transaction to record the sale on August 10. Ignore cost of goods sold.
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