WGU D102 FINANCIAL ACCOUNTING QUIZ QUESTIONS AND
ANSWERS | GRADED A+
Correct 61
Incorrect 00
1 of 61
Definition
As of December 31, Year 1, it is probable that Synesthor Company will
have to pay the fine.
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In order to compute the present value of a future amount, a person needs to know
the amount and the length of time until the future amount is to be received.
Which additional quantity does a person need to know in order to do this
computation?
Who are the true owners of a corporation?
Major bank lenders
Board of directors
,Preferred stockholders
Common stockholders
During Year 1, it is claimed that Synesthor Company's operations caused some
damage to the air and water in its community. This claim is currently under
government investigation. If the investigation reveals that Synesthor Company
did in fact cause damage to the air and water, Synesthor Company will be
required to pay a fine of $500,000. The investigation is expected to be
completed in September of Year 2.
In which case should Synesthor Company report a liability for the
environmental fine in the balance sheet on December 31 of Year 1?
- As of December 31, Year 1, Synesthor Company has already paid the fine.
- As of December 31, Year 1, there is a remote likelihood that Synesthor
Company will have to pay the fine.
- As of December 31, Year 1, it is probable that Synesthor Company will have to
pay the fine.
- As of December 31, Year 1, it is possible that Synesthor Company will have to
pay the fine.
Here are payroll tax data related to the employees of a company:
Federal Unemployment Taxes Payable $8,000
FICA Taxes Payable, Employer 64,000
State Unemployment Taxes Payable 40,000
What is included in the journal entry necessary to record these payroll tax data?
Credit to State Unemployment Taxes Payable for $40,000
Debit to Payroll Tax Expense for $64,000
Debit to FICA Taxes Payable, Employer for $64,000
Credit to Payroll Tax Expense for $40,000
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, 2 of 61
Term
Here are payroll data for the employees of a company:
FICA Taxes Payable, Employees $13,000
State Withholding Taxes Payable 8,000
Federal Withholding Taxes Payable 25,000
Salaries Payable 200,000
What is included in the journal entry necessary to record these
employees' payroll data?
Credit to Salaries Payable for $246,000
Credit to Salary Expense for $246,000
Debit to Salary Expense for $246,000
Debit to Salaries Payable for $246,000
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Credit to Salaries Payable for $600,000
Salaries Expense 738,000
State Withholding Taxes Payable 24,000
Federal Withholding Taxes Payable 75,000
FICA Taxes Payable, Employees 39,000
Salaries Payable 600,000
Debit to Salaries Expense for $2,400
Salaries Expense 2,400
, Sick Days Payable (2 × $200) 400
Salaries Payable (10 × $200) 2,000
Debit to Salary Expense for $246,000
Salaries Expense 246,000
State Withholding Taxes Payable 8,000
Federal Withholding Taxes Payable 25,000
FICA Taxes Payable, Employees 13,000
Salaries Payable 200,000
Debit to Payroll Tax Expense for $5,600
Payroll Tax Expense 5,600
State Unemployment Taxes Payable 2,000
Federal Unemployment Taxes Payable 400
FICA Taxes Payable, Employer 3,200
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3 of 61
Definition
Credit to Sales Revenue for $1,000
Cash ($1,000 × 1.06) 1,060
Sales Revenue 1,000
Sales Tax Payable ($1,000 × 0.06) 60
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ANSWERS | GRADED A+
Correct 61
Incorrect 00
1 of 61
Definition
As of December 31, Year 1, it is probable that Synesthor Company will
have to pay the fine.
Give this one a try later!
In order to compute the present value of a future amount, a person needs to know
the amount and the length of time until the future amount is to be received.
Which additional quantity does a person need to know in order to do this
computation?
Who are the true owners of a corporation?
Major bank lenders
Board of directors
,Preferred stockholders
Common stockholders
During Year 1, it is claimed that Synesthor Company's operations caused some
damage to the air and water in its community. This claim is currently under
government investigation. If the investigation reveals that Synesthor Company
did in fact cause damage to the air and water, Synesthor Company will be
required to pay a fine of $500,000. The investigation is expected to be
completed in September of Year 2.
In which case should Synesthor Company report a liability for the
environmental fine in the balance sheet on December 31 of Year 1?
- As of December 31, Year 1, Synesthor Company has already paid the fine.
- As of December 31, Year 1, there is a remote likelihood that Synesthor
Company will have to pay the fine.
- As of December 31, Year 1, it is probable that Synesthor Company will have to
pay the fine.
- As of December 31, Year 1, it is possible that Synesthor Company will have to
pay the fine.
Here are payroll tax data related to the employees of a company:
Federal Unemployment Taxes Payable $8,000
FICA Taxes Payable, Employer 64,000
State Unemployment Taxes Payable 40,000
What is included in the journal entry necessary to record these payroll tax data?
Credit to State Unemployment Taxes Payable for $40,000
Debit to Payroll Tax Expense for $64,000
Debit to FICA Taxes Payable, Employer for $64,000
Credit to Payroll Tax Expense for $40,000
Don't know?
, 2 of 61
Term
Here are payroll data for the employees of a company:
FICA Taxes Payable, Employees $13,000
State Withholding Taxes Payable 8,000
Federal Withholding Taxes Payable 25,000
Salaries Payable 200,000
What is included in the journal entry necessary to record these
employees' payroll data?
Credit to Salaries Payable for $246,000
Credit to Salary Expense for $246,000
Debit to Salary Expense for $246,000
Debit to Salaries Payable for $246,000
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Credit to Salaries Payable for $600,000
Salaries Expense 738,000
State Withholding Taxes Payable 24,000
Federal Withholding Taxes Payable 75,000
FICA Taxes Payable, Employees 39,000
Salaries Payable 600,000
Debit to Salaries Expense for $2,400
Salaries Expense 2,400
, Sick Days Payable (2 × $200) 400
Salaries Payable (10 × $200) 2,000
Debit to Salary Expense for $246,000
Salaries Expense 246,000
State Withholding Taxes Payable 8,000
Federal Withholding Taxes Payable 25,000
FICA Taxes Payable, Employees 13,000
Salaries Payable 200,000
Debit to Payroll Tax Expense for $5,600
Payroll Tax Expense 5,600
State Unemployment Taxes Payable 2,000
Federal Unemployment Taxes Payable 400
FICA Taxes Payable, Employer 3,200
Don't know?
3 of 61
Definition
Credit to Sales Revenue for $1,000
Cash ($1,000 × 1.06) 1,060
Sales Revenue 1,000
Sales Tax Payable ($1,000 × 0.06) 60
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