10) An employee earned S62.500 during the year working for an employer. The FICA tax 10 oecurity is 62% and the FICA tax rate for Medicare is 1-45%. The current taxes are unemployment taxes the employee must pay? FUTA tax x rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment pplied to the first $7,000 of an employee's pay. What is the amount of total A) S101.50 B) S0.00 C)$434.00 D)5378.00 E) S56.00 11) An estimated liability: A) Is a known obligation of an uncertain amount that can be reasonably estimated B) Is an unknown liability of a certain amount. C) Can be the result of a lawsuit. D) Is not recorded until the amount is known for certain. E) Is a liability that may occur if a future event occurs 12) A bondholder that owns a $1,000, 10%, 10-year bond has 12) A) The right to receive dividends of $1,000 per year. B) Ownership rights in the issuing company. C) The right to receive $10,000 at maturity. D) The right to receive $1,000 at maturity. E) The right to receive $10 per year until maturity 13) 13) A bond is issued at par value when: A) The bond pays no interest. B) The bond is not between interest payment dates. C) The bond is callable. D) Straight line amortization is used by the company. E) The market rate of interest is the same as the contract rate of interest. 14) Amortizing a bond discount: A) Increases the market value of the Bonds Payable. B) Decreases interest expense each period. C) Allocates a portion of the total discount to interest expense each interest period. D) Decreases the Bonds Payable account. E) Increases cash flows from the bond. 15) The Premium on Bonds Payable account is a(n): A) Contra asset account. B) Contra revenue account. C) Equity account. D) Revenue account. E) Adjunct or accretion liability account