Question
Either the gross method or net method may be used to record sales with cash discounts, but the net method requires a period-end adjusting entry
Either the gross method or net method may be used to record sales with cash discounts, but the net method requires a period-end adjusting entry to estimate expected future sales discounts taken. True or False
Under FIFO, the most recent costs are assigned to ending inventory. True or False
Installment accounts receivable is another name for aging of accounts receivable. True or False
An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. What is the amount of total unemployment taxes the employee must pay?
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$434.00
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$56.00
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$0.00
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$378.00
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$101.50
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Internal Control Audit And Compliance Documentation And Testing Under The New COSO Framework
Authors: Graham
1st Edition
1118996216, 978-1118996218
