19 20 21 Which of the following items would be show up as a CREDIT in the payroll entry that includes GROSS WAGES and NET WAGES PAID? A. The income tax withheld from an employee's paycheck 22 23 24 B. The employee's share of the FICA (social security tax) paid to the government on the employee's behalf. 25 26 27 C. State Unemployment taxes D. Federal Unemployment taxes 28 29 30 E. The employer's matching portion of FICA F. Union dues paid to the union on the employee's behalf 31 32 33 G. Voluntary deductions from the employee's check for family medical coverage 34 H. Pension coverage for the employee that is paid by the employer 35 36 A, B, C, D, F, G 37 38 39 O A, B, F, G 40 41 42 A, B, F, G, H O A, B, C, D, E, F, G, H A, B, E, F, G, H 20 21 A. The income tax withheld from an employee's paycheck B. The employee's share of the FICA (social security tax) paid to the government on the employee's behalf. 23 24 C. State Unemployment taxes 26 27 D. Federal Unemployment taxes E. The employer's matching portion of FICA 29 30 F. Union dues paid to the union on the employee's behalf G. Voluntary deductions from the employee's check for family medical coverage 32 33 H. Pension coverage for the employee that is paid by the employer Zero 35 36 One 38 39 Two 41 42 Three Four More than four 24 Question 39 (3 points) An employee earns $300 per day. They are rarely sick and have accumulated 60 days of sick leave. The company allows employees to receive a cash payout for up to 20 days of sick leave when they retire. The employee will not retire for 5 more years when wages are expected to be $350 per day. Under current accounting standards the minimum amount the company need to report as a liability to this employee under the sick leave program is 27 30 Zero 33 20 x $300 $6000 36 60 X $300 = $18,000 60 X $350 = $21,000 39 42 Question 40 (2 points) The primary purpose of the statement of financial position of a business is to rect The fair value of the assets in an orderly sale 21 60 X $350 = $21,000 24 Question 40 (2 points) The primary purpose of the statement of financial position of a business is to reflect 27 The fair value of the assets in an orderly sale 30 The selling value of the entity's assets in case of bankruptcy - 33 Probable future economic benefits and sacrifices of benefits and a residual interest The potential for growth in stock value 36 The taxable value of properties 39 42 Question 41 (3 points) How many of the following items would be considered a FRINGE BENEFIT paid by the employer? me tax withheld from an employee's paycheck rnment on