#1 Paper #1
Define and discuss a calendar year, accounting period, and fiscal year.
You can choose which question to answer (Pick 1 only)
1.On January 1 the Prepaid Insurance account had a balance of $6,000 that represented 6 months’ worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March.
2. The College Credit Card Services has a significant increase in business each spring due to a large increase in new applicants from graduating college students. Subsequently, each spring 40 temporary workers are hired for a 12-week period, working 40 hours per week at $10 per hour and then they are laid off. College’s permanent employment total is 350 workers. Because of these yearly layoffs, College’s state unemployment merit tax rate is 9%. If the number of layoffs could be reduced, the merit tax rate could be reduced to 4.1%. As the payroll specialist for College, you have been asked to evaluate the following and determine the pros/cons of each decision: a. Should College stop hiring temporary employees and ask its full-time workers to work overtime to handle the extra load? b. Should College get its temporary employees from a temporary employment agency and therefore not be subject to the extra taxes?
Again you can pick which question to answer: Only 1 of the following:
2. Explain why the account Sales Tax Payable is credited when a sale is made subject to a sales tax? Question 3 continued on the next page. Writing Assignment for Unit Three Continued
3. Compare and contrast the controlling account Accounts Payable to the accounts payable subsidiary ledger. Discuss why the balance of the controlling account, Accounts Payable, does not equal the sum of the accounts payable ledger during the month.
3. List and discuss the following: a. Rights of common stockholders b. Rights of preferred stockholders
Please reference the Book: College Accounting A Practical approach 12th edition by Slater.
Begin each writing assignment by identifying the question number you are answering followed by the actual question itself (in bold type). • Use a standard essay format for responses to all questions (i.e., an introduction, middle paragraphs and conclusion).
Responses must be typed double-spaced, using a standard font (i.e. Times New Roman) and 12 point type size.
Approx 500+ words.
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