Which of the following is/are true about FUTA obligations?
What will be an ideal response?
A. FUTA is an employer-only tax
B. FUTA is subject to a 5.4% reduction based on employer and state factors
C. FUTA is subject to a $7,000 wage base per employee
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The Maxa Company normally sells its inventory at a 20% profit margin on sales. In 2016, the net realizable value of inventory purchased for $75,000 declined to $66,000. There are no costs to complete and dispose of this inventory. Using the LIFO method what is the floor constraint on the valuation of this inventory using the lower of cost or market rule?
A) $60,000 B) $66,000 C) $79,200 D) $52,800
Edward Bernays is remembered as a public relations pioneer largely due to his straight-ahead journalistic approach to the practice of public relations
Indicate whether the statement is true or false
Rivero Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes.??Fixed Element per MonthVariable Element per Container Refurbished?Revenue?$5,700?Employee salaries and wages$48,300$900?Refurbishing materials?$700?Other expenses$36,300?When the company prepared its planning budget at the beginning of September, it assumed that 22 containers would have been refurbished.Required:Prepare the company's planning budget for September.
What will be an ideal response?
Personal obligations may be transferred without permission
Indicate whether the statement is true or false