The accounting document that provides a basis for recording payroll transactions is a. the payroll register. b. the employee earnings records. c. the general ledger. d. the general journal.

Jenkins Cabinets uses a computerized time card system. Payroll forms and selected payroll data are provided in a payroll register in the Working Papers. Prepare payroll checks for each employee. Sign your name as the manager of Jenkins Cabinets.

Analyze Rowan's entries from the previous exercise by showing each entry's effect on the accounting equation-specifically, identify the accounts and amounts (including + or-) for each.

Many professional certifications now have requirements for ethics training.

B. Why does the accounting profession put so much emphasis on acting ethically?

According to general accounting principles, a company that generates no economic profit is likely experiencing losses. Are you in agreement or disagreement with this claim? Tell us why.

What is the basic accounting problem created by the monetary unit assumption when there is significant inflation? What appears to be the FASB position on a stable monetary unit?

Major companies often have very complex organizational structures, sometimes consisting of different types of entities. Some organizational structures include combinations of corporations, partnerships, and perhaps other types of entities. Complex organizational structures often present challenges for financial reporting.

Required

Does Atlas Pipeline Partners present separate or consolidated financial statements? What type of entity is NOARK Pipeline System, and what is Atlas Pipeline's relationship to NOARK? How is NOARK reflected in Atlas Pipeline's financial statements?

PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also provided in Appendices B and C, respectively.

Instructions (a) Based on the information contained in these fi nancial statements, determine the following for each company. $~~$(1) Net cash used in investing (investment) activities for the current year (from the statement of cash flows). $~~$(2) Cash used for capital expenditures during the current year.

Ronald Hicks owns and operates Wilderness Rentals. The following accounts are needed to journalize the month’s transactions.

$$\begin{matrix} \text{General Ledger} & \text{ }\\ \hline \text{101 Cash in Bank} & \text{301 Ronald Hicks, Capital}\\ \text{105 Accts. Rec. - Helen Katz} & \text{305 Ronald Hicks, Withdrawals}\\ \text{110 Accts. Rec. - Polk and Co.} & \text{310 Income Summary}\\ \text{120 Office Equipment} & \text{401 Equipment Rental Revenue}\\ \text{125 Camping Equipment} & \text{501 Advertising Expense}\\ \text{201 Accts. Pay. - Adventure} & \text{505 Maintenance Expense}\\ \text{Equipment Inc.} & \text{515 Rent Expense}\\ \text{203 Accts. Pay. - Digital Tech} & \text{520 Salaries Expense}\\ \text{Computers} & \text{525 Utilities Expense}\\ \text{205 Accts. Pay. - Greg Mollaro} & \text{ }\\ \end{matrix}$$

Record the following transactions on page 1 of the general journal in your working papers. For each transaction: 1. Enter the date. Use the current year. 2. Enter the name of the account debited. 3. Enter the amount of the debit. 4. Enter the name of the account credited. 5. Enter the amount of the credit. 6. Enter a source document reference.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Jan. 1} & \text{Wrote Check 310 for the part-time secretary's salary, $\$ 270 .$}\\ \text{3} & \text{Bought $\$ 2,000$ of camping equipment on account from Adventure Equipment Inc., Invoice 320.}\\ \text{5} & \text{Received $\$ 500$ from a client for equipment rental, Receipt $150 .$}\\ \text{7} & \text{Wrote Check 311 to pay the electricity bill of $\$ 110$.}\\ \text{11} & \text{Billed a client, Polk and Co., $\$ 1,700$ for rental equipment, Sales Invoice 262.}\\ \text{12} & \text{Ronald Hicks withdrew $\$ 800$ for personal use, Check $312 .$}\\ \text{14} & \text{Bought a $\$ 300$ scanner for the office computer from Digital Tech Computers, on account, Invoice 270.}\\ \text{16} & \text{Wrote Check 313 for $\$ 1,000$ as an installment payment toward the amount owed to Adventure Equipment Inc. }\\ \text{25} & \text{Received $\$ 1,700$ from Polk and Co. in payment on their account, Receipt $151 .$}\\ \text{30} & \text{Paid Digital Tech Computers $\$ 300$ for the amount owed, Check $314 .$}\\ \end{array}$$

Which law requires that companies maintain accurate accounting records and an adequate system of internal control? What is meant by an "adequate system of internal control"?

John is $59 \frac{1}{2}$ years old. He plans to retire in 3 years. He now has $600,000 in a savings account that yields 3.4% interest compounded continuously. He has calculated that his final working year's salary will be$115,000. He has been told by his financial advisor that he should have 60% to 70% of his final year annual income available for use each year when he is retired. a. What is the range of income that his financial advisor feels he must have per year after he retires? b. Use the continuous compounding formula to determine how much he will have in his account at the beginning of retirement. c. If he uses 60% of his final annual salary, not accounting for any interest accrued in the account, how many years will he be able to tap into this account in his retirement?

What information does the sales receipt include?

What are employee earnings records? Why do employers keep employee earnings records?

Why does the sales value at splitoff method use the sales value of the total production in the accounting period and not just the revenues from the products sold?