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Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-1 Study ObjectivesQuestions ExercisesDo It!Exercises Problems 1.Explain a current liability, and 112, 371A1B 2.Describe the accounting for 224, 51, 2, 71A, 2A1B, 2B 3.Explain the accounting for other current liabilities. 3, 43, 463, 4, 71A1B 4.Explain the financial liabilities. 5577, 8, 91A1B 5.Describe the accounting and contingent liabilities. 6, 765, 6, 71A1B 6.Compute and record the payroll for a pay period. 7, 810, 11, 3A, 4A, 5A3B, 4B, 5B 7.Describe and record 912, 143A, 4A, 5A3B, 4B, 5B 8.Discuss the objectives of internal control for payroll. 16, 1710 *9.Identify additional fringe employee compensation. 1115, 164A4B Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix 11-2 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) NumberDescription 1APrepare current liability entries, adjusting entries, Moderate30Ð40 2AJournalize and post note transactions and show balance Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-3 NumberSOBTDifficultyTime (min.) BE11CSimple3Ð5 BE22APSimple2Ð4 BE33APSimple2Ð4 BE43APSimple2Ð4 BE54APSimple2Ð4 BE65ANSimple1Ð2 BE76APSimple3Ð5 BE86APSimple3Ð5 BE97APSimple2Ð4 BE108CSimple2Ð4 BE119APSimple2Ð4 DI12, 3CSimple6Ð8 DI24, 5APSimple8Ð10 DI36APSimple3Ð5 DI47APSimple3Ð5 EX12ANModerate8Ð10 EX22ANSimple6Ð8 EX33APSimple4Ð6 EX43ANSimple6Ð8 EX55ANModerate8Ð10 EX65CSimple8Ð10 EX71Ð5APSimple6Ð8 EX84APSimple4Ð6 EX94APSimple6Ð8 EX106APSimple8Ð10 EX116APSimple6Ð8 EX126, 7APModerate12Ð15 EX136APModerate10Ð12 EX147APSimple6Ð8 11-4 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) NumberSOBTDifficultyTime (min.) EX159ANSimple3Ð5 EX169APSimple4Ð6 P1A1Ð5ANModerate30Ð40 P2A2ANModerate30Ð40 P3A6, 7ANSimple30Ð40 P4A6, 7, 8ANModerate30Ð40 P5A6, 7ANModerate30Ð40 P1B1Ð5ANModerate30Ð40 P2B2ANModerate30Ð40 P3B6, 7ANSimple30Ð40 P4B6, 7, 9ANModerate30Ð40 P5B6, 7ANModerate30Ð40 BYP14, 5CSimple10Ð15 BYP24AN, ESimple10Ð15 BYP36, 7CSimple15Ð20 BYP46, 7EModerate15Ð20 BYP57CSimple10Ð15 BYP68ESimple10Ð15 BYP76, 7ANModerate15Ð20 9/e, Solutions Manual 11-5 Knowledge Comprehension 1.Explain a current liability, and current liabilities. 2.Describe the accounting for notes E11-7BE11-2 3.Explain the accounting for other 4.Explain the financial statement current liabilities. Q11-5BE11-5 5.Describe the accounting and contingent liabilities. 6.Compute and record the payroll 7.Describe and record employer payroll taxes. 8.Discuss the objectives of internal *9.Identify additional fringe benefits Financial Reporting Decision Making Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-17 C. Ogle$4,000 X 8% = $320. OgleÕs total gross earnings for the year D. Delgado$3, 900 X 8% = $312. DelgadoÕs total gross earnings for the year are $100,100. Thus, $3,900 of the gross earnings ($4,000 Ð $100) 11-16 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Current ratio 2006 $8,946 Ö $7,323 = 1.22:1 2007 $9,838 Ö $5,362 = 1.83:1 2006 $8,946 Ð $7,323 = $1,623 million 2007 $9,838 Ð $5,362 = $4,476 million (b)Current ratio (a)1.Regular 40 X $15.00 =$600.00 Overtime 2 X $22.50 = 45.00 Gross earnings$645.00 2.FICA taxesÑ$51.60 = ($645 X 8%). 3.Federal income taxes $55. 4.State income taxes $12.90 = ($645 X 2%). Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-15 (a)If a contingency is remote (unlikely to occur), it need not be recorded or disclosed. (b)Since the contingency is probable and reasonably estimable, the liability ....................................................................$ ............................. 11-14 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Nov.30Cash (12,000 X $20)....................................... (b)Dec.31Unearned Subscriptions ................................ ($240,000 X 1/12) (c)Mar.31Unearned Subscriptions ($240,000 X 3/12).................................. (a)Estimated warranties outstanding: MonthEstimateUnits DefectiveOutstanding November December 960 1,860 600 400 (b)Warranty Expense (1,860 X $20) Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-13 (a)June 1Cash .................................................................... .......................................... (b)June 30Interest Expense ............................................. 900 [($90,000 X 12%) X 1/12] ................. 900 (c)Dec. 1Notes Payable .................................................. ($90,000 X 12% X 6/12) ............................. ............................................................ (d)$5,400 Apr.10Cash ........................................................................... ................................................................. ................................... 15Cash ........................................................................... Sales ($23,540 Ö 1.07)................................. ($23,540 Ð $22,000) .................................. 11-12 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) ($50,000 X 12% X 6/12) Interest Payable ($60,000 X 10% X 2/12) Interest Payable Interest Payable.............................................................. ............................................................500 Interest Payable.............................................................. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-11 (a)Current liabilities Notes payable due in 2011 .....................................$ 4 Long-term debt due within one year ................... Salaries payable Utilities payable .......................................................... 11-10 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) Jan.15Wages Expense FICA Taxes Payable ($808 X 8%)................ ................... Jan.15Wages Payable Jan.31Payroll Tax Expense ................................................ FICA Taxes Payable ($70,000 X 8%) ............. Payable ($70,000 X .8%) ............................ 560 State Unemployment Taxes Payable ($70,000 X 5.4%) (a)Timekeeping(c)Preparing the payroll (b)Hiring employees(d)Paying the payroll Jan.31Vacation Benefits Expense (80 X $120) .......... Vacation Benefits Payable ......................... 1.$70,000 X 12% X 5/12 = $3,500 2. $42,000/1.05 = $40,000; $40,000 X 5% = $2,000 3. $42,000 X 2/6 = $14,000 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-9 .............................$ Federal income taxes payable ................................. 95.00 159.64 11-8 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)A note payable due in two years is a long-term liability, not a current liability. (b)$30,000 of the mortgage payable is a current maturity of long-term debt. This amount should be reported as a current liability. (c)Interest payable is a current liability because it will be paid out of current Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-7 12. 13. Payroll deductions can be classified as either mandatory (required by the government) or voluntary union dues, and charitable contributions. 14. 11-6 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 1. Jill is not correct. A current liability is a debt that can reasonably be expected to be paid: (a) from 11-18 9/e, Solutions Manual (a)ALVAMAR COMPANY EarningsDeductions Total HoursRegularOvertime Income Taxes InsuranceTotal Totals $ 480.00 520.00 600.00 39.00 90.00 559.00 690.00 44.72 55.20 37.00 58.00 25.00 25.00 106.72 138.20 $ 496.96 452.28 551.80 11-24 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 4/130,000 10/140,000 2/130,000 7/140,000 12/115,000 12/31 Bal.15,000 4/1 450 10/1 1,000 3/31 450 9/30 1,000 12/31 100 12/31 Bal. 100 3/31 450 9/30 1,000 12/31 100 12/31 Bal. 1,550 (c)Current liabilities Interest payable ....................................................... 100 (d)Total interest is $1,550. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-23 (a)Jan. 2Merchandise Inventory or Purchases Feb. 1Accounts Payable .........................................30 Mar.31Interest Expense ($30,000 X 9% X 2/12)................................ 450 Interest Payable ..................................... 450 Apr. 1Notes Payable Interest Payable.............................................. 450 July 1Equipment Sept.30Interest Expense ($40,000 X 10% X 3/12) Interest Payable ..................................... Oct. 1Notes Payable Interest Payable.............................................. Dec. 1Cash Dec.31Interest Expense ($15,000 X 8% X 1/12)................................100 Interest Payable ..................................... 100 11-22 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (c)Current liabilities ........................................................................ ................. .................... ...................................................... Interest payable............................................................................ 40 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-21 (a)Jan. 5Cash ($22,680 Ð $21,000)............................. 12Unearned Service Revenue 14Sales Taxes Payable ....................................... ............................................................. 20Accounts Receivable (800 X $50 X 8%).................................. 21Cash 25Cash ($12,420 Ð $11,500)............................. 920 (b)(1)Jan.31Interest Expense ...................................... 40 Interest Payable.............................. 40 ($18,000 X 8% X 1/12 = (2)Jan.31Warranty Expense ($40,000 X 7%)...................................... Liability .......................................... 11-20 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) Mar.31Vacation Benefits Expense (10 X 2 X $120)..................................................... Vacation Benefits Payable 31Pension Expense ($40,000 X 10%) 1.Vacation Benefits Expense (20 X 5 X $120) 2.Pension Expense ............................................................................ 3.Vacation Benefits Payable (18 X 1 X $120) Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-19 (a)(1)$ 1,100 [$10,000 see (2) below Ð $8,900]. (2)$10,000 (FICA taxes $800 Ö 8%). (3)$ 300 ($10,000 X 3%). (4)$ 2,340 ($10,000 Ð $7,660). (5)$ 6,000 ($10,000 Ð $4,000). (b)Feb.28Warehouse Wages Expense ............................... 800 Payable ............... 300 ............................... 100 28Wages Payable (a)FICA tax ($760,000 X 8%)................................................... SUTA tax ($100,000 X 5.4%) .............................................. .............................................. 800 Total payroll tax........................................................... (b)Payroll Tax Expense State Unemployment Taxes Payable .................... ............... 800 9/e, Solutions Manual 11-25 (a)DEL HARDWARE EarningsDeductions EmployeeHoursRegular 600.00 600.00 520.00 520.00 0 45.00 78.00 600.00 645.00 598.00 637.00 48.00 51.60 47.84 50.96 72.00 47.00 60.00 61.00 5.00 5.00 8.00 5.00 457.00 522.05 464.22 500.93 600.00 645.00 598.00 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-33 4/120,000 10/125,000 2/120,000 7/125,000 12/115,000 12/31 Bal.15,000 4/1 400 10/1 625 3/31 400 9/30 625 12/31 150 12/31 Bal. 150 3/31 400 9/30 625 12/31 150 12/31 Bal. 1,175 (c)Current liabilities ...................................................... 150 (d)Total interest is $1,175. 11-32 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Jan. 2Merchandise Inventory or Purchases Feb. 1Accounts Payable Mar.31Interest Expense ($20,000 X 12% X 2/12) .............................400 Interest Payable ..................................... 400 Apr. 1Notes Payable Interest Payable .............................................. 400 July 1Equipment Sept.30Interest Expense ($25,000 X 10% X 3/12) .............................625 Interest Payable ..................................... 625 Oct. 1Notes Payable Interest Payable .............................................. 625 Dec. 1Cash Dec.31Interest Expense ($15,000 X 12% X 1/12) .............................150 Interest Payable ..................................... 150 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-31 (c)Current liabilities ............................................................... Unearned service revenue ($12,000 Ð $8,000) ........... Sales taxes payable ($552 + $2,376 + $936) ............... ............................................. Interest payable ................................................................... 100 Total current liabilities 11-30 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Jan. 1Cash 5Cash ........................................................................ ............................... ($9,752 Ð $9,200).................................... 552 12Unearned Service Revenue ............................. ........................................ 14Sales Taxes Payable .......................................... ............................................................... 20Accounts Receivable (900 X $44 X 6%) 25Cash ($16,536 Ð $15,600)................................936 (b)(1)Jan.31Interest Expense ........................................ 100 ($20,000 X 6% X 1/12) ..................100 (2)Jan.31Warranty Expense ($39,600 X 5%)........................................ Liability ............................................ Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-29 (a)Administrative Salaries Expense ElectriciansÕ Wages Expense ............................................... .............................. United Fund Contributions Payable ................. Hospital Insurance Premiums Payable ........... (b)Payroll Tax Expense ....................................................... .............. ($135,000 X .8%)................................................. ($135,000 X 2.5%)............................................... Employee Federal Income Income 26,000 10,200 $1,770(1) 780(2) 26,000 2,080 (1) $59,000 X 3%. (2) $26,000 X 3%. 11-28 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (b)1.Jan.31Payroll Tax Expense ($55,000 X 8%) Federal Unemployment Taxes Payable ($55,000 X .8%)......... Payable ($55,000 X 5.4%) *2.31Vacation Benefits Expense ($55,000 X 6%).................................. Vacation Benefits Payable Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-27 (a)Jan.10Union Dues Payable ........................... ................................................ 12FICA Taxes Payable ............................ ....... ................................................ 15U.S. Savings Bonds Payable ........... ................................................ 17State Income Taxes Payable ........... ................................................ 20Federal Unemployment Taxes Payable ............................................... Payable ............................................... ................................................ 31Office Salaries Expense ................... Payable ...................................... Payable ...................................... Payable ...................................... .................. 31Wages Payable 11-26 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (b)Mar.15Store Wages Expense ............................ ........................ Payable ........................................... ........ Payable ........................................... 15Payroll Tax Expense ................................ ($2,480 X 8%)................................ Payable ($2,480 X .8%).............. Payable ($2,480 X 5.4%)............ (c)Mar.16Wages Payable (d)Mar.31FICA Taxes Payable ($198.40 + $198.40).............................. ............ ..................................................... 11-34 9/e, Solutions Manual (a)JOHNÕS DRUG STORE EarningsDeductions EmployeeHoursRegular 468.00 440.00 400.00 400.00 0 33.00 60.00 468.00 473.00 460.00 490.00 37.44 37.84 36.80 39.20 34.00 20.00 51.00 36.00 0 5.00 5.00 82.03 382.52 390.97 353.40 468.00 473.00 460.00 11-48 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) State income tax ..............................................................$ 3,701 .......................................................................154 .............................................................................200 Federal income tax .......................................................... 11,558 Total tax.............................................................................. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-47 BYP 11-7ALL ABOUT YOU ACTIVITY Total state income tax$3,701 (b)The property tax on a $200,000 home at 2.1% is $4,200. (c)The state gasoline tax in Wisconsin is 32.9 cents per gallon and the federal (d)In Wisconsin the state sales tax rate is 5% and excludes food and prescription drug purchases. Therefore the sales tax is $200 ($4,000 X 5%). (e)The social security rate is 7.65% on income of $60,000 or $4,590. (f)Federal income taxes for a single person with a taxable income of $60,000 Total tax $11,558 11-46 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)The stakeholders in this situation are: (b)Not withholding federal and state taxes from employeesÕ payroll is Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-45 2.Federal unemployment taxes. These taxes provide benefits to employees 3.State unemployment taxes. These taxes also provide benefits to employees 11-44 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) BYP 11-5COMMUNICATION ACTIVITY Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-43 BYP 11-4DECISION MAKING ACROSS THE ORGANIZATION 75 75 75 11,250 13,500 Salaries ($21,000 X 2)....................................................... (.8% X $14,000) .....................................................112 (5.4% X $14,000) ...................................................756 (2 X $40 X 12)......................................................... 960 Kensingtown Processing Company would save $3,088 ($47,188 Ð $44,100), as shown, by discharging the two employees and accepting the Metcalfe (b)Donna should consider the following additional factors: (1)The effect on the morale of the continuing employees if two employees are terminated. (2)The anticipated efficiency of Metcalfe Services Inc. workers compared to the efficiency of the two employees who would be terminated. (3)The effect on management control and supervision of using Metcalfe (4)The time that may be required to integrate the different Metcalfe Services Inc. personnel into the Kensingtown Processing CompanyÕs 11-42 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) BYP 11-3 (Continued) (e)In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes (minus any advance EIC payments). You must deposit by using the Electronic Federal Tax Payment System (EFTPS) or by mailing or delivering a check, money order, or cash to an authorized financial institution or Federal Reserve bank using Form 8109 Federal Tax Deposit Co upon. However, some taxpayers are required to deposit by electronic funds transfer. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-41 BYP 11-3EXPLORING THE WEB (a)A worker who performs services for you is your employee if you can control what will be done and how it will be done. This is so even when you give the employee freedom of action. What matters is that you have the right to control the details of how the services are performed. See Pub. 15-A, EmployerÕs Supplemental Tax Guide, for more information on how 11-40 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) BYP 11-2COMPARATIVE ANALYSIS PROBLEM (a)PepsiCoÕs largest current liability was Òaccounts payableÓ at $2,562 million. Its total current liabilities were $7,753 million. Coca-ColaÕs largest current liability was Òaccounts payable and accrued expensesÓ at $6,915 million. (in millions)PepsiCoCoca-Cola (1)Working capital$10,151 Ð $7,753 = $2,398$12,105 Ð $13,225 = ($1,120) (2)Current ratio $7,753 $13,225 (c)Based on this information, it appears that both companies are only narrowly liquid. The working capital levels are low or negative and, the current ratios are very low. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-39 BYP 11-1FINANCIAL REPORTING PROBLEM (a)Total current liabilities at December 29, 2007, $7,753 million. PepsiCoÕs total current liabilities increased by $893 ($7,753 Ð $6,860) million over the (b)In Note 2 under the subheading ÒCommitments and Contingencies,Ó PepsiCo states: ÒWe recognize liabilities for contingencies and com- mitments when a loss is probable and estimable.Ó (c)The components of current liabilities are: Accounts payable and other current liabilities ................ ............................................................... 151 11-38 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Administrative Salaries Expense ................................................. ................................. United Fund Contributions Payable ................... Hospital Insurance Premiums Payable ............. (b)Payroll Tax Expense ......................................................... FICA Taxes Payable ($370,000 X 8%) ................. ($90,000 X .8%)......................................................720 ($90,000 X 2.5%).................................................... 24,000 4,800 $1,500(1) 720(2) 24,000 1,920 (1) $50,000 X 3%. (2) $24,000 X 3%. Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-37 (b)1.Jan.31Payroll Tax Expense ($39,900 X 8%).............................. Payable ($39,900 X .8%) ............ 31 Payable ($39,900 X 5.4%) *2.31Vacation Benefits Expense ($39,900 X 5%) Vacation Benefits Payable 11-36 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) (a)Jan.10Union Dues Payable ........................... 200 ............................................... 200 12FICA Taxes Payable ........................... 540 Federal Income Taxes Payable ........ ............................................... 15U.S. Savings Bonds Payable .......... 300 ............................................... 300 17State Income Taxes Payable ........... 210 ............................................... 210 20Federal Unemployment Taxes Payable .............................................. 54 Payable .............................................. 365 ............................................... 419 31Office Salaries Expense .................. Payable ..................................... Payable ..................................... 500 .................. 300 Payable ..................................... 31Wages Payable Copyright © 2009 John Wiley & Sons, Inc. Weygandt, 9/e, Solutions Manual (For Instructor Use Only) 11-35 (b)Feb.15Store Wages Expense ............................ ......................... Payable ............................................ ........ ....................... 15Payroll Tax Expense ................................. ($1,891 X 8%)................................. Payable ($1,891 X .8%) ............... Payable ($1,891 X 5.4%) ............. (c)Feb.16Wages Payable (d)Feb.28FICA Taxes Payable ($151.28 + $151.28) ............. ......................................................