In a business combination, the appropriate accounting for an excess of current fair values the combinee's identifiable net assets over the combinor's cost is to

1. In a business combination, the appropriate accounting for an excess of current fair values the combinee's identifiable net assets over the combinor's cost is to: (Points : 1)

2. Which of the following is not included in the combinor's cost of a combinee in a business combination? (Points : 1)

3. Slocum Corporation and Merton Company, both publicly owned companies, are planning a merger, with Slocum being the survivor. Which of the following is a requirement of the merger? (Points : 1)

4. On January 31, 2006, the home office of Wall Company collected a trade account receivable of Doris Branch. The accounting for this transaction by Wall Company should include a: (Points : 1)

5. Both a home office and a branch use the periodic inventory system. If at the end of an accounting period the balance of the branch's Home Office ledger account does not agree with the balance of the home office's Investment in Branch account because of a shipment of merchandise in transit from the home office to the branch: (Points : 1)

6. If both the home office and the branch of a business enterprise use the periodic inventory system, the home office's Shipments to Branch ledger account: (Points : 1)

7. The Income: Branch ledger account is maintained in the accounting records of: (Points : 1)

8. Among the journal entries (explanation omitted) in the accounting records of the home office of Price Company was the following:
Office Equipment: Lang Branch 12,500
Investment in Lang Branch 12,500
This journal entry indicates that: (Points : 1)

9. The Home Office ledger account in the accounting records of a branch is best described as: (Points : 1)

10. The following journal entry (explanation omitted) appeared in the accounting records of Marty Corporation's only branch:
Operating Expenses 600,000
Home Office 600,000
The journal entry indicates that: (Points : 1)


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Del Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week

Problem 11-3A (P11-3A) Del Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2010, are presented below.

Employee Hours Hourly Rate Federal Income Tax Withholdings United Fund
Joe Devena 40 $ 15 $ 5
Mary Keener 42 $ 15 $ 5
Andy Dye 44 $ 13 $ 60 $ 8
Kim Shen 46 $ 13 $ 61 $ 5

Devena and Keener are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 8%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.8%. The first three employees are sales clerks (store wages expense). The fourth employee performs administrative duties (office wages expense).

Instructions
a. Prepare a payroll register for the weekly payroll. (Use the wage-bracket withholding table in the text for federal income tax withholdings.)
b. Journalize the payroll on March 15, 2010, and the accrual of employer payroll taxes.
c. Journalize the payment of the payroll on March 16, 2010.
d. Journalize the deposit in a Federal Reserve bank on March 31, 2010, of the FICA and federal income taxes payable to the government.

Click here for the solution: Del Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week