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ACCT FINAL

QuestionAnswer
CREDITOR/LENDOR GIVES OUT LOAN
DEBTOR/BORROWER RECEIVES LOAN
LONG TERM LIABILITIES BYOND 1YEAR
CURRENT LIABILITIES PAID FROM CURRENT ASSETS.. LESS THAN 1YEAR
INSTALLMENTS LONG TERM LIABILITIES PAID BACK IN PERIODIC PAYMENTS
JOURNALIZE NOTES PAYABLE FOR AN ACCNT PAYABLE DEBIT ACCOUNTS PAYABLE.. CREDIT NOTES PAYABLE
JOURNALIZE NOTE MATURING/PAYING BACK NOTE FOR ACCNT PAYABLE DEBIT NOTES PAYABLE.. DEBIT INTEREST EXPENSE.. CREDIT CASH
JOURNALIZE NOTES PAYABLE TO A BANK DEBIT CASH.. CREDIT NOTES PAYABLE
JOURNALIZE NOTE MATURING/PAYING BACK NOTE TO BANK DEBIT NOTES PAYABLE.. DEBIT INTEREST EXPENSE...CREIT CASH
DISCOUNTED NOTE INTEREST EXPENSE IS RECORDED WHEN NOTE IS GIVEN, INSTEAD OF WHEN NOTE MATURES
PAYROLL SUBJECT TO FED&STATE REGULATIONS.. PAYROLL AFFECTS COMPANY'S NET INCOME
SALARY MONTHLY/YEARLY
WAGES HOURLY/WEEKLY
FAIR LABOR STANDARDS ACT/FEDERAL WAGE&HOUR LAW IF YOU WORK OVER 40 HOURS A WEEK YOU MUST BE PAID AT LEAST 1.5 TIMES THE RATE
GROSS PAY TOTAL EARNINGS FOR AN EMPLOYEE INCLUDING OVERTIME
NET PAY EARNINGS AFTER FEDERAL.STATE,LOCAL INCOME TAXES, MEDICAL INSURANCE, AND PENSION CONT.
W4 EMPLOYEES WITHOLDING ALLOWANCE CERTIFICATE
FRINGE BENEFITS DEBIT EXPENSES..CREDIT LIABILITIES
FICA TAX SOCIAL SECURITY 6% MEDICARE 1.5%
FUTA TAX FED. UNEMPLOYMENT COMPENSATION TAX. COLLECTED FROM EMPLOYER TO FED. GOV'T & GIVEN TO STATE PROGRAMS
SUTA STATE UMEMPLOYMENT COMPENSATION TAX.. COLLECTED FROM EMPLOYER TO STATE GOVT
PAYROLL REGISTER MULTICOLUMN REPORT USED FOR SUMMARIZING DATA FOR EACH PAYROLL PERIOD
EMPLOYEES EARNING RECORD DETAILED PAYROLL RECORDS
DEFINED CONTRIBUTION PLAN COMPANY INVESTS CONTRIBUTIONS ON BEHALF OF EMPLOYEE (401K)
WORKING CAPITAL CURRENT ASSETS-CURRENT LIABILITES
CURRENT RATIO/QUICK RATIO CURRENT ASSETS/CURRENT LIABILITES
QUICK ASSETS EASILY CONVERTED TO CASH, TEMP INVESTMENTS, A/R
DEFINED BENEFIT PLAN COMPANY PAYS EMPLOYEE FIXED ANNUAL PENSION BASED ON FORMULA. BETTER
3 TYPES OF CURRENT LIABILITIES ACCOUNTS PAYABLE, NOTES PAYABLE, CURRENT PORTION OF LONG TERM DEBT
FIXED ASSETS LONG TERM/PERMANENT. PHYSICAL/TANGIBLE. USED NORMALLY BY COMPANY. NOT FOR SALE.
REV/ EXPENDITURES COSTS THAT BENEFIT THE CURRENT PERIOD ONLY.. DEBIT IT AND CREDIT CASH
CAPITAL EXPENDITURES OSTS THAT IMPROVE AN ASSET OR INCREASE THE ASSETS USEFUL LIFE
JOURNALIZE CAPITAL EXPENDITURE DEBIT ACCUMULATED DEPRECIATION..CREDIT CASH
CONTINGENT LIABILITIES POTENTIAL.
CURRENT POSITION ANALYSIS HELPS CREDITS EVALUTATE A COMPANY'S ABILITY TO PAY ITS CURRENT LIABILITIES. BASED ON WORKING CAPITAL, CURRENT RATIO, QUICK RATIO.
Created by: mollypaprota