PLEASE ANSWER ALL THANKS ) 10 Payroll taxes levied against employees become liabilities A when the payroll is paid to employees B at the end of an accounting period C the first of the following month D when data are entered in a payroll register 9 Assume that social security taxes are payable at a 6 rate and Medicare taxes are payable at a 1 5 rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4 6 on the first $7,000 of earnings If an employee earns $2,500 for the current week and the employee's year to date earnings before this week were $6,800, what is the total payroll taxes related to the current week A $344 50 B $187 50 C $196 70 D $9 20 8 McKay Company sells merchandise with a one year warranty In Year 1, sales consisted of 1,200 units It is estimated that warranty repairs will average $10 per unit sold, and 30 of the repairs will be made in Year 1 and 70 in Year 2 In the Year 1 income statement, McKay should show warranty expense of A $12,000 B $3,600 C $8,400 D $0 7 The cost of a product warranty should be included as an expense in the A period of the sale of the product B future period when the cost of repairing the product is paid C future period when the product is repaired or replaced D period the cash is collected for a product sold on account 6 Which of the following is the most desirable quick ratio A 1 50 B 2 20 C 1 80 D 1 95 5 Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40 hours during a week Payroll data for the current week are as follows hours worked, 48 federal income tax withheld, $350 social security tax rate, 6 0 and Medicare tax rate, 1 5 What is the gross pay for Martin A $1,730 B $2,080 C $449 D $1,581 4 The journal entry a company uses to record partially funded pension rights for its salaried employees at the end of the year is A, debit Pension Expense credit Unfunded Pension Liability B debit Salary Expense credit Cash C debit Pension Expense credit Cash D debit Pension Expense credit Unfunded Pension Liability and Cash 3 Which of the following is required to be withheld from employee's gross pay A both federal and state unemployment compensation taxes B only federal unemployment compensation tax C only state unemployment compensation tax D only federal income tax 2 On June 8, Smith Technologies issued a $75,000, 6 , 140 day note payable to Johnson Company What is the due date of the note A October 27 B October 26 C October 28 D October 25 1 Taylor Bank lends Guarantee Company $150,000 on January 1 Guarantee Company signs a $150,000, 8 , 9 month note The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is A Cash 162,000 Interest Expense 12,000 Notes Payable 150,000 B Cash 150,000 Notes Payable 150,000 C Notes Payable 120,000 Interest Payable 7,200 Cash 120,000 Interest Expense 7,200 D Interest Expense 12,000 Cash 138,000 Notes Payable 150,000

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PLEASE ANSWER ALL  THANKS  ) 10  Payroll taxes levied against employees become liabilities A  when the payroll is paid to employees B  at the end of an accounting period C  the first of the following month D  when data are entered in a payroll register 9  Assume that social security taxes are payable at a 6  rate and Medicare taxes are payable at a 1 5  rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4 6  on the first $7,000 of earnings  If an employee earns $2,500 for the current week and the employee's year to date earnings before this week were $6,800, what is the total payroll taxes related to the current week  A $344 50 B  $187 50 C  $196 70 D  $9 20 8 McKay Company sells merchandise with a one year warranty  In Year 1, sales consisted of 1,200 units  It is estimated that warranty repairs will average $10 per unit sold, and 30  of the repairs will be made in Year 1 and 70  in Year 2  In the Year 1 income statement, McKay should show warranty expense of A  $12,000 B  $3,600 C  $8,400 D  $0 7 The cost of a product warranty should be included as an expense in the A  period of the sale of the product B  future period when the cost of repairing the product is paid C  future period when the product is repaired or replaced D  period the cash is collected for a product sold on account 6 Which of the following is the most desirable quick ratio  A  1 50 B  2 20 C  1 80 D  1 95 5 Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40 hours during a week  Payroll data for the current week are as follows  hours worked, 48  federal income tax withheld, $350  social security tax rate, 6 0   and Medicare tax rate, 1 5   What is the gross pay for Martin  A  $1,730 B  $2,080 C  $449 D  $1,581 4  The journal entry a company uses to record partially funded pension rights for its salaried employees at the end of the year is A, debit Pension Expense  credit Unfunded Pension Liability B  debit Salary Expense  credit Cash C  debit Pension Expense  credit Cash D  debit Pension Expense  credit Unfunded Pension Liability and Cash 3  Which of the following is required to be withheld from employee's gross pay  A  both federal and state unemployment compensation taxes B  only federal unemployment compensation tax C  only state unemployment compensation tax D  only federal income tax 2  On June 8, Smith Technologies issued a $75,000, 6 , 140 day note payable to Johnson Company  What is the due date of the note  A  October 27 B  October 26 C  October 28 D  October 25 1  Taylor Bank lends Guarantee Company $150,000 on January 1  Guarantee Company signs a $150,000, 8 , 9 month note  The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is A    Cash 162,000 Interest Expense 12,000 Notes Payable 150,000 B  Cash 150,000 Notes Payable 150,000 C    Notes Payable 120,000 Interest Payable 7,200 Cash 120,000 Interest Expense 7,200 D  Interest Expense 12,000 Cash 138,000 Notes Payable 150,000

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PLEASE ANSWER ALL. THANKS :) 10. Payroll taxes levied against employees become liabilities A. when the payroll is paid to employees B. at the end

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