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COPYRIGHT?2008ThomsonSouth-Western,apartofTheThomsonCorporation.Thomson,theStarlogo,andSouth-Westernaretrademarksusedhereinunderlicense.1Chapter8CompletingtheOperatingCycleAlbrecht,Stice,Stice,SwainCOPYRIGHT?2008ThomsonSouth2EmployeeCompensationPayrollRecognizetheexpense.FICAtaxesandFederalincomewithholdings.Withholdingthesetaxesforthegovernment.Theyshouldnotberecognizedasanexpenseofthecompany.EmployerpayrolltaxesEmployer’sportionofFICAtaxes.Federalandstateunemploymenttaxes.Addedtotaxespayabletothegovernment.2EmployeeCompensationPayroll3PayrollJournalEntriesSalariesExpense...................... 2,700 FICATaxesPayable,Employee....... 180 FederalWithholdingTaxesPayable... 486 StateWithholdingTaxesPayable..... 243 SalariesPayable................... 1723 Torecordemployees’salary.PayrollTaxExpense................... 278 FICATaxesPayable,Employer....... 180 FederalUnemploymentTaxesPayable. 30 StateUnemploymentTaxesPayable... 68 Torecordliabilitiesassociatedwithemployees’salary.3PayrollJournalEntriesSalari4OtherEmployeeCompensationBonusesRecordedjustlikepayroll.Manytimestheyareearningsbased.Goodincentiveformanagementimprovementbutcanalsoprovideincentivestomanipulateearnings.CompensatedabsencesRecognizedastheemployeeearnstherighttotheseabsences.4OtherEmployeeCompensationBo5OtherEmployeeCompensationStockoptionsFairvalueoftheoptionsarerecognizedovertheperiodtheoptionsareearned.PostemploymentbenefitsSeveranceorotherbenefits.Estimatedandaccruedintheperiodtheemployeesareterminated.5OtherEmployeeCompensationSt6OtherCompensation

JournalEntriesSalariesExpense...................... 125 SickDaysPayable................... 125 Torecognizeaccruedsickpay.SickDaysPayable..................... 125 VariousTaxesPayables.............. 35 Cash.............................. 90 Torecordpaymentofsickdaynetof FICA,federal,and statetaxes.SalariesExpense...................... 150,000 VariousTaxesPayables.............. 60,000 BonusPayable..................... 90,000 Torecordbonusearnedbyemployees.6OtherCompensation

JournalE7PensionsDefinedcontributionplanEmployercontributesspecificamounteveryyeartobepaidtoemployeeafterretirement.Employeereceiveswhatwascontributedplustheearnings.Theemployeebearstheriskofpoorreturns.DefinedbenefitplanEmployeereceivesamountdefinedintheplan.Usuallybasedonthenumberofyearsworked.Companysetsasidemoneytocovertheobligation,buttheriskofpoorreturnsremainswiththecompany.7PensionsDefinedcontribution8PensionsPensionfundMoneysetasidetofulfillpensionobligation.PensionbenefitobligationEstimatedliabilityofretirementpayments.Pension-relatedinterestcostTheincreaseinthepensionobligationresultingfrominterestontheunpaidobligation.ServiceCostTheincreaseinthepensionobligationresultingfromanemployeeworkinganotheryear.ReturnonpensionfundassetsThereturnthecompanyearnsonitspensionfund.8PensionsPensionfund9PensionsPensionBenefitObligation–PensionFundAssets=NetPensionLiabilityInterestCost+ServiceCost–ExpectedReturnonFundAssets=PensionExpense9PensionsPensionBenefitOblig10SalesTaxesCash............................. 357 SalesRevenue.................. 340 SalesTaxPayable............... 17 Fromsaleofsandwiches,including5%salestax.Example:Bonds’sBarbequesolda100sandwichesfor$340.Whatisthejournalentryassumingthestatechargesa5percentsalestax?Paidbycustomer,butcollectedbythecompanyforthegovernment.10SalesTaxesCash.......11PropertyTaxes12/31PropertyTaxExpense......... 6,200 PrepaidPropertyTaxes...... 6,200

Torecordpropertytaxexpensebyusingup prepaidpropertytaxes.Example:TheCityofRivertonassessespropertytaxesonlandandbuildings.Bond’sBarbequepaysitspropertytaxesonacalendar-yearbasisandpaidRiverton$6,200lastyearforthecurrentyear.MakeBond’sappropriatejournalentry.Assessedbycounty.Usuallypaidforayearinadvance.11PropertyTaxes12/31Property12IncomeTaxesExample:Bond’sBarbeque’spretaxincomeis$385,000.Itsincometaxratefortheyearforbothfederalandstateis30percent.Prepareanadjustingentryatyear-endshowingthecompany’staxexpense.12/31IncomeTaxExpense........ 115,500 IncomeTaxPayable....... 115,500

Torecordincometaxexpenseandtaxliabilityon $385,000pretaxincomeforyearusinga30 percenteffectivetaxrate.Basedoffincome.Maybedifferentfromactualtaxespaid.12IncomeTaxesExample:Bond’s13DeferredTaxesOccurbecauseoftimingdifferencesinrevenueandexpenserecognitionaccordingtoGAAPrulesversusIRSrules.IncomeTaxExpense......... 120,000 IncomeTaxPayable....... 80,000 DeferredTaxLiability...... 40,000

Torecordincometaxexpenseanddeferredtax liabilityduetounrealizedgainsonmutualfunds. Example:Bond’sBarbeque’sowes$80,000intaxesonitsincome.Italsohasgainsonamutualfundthatwillnotbetaxeduntilthemutualfundissold.Thesetaxeswillbe$40,000.Prepareanentryshowingthecompany’staxexpense.13DeferredTaxesOccurbecause14ContingenciesContingentLiabilitiesDependonsomefutureeventtodetermineifaliabilityactuallyexists.EnvironmentalLiabilitiesLiabilitydefinitelyexists,butmeasurementisdifficult.Minimumliabilityestablished.Extensivenotedisclosure.14ContingenciesContingentLiab15

Probable Thefutureeventis Estimatetheamount likelytooccur. ofthecontingencyand maketheappropriate journal entry;provide detaileddisclosurein notes.Accountingfor

ContingentLiabilities

Term Definition AccountingPossible Thechanceofthefuture Providedetailed eventoccurringismore disclosureofthe thanremotebutlessthan possibleliabilityin likely. thenotes.Remote Thechanceofthefuture Nodisclosure eventoccurringisslight. required.15Probable Thefutureeve16Capitalizevs.ExpenseResearchandDevelopmentExpendituresshouldbeexpensedwhenincurred.Uncertaintyoffuturebenefits.AdvertisingExpendituresshouldbeexpensedwhenincurred.Uncertaintyoffuturebenefits.Exceptionfortargetedmarketingtopreviouscustomers.16Capitalizevs.ExpenseResear17IncomeStatementRevisitedGrossMarginNetSalesminusCostofGoodsSold.OtherRevenuesandExpensesItemsearnedorincurredoutsideof,orperipheralto,thenormaloperationsofafirm.(i.e.dividendsreceivedfrominvestments)ExtraordinaryItemsNonoperatinggainsandlossesUnusualinnature.Infrequentinoccurrence.Materialinamount.Reportednetoftaxes.(i.e.lossesfromfloods,fires,earthquakes,etc.)17IncomeStatementRevisitedGr18ReviewtheIncome

StatementFormat

Revenues – Costofgoodssold = Grossmargin – Sellingexpenses – Generalandadministrativeexpenses = Operatingincome +/– Otherrevenuesandexpenses = Incomebeforetaxes – Incometax = Incomeaftertaxes +/– Extraordinaryitems = Netincome18ReviewtheIncome

Statement19EarningsPerShareNetincomedividedbysharesoutstanding.BasicEarningsPerShareBasedonhistoricalinformation.DilutedEarningsPerShareConsiderstheeffectonnetincomeandsharesoutstandingofstocktransactionsthatmightoccurinthefuture.19EarningsPerShareNetincomeAssignmentDiscussionquestionsPracticeexercises:18,19,2020AssignmentDiscussionquestionsCOPYRIGHT?2008ThomsonSouth-Western,apartofTheThomsonCorporation.Thomson,theStarlogo,andSouth-Westernaretrademarksusedhereinunderlicense.21Chapter8CompletingtheOperatingCycleAlbrecht,Stice,Stice,SwainCOPYRIGHT?2008ThomsonSouth22EmployeeCompensationPayrollRecognizetheexpense.FICAtaxesandFederalincomewithholdings.Withholdingthesetaxesforthegovernment.Theyshouldnotberecognizedasanexpenseofthecompany.EmployerpayrolltaxesEmployer’sportionofFICAtaxes.Federalandstateunemploymenttaxes.Addedtotaxespayabletothegovernment.2EmployeeCompensationPayroll23PayrollJournalEntriesSalariesExpense...................... 2,700 FICATaxesPayable,Employee....... 180 FederalWithholdingTaxesPayable... 486 StateWithholdingTaxesPayable..... 243 SalariesPayable................... 1723 Torecordemployees’salary.PayrollTaxExpense................... 278 FICATaxesPayable,Employer....... 180 FederalUnemploymentTaxesPayable. 30 StateUnemploymentTaxesPayable... 68 Torecordliabilitiesassociatedwithemployees’salary.3PayrollJournalEntriesSalari24OtherEmployeeCompensationBonusesRecordedjustlikepayroll.Manytimestheyareearningsbased.Goodincentiveformanagementimprovementbutcanalsoprovideincentivestomanipulateearnings.CompensatedabsencesRecognizedastheemployeeearnstherighttotheseabsences.4OtherEmployeeCompensationBo25OtherEmployeeCompensationStockoptionsFairvalueoftheoptionsarerecognizedovertheperiodtheoptionsareearned.PostemploymentbenefitsSeveranceorotherbenefits.Estimatedandaccruedintheperiodtheemployeesareterminated.5OtherEmployeeCompensationSt26OtherCompensation

JournalEntriesSalariesExpense...................... 125 SickDaysPayable................... 125 Torecognizeaccruedsickpay.SickDaysPayable..................... 125 VariousTaxesPayables.............. 35 Cash.............................. 90 Torecordpaymentofsickdaynetof FICA,federal,and statetaxes.SalariesExpense...................... 150,000 VariousTaxesPayables.............. 60,000 BonusPayable..................... 90,000 Torecordbonusearnedbyemployees.6OtherCompensation

JournalE27PensionsDefinedcontributionplanEmployercontributesspecificamounteveryyeartobepaidtoemployeeafterretirement.Employeereceiveswhatwascontributedplustheearnings.Theemployeebearstheriskofpoorreturns.DefinedbenefitplanEmployeereceivesamountdefinedintheplan.Usuallybasedonthenumberofyearsworked.Companysetsasidemoneytocovertheobligation,buttheriskofpoorreturnsremainswiththecompany.7PensionsDefinedcontribution28PensionsPensionfundMoneysetasidetofulfillpensionobligation.PensionbenefitobligationEstimatedliabilityofretirementpayments.Pension-relatedinterestcostTheincreaseinthepensionobligationresultingfrominterestontheunpaidobligation.ServiceCostTheincreaseinthepensionobligationresultingfromanemployeeworkinganotheryear.ReturnonpensionfundassetsThereturnthecompanyearnsonitspensionfund.8PensionsPensionfund29PensionsPensionBenefitObligation–PensionFundAssets=NetPensionLiabilityInterestCost+ServiceCost–ExpectedReturnonFundAssets=PensionExpense9PensionsPensionBenefitOblig30SalesTaxesCash............................. 357 SalesRevenue.................. 340 SalesTaxPayable............... 17 Fromsaleofsandwiches,including5%salestax.Example:Bonds’sBarbequesolda100sandwichesfor$340.Whatisthejournalentryassumingthestatechargesa5percentsalestax?Paidbycustomer,butcollectedbythecompanyforthegovernment.10SalesTaxesCash.......31PropertyTaxes12/31PropertyTaxExpense......... 6,200 PrepaidPropertyTaxes...... 6,200

Torecordpropertytaxexpensebyusingup prepaidpropertytaxes.Example:TheCityofRivertonassessespropertytaxesonlandandbuildings.Bond’sBarbequepaysitspropertytaxesonacalendar-yearbasisandpaidRiverton$6,200lastyearforthecurrentyear.MakeBond’sappropriatejournalentry.Assessedbycounty.Usuallypaidforayearinadvance.11PropertyTaxes12/31Property32IncomeTaxesExample:Bond’sBarbeque’spretaxincomeis$385,000.Itsincometaxratefortheyearforbothfederalandstateis30percent.Prepareanadjustingentryatyear-endshowingthecompany’staxexpense.12/31IncomeTaxExpense........ 115,500 IncomeTaxPayable....... 115,500

Torecordincometaxexpenseandtaxliabilityon $385,000pretaxincomeforyearusinga30 percenteffectivetaxrate.Basedoffincome.Maybedifferentfromactualtaxespaid.12IncomeTaxesExample:Bond’s33DeferredTaxesOccurbecauseoftimingdifferencesinrevenueandexpenserecognitionaccordingtoGAAPrulesversusIRSrules.IncomeTaxExpense......... 120,000 IncomeTaxPayable....... 80,000 DeferredTaxLiability...... 40,000

Torecordincometaxexpenseanddeferredtax liabilityduetounrealizedgainsonmutualfunds. Example:Bond’sBarbeque’sowes$80,000intaxesonitsincome.Italsohasgainsonamutualfundthatwillnotbetaxeduntilthemutualfundissold.Thesetaxeswillbe$40,000.Prepareanentryshowingthecompany’staxexpense.13DeferredTaxesOccurbecause34ContingenciesContingentLiabilitiesDependonsomefutureeventtodetermineifaliabilityactuallyexists.EnvironmentalLiabilitiesLiabilitydefinitelyexists,butmeasurementisdifficult.Minimumliabilityestablished.Extensivenotedisclosure.14ContingenciesContingentLiab35

Probable Thefutureeventis Estimatetheamount likelytooccur. ofthecontingencyand maketheappropriate journal entry;provide detaileddisclosurein notes.Accountingfor

ContingentLiabilities

Term Definition AccountingPossible Thechanceofthefuture Providedetailed eventoccurringismore disclosureofthe thanremotebutlessthan possibleliabilityin likely. thenotes.Remote Thechanceofthefuture Nodisclosure

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