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All of the following are essential characteristics of liabilities, except _____.

• they represent probable future benefits
• they are probable future sacrifices of economic benefits
• they arise from present obligations to other entities
• they result from past transactions or events

In most cases, current liabilities are payable within one year from the balance sheet date, and long-term liabilities are payable in more than one year.

True or False

Identify a liability that does not require a cash payment.

• Accounts payable
• Notes payable
• Salaries payable
• Deferred revenue

Boyd Corporation borrows $300,000 from a bank on March 1, Year 1, by signing a 6 percent, nine-month note for the amount borrowed plus accrued interest due nine months later. On issuance date, this transaction:

• increases assets and increases liabilities.
• increases assets and decreases liabilities.
• decreases assets and increases liabilities.
• decreases assets and decreases liabilities.

Caddell Corporation borrows $100,000 from a bank on August 1, Year 1, by signing an 8 percent, six-month note for the amount borrowed plus accrued interest due six months later on February 1, Year 2. Which of the following is recorded on August 1, Year 1?

• $104,000 debit to Cash
• $104,000 debit to Notes Payable
• $100,000 credit to Cash
• $100,000 credit to Notes Payable

Windsor Corporation borrows $100,000 from a bank on November 1, Year 1, by signing a 9 percent, six-month note for the amount borrowed plus accrued interest due six months later on May 1, Year 2. What is the interest expense per month on this note?

• $750
• $1,000
• $1,200
• $3,000

Havier Corporation borrows $1 million from a bank on September 1, Year 1, by signing a 6 percent, nine-month note for the amount borrowed plus accrued interest due nine months later on June 1, Year 2. Which of the following is recorded on December 31, Year 1?

• $20,000 credit to Cash
• $25,000 debit to Interest Expense
• $20,000 credit to Interest Payable
• $20,000 credit to Note Payable

Havier Corporation borrows $1 million from a bank on September 1, Year 1, by signing a 6 percent, nine-month note for the amount borrowed plus accrued interest due nine months later on June 1, Year 2. Which of the following is recorded on June 1, Year 2?

• $25,000 debit to Interest Payable
• $1,045,000 credit to Cash
• $20,000 credit to Interest Expense
• $1,045,000 debit to Note Payable

Social Security and Medicare taxes withheld from employees' paychecks are collectively referred to as ________.

• FICA taxes
• Fringe benefits
• State income taxes
• Unemployment taxes

Which of the following are withheld from an employee's salary?(Select all that apply.)

• Employee portion of health insurance
• Employee portion of health insurance
• Federal and state income taxes
• Federal and state income taxes
• Federal and state unemployment taxes
• Federal and state unemployment taxes
• FICA taxes

Susan, a recent college graduate, makes a base salary of $70,000 per year. Susan has federal income tax withholding of $12,000, and state tax withholding of $4,000. Employers are required to withhold a 6.2% Social Security tax and a 1.45% Medicare tax. What is Susan's take-home pay?

• $48,645
• $49,869
• $54,000
• $64,645

Which of the following are payroll costs for employers?(Select all that apply.)

• Employee contribution to retirement plan
• Employee contribution to retirement plan
• Employer contribution to retirement plan
• Employer contribution to retirement plan
• Employee portion of FICA taxes
• Employee portion of FICA taxes
• Employer portion of FICA taxes
• Employer portion of FICA taxes
• Federal and state income taxes
• Federal and state income taxes
• Federal and state unemployment taxes

A company has total payments for the month of March for its 20 employees of $100,000. The FICA tax rate (Social Security and Medicare) is 7.65%. What is the total amount due to the government for FICA taxes?

• $15,300
• $7,650
• $13,850
• $27,650