Question
1. Ayayai Corp. does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $32436. If the sales tax
1. Ayayai Corp. does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $32436. If the sales tax rate is 6%, what amount must be remitted to the state for February's sales taxes?
a. It cannot be determined.
b. $1836
c. $1828
d. $1946
2.
The following totals for the month of April were taken from the payroll records of Swifty Corporation.
Salaries | $68400 |
FICA taxes withheld | 5235 |
Income taxes withheld | 15000 |
Medical insurance deductions | 2700 |
Federal unemployment taxes | 550 |
State unemployment taxes | 3400 |
The entry to record accrual of employers payroll taxes would include a
a. credit to FICA Taxes Payable for $3950.
b. credit to Payroll Tax Expense for $9185.
c. debit to Payroll Tax Expense for $9185.
d. credit to Payroll Tax Expense for $3950.
3.
Bramble Corp. issues 1050, 10-year, 8%, $1000 bonds dated January 1, 2017, at 95. The journal entry to record the issuance will show a
a. credit to Discount on Bonds Payable for $52500.
b. credit to Bonds Payable for $997500.
c. debit to Cash for $997500.
d. debit to Cash of $1050000.
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