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Q An employee earned $61,200 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 $7000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? $434.00 $56.00 $378.00 $101.50 $0.00 Q27 A company had average total assets of $970,000. Its gross sales were $1,114,000 and its net sales were $925,000. The company's total asset turnover equals: 1.20. 0.95. 0.87. 1.10. 1.05. Q Cliff Company traded in an old truck for a new one. The old truck had a cost of $110,000 and accumulated depreciation of $66,000. The new truck had an invoice price of $48,000. Huffington was given a $38,000 trade-in allowance on the old truck, which meant they paid $10,000 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck? 1. $54,000 $10,000 $110,000 $44,000 $48,000 Q At the end of the current year, using the aging of receivable method, management estimated that $27,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance of $495. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? 1. 27,750 Bad Debts Expense Allowance for Doubtful Accounts 27.750 Accounts Receivable 28.245 Allowance for Doubtful Accounts 28.245 Bad Debts Expense 27.255 Allowance for Doubtful Accounts 27.255 28.245 Bad Debts Expense Allowance for Doubtful Accounts 28,245 Accounts Receivable 27,750 Bad Debts Expense 495 Sales 28,245 A corporation issued 8% bonds with a par value of $1,080,000, receiving a $36,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $1,069,200. The gain or loss on this retirement is: 1. $32,400 loss. $32,400 gain. $10,800 gain. $0. $10,800 loss