16.

Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $352,000; the partnership assumes responsibility for a $126,000 note secured by a mortgage on the property. Monroe invests $101,000 in cash and equipment that has a market value of $76,000. For the partnership, the amounts recorded for total assets and for total capital account are:

Multiple Choice

• Total assets $529,000; total capital $529,000.

• Total assets $403,000; total capital $529,000.

• Total assets $529,000; total capital $403,000.

• Total assets $403,000; total capital $403,000.

• Total assets $655,000; total capital $655,000.

15.

The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,980 in the current period and had cumulative pay for prior periods of $5,960. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period?

Multiple Choice

• $420.00.

• $357.60.

• $62.40.

• $178.80.

• $0.00.