SUTA social security and Medicare taxes 32. Form 941 is filed weekdy monthly quarterly annually 33. Which of the following statements is not correct? The federal government allows a credit, or reduction, in the federal unemployment tax for amounts charged by the state for unemployment taxes The normal federal unemployment tax rate of 0.8% (or 6.2% less the state unemployment tax credit of 5.4%) changes it favorable experience ratings change the state unemployment tax rate The earnings limits for the federal and the state unemployment tax are usually the same, $7,000 Under the experience rating system, the state tax rate may be reduced to less than 1 percent for businesses that provide seady employment. In contrast, some stateslevy penalty rates as high as 10 percent for employers with poor records of providing steady employment The reduction of state unemployment because of favorable experience a s does not meet the credit wible against the federal 3. Allowance for Doubtful Accounts deducted from Sales in the Revenue section of the income statement listed in the Liables section of the balance sheet subtracted from Accounts Receivable in the Ass section of the balance sheet period end adjusting entry to debit revenue and credit deferred revenue listed in the Operating Expenses section of the income statement. 35. On January 2, 2010, a firm purchased equipment for $8.500 Depreciation expense for the year ended December 31, 2011, given the straight-line method, a 5-year useful life, and a salvape value of $1,500, is $1,500 $1,700 $1,200 $1,400 year insurance policy for $3.600 and paid the full premium in advance. The insurance expense 36. On May 1, 2010, a firm purchased a associated with this policy for 2010 is - $1.500 $2,400 $2.100 - $1,200 37. The balance of the owner's drawing account is listed in the Other Expenses section of the income statement Current Assets section of the balance sheet. calculation of ending capital on a statement of owner's equity Operating Expenses section of the income statement 38. Which of the following statement is not correct? Reversing entries are made to reverse the effect of certain adjustments Reversing entries provide a way to guard against oversights, eliminate the review of accounting records and simplify the entry made in the new period A reversing entry is the act opposite the reverse of the adjustment Aer the reversing entry is posted for the adjustment made to recenie the s ense at the end of the accounting period, the Salaries Expense account will have a balance and the salaries Payable account will have a credit balance 39. Arments that a business it pay in the future are nown as accounts receivable accounts payable capital