Accounts Payable Flashcards
How do you calculate the ending balance for a warranty liability using the expense warranty accrual method?
How do you recognize compensation expenses contingent upon employment when payment is deferred?
What are the key steps for accounting an Asset Retirement Obligation (ARO) and handling differences between estimated and actual retirement costs?
How do you account for vacation liability and expense when employees have earned vacation time, and some have not yet taken it?
How do you adjust the Asset Retirement Obligation (ARO) when there are new obligations, accretion expenses, and payments? Why is the undiscounted cash flow amount ignored?
What are the rules for recording warranty expense and estimated warranty liability, and how should actual repair costs be handled?
How do you calculate the ending balance of sales tax payable when given total sales, sales tax rate, beginning balance, and remittances?
How do you calculate the liability for unused vacation days and avoid common mistakes?
How does declaring and paying a cash dividend affect working capital, and on which date does the decrease occur?
How do you calculate the accrued vacation liability for employees based on their years of service and a partial period?
How do you calculate the payroll tax liability and payroll tax expense for a company, including both employee and employer contributions?
How do you calculate the adjusted sales price and sales tax payable when a customer wants a set total payment, including sales tax?
How do you calculate payroll tax expense and total payroll tax liability for a company, including FICA and FUTA contributions?
How do you calculate the initial liability and expense for an Asset Retirement Obligation (ARO) when placing an asset into service?
How do you calculate the accretion expense for an Asset Retirement Obligation (ARO), and does it remain the same every year?
What are the general steps and rules to calculate the employer’s share of payroll tax liability for eligible wages?
What are the steps and rules for the initial recognition of an asset retirement obligation (ARO) and what should NOT be done?
How to Calculate Dividends Payable to Preferred and Common Shareholders for Cumulative, Fully Participating Preferred Stock
Employee’s Share vs. Employer’s Share in Payroll Taxes
How do you calculate the ending escrow liability balance?
How do you adjust the accounts payable balance for goods in transit and checks written but not yet sent at year-end
When should termination benefits be recognized as a liability?
How do you calculate a dependent expense when it’s a percentage of income after deduction?
How should a company account for termination benefits under a potential facility closure
What is a “vested right” in terms of accruing employees’ compensation for future absences?
How to calculate a bonus that’s a percentage of income over a certain threshold when the bonus itself reduces the base?
How do you calculate the estimated warranty liability for Gum Co. at the end of Year 2?
How do you calculate the total sales commissions payable for salespersons when fixed salaries act as advances against commissions?
How to Calculate Royalties Payable in Foreign Currency Transactions
Rik Co. has two employees, Ryan and Todd. Ryan’s vacation rights vest and accumulate, but Todd’s do not. Neither took a two-week vacation. Each has worked 52 weeks, with Ryan earning $800 per week and Todd $600 per week. At year-end, what vacation expense and liability should Rik Co. report?
How do you adjust accounts payable when converting from the gross method to the net method, with examples?
How do you adjust accounts payable for prepayments or debit balances?
When should a liability for compensated absences be accrued
How do you calculate accrued interest with compound interest for a note payable?
