SUNY Oswego Payment Dedutions & Bank Blance Questions Excel Workbook Pre Pare both questions in Good form, If any further questions feel free to ask. DUE E

SUNY Oswego Payment Dedutions & Bank Blance Questions Excel Workbook Pre Pare both questions in Good form, If any further questions feel free to ask. DUE EN ESPACHE
Problems: Answer the problems to the best of your ability, partial credit will be awarded for each problem. Point values
for each problem will vary, for partial credit you must show work.
21. Frank Fritz works at Antiques, Inc. and he has worked 54 hours in the week, and he earnis
$14/hour (assume time and a half for hours over 40). His deductions are as follows: federal income
tax 16% of gross wages, state income tax of 5.5% of gross wages, social security 6.2% of gross wages,
Medicare 1.45% of gross wages, and he also contributes $10 to the United Fund (charity). Calculate
nearest cent) (15 points)
the Gross Wages, Total Deductions, and Net (Take-Home) Pay for Frank. (Round all items to the
22.
Use the following information for Woods Paper Products to answer the question(s) below (worth 10 points).
A deposit of $5,794.62 is in transit
Outstanding checks total $1,533.25
The book balance is $5,695.62
The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month’s rent
The bank balance at February 28, 2013 was $16,500.25
A deposit of $300 was credited by the bank for $3,000
A customer’s check for $1,280 was returned for nonsufficient funds
The bank service charge is $70
February 28, 2017
Refer to the above information for Woods Paper Products. Complete a bank reconciliation for Woods Paper Products as of
a.
c.
23. Prepare journal entries (in good form, omit explanations) to record the estimated uncollectible accounts expense for
the following independent situations (worth 15 points) (BE SURE TO USE A LETTER OR DATE).
The allowance for uncollectible accounts has a $700 credit balance. Net credit sales during
the year are $216,000. Management estimates that 4% of net credit sales will be uncollectible.
b. The allowance for uncollectible accounts has a $500 credit balance. An aging of accounts
receivable reveals that $7,300 of the receivables are estimated to be uncollectible.
The allowance for uncollectible accounts has a $525 debit balance. An aging of accounts
receivable reveals that $5,100 of the receivables are estimated to be uncollectible.
d.
The allowance for uncollectible accounts has an $800 debit balance. Net credit sales during the
year are $229,000. Management estimates that 3.5% of net credit sales will be uncollectible.
Date/Letter Account/Item
Debit
Credit

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