In a job-order costing system, costs are traced to individual units of product. The sum total of such traced costs is called the unit product cost.
Answer the following statement true (T) or false (F)
False
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Any act that the principal could have authorized at the time the act was done may be ratified.
Answer the following statement true (T) or false (F)
In a job order costing system, indirect labor costs are recorded by increasing the Payroll Payable account and increasing the Overhead account
Indicate whether the statement is true or false
The payroll records of a company provided the following data for the weekly pay period ended December 7: EmployeeEarningsto End of Previous WeekGross PayFederal Income TaxesMedical Insurance DeductionUnion DuesUnited WayRonald Arthur$ 54,000$1,200$216$125$15$15John Baines 40,500 900 162 125 15 30Ted Carter 45,000 1,000 180 150 -0- 20The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee. The federal and state unemployment tax rates are 0.6% and 5.4%, respectively, on the first $7,000 paid to each employee. Prepare the journal entries to (a) accrue the payroll and (b) record payroll taxes expense.
What will be an ideal response?
Which of the following statements is true?
A) Generally, the franchisor can terminate the franchisee's agreement at will, but only if the contract so provides. B) Generally, the franchisor can terminate the franchisee's agreement at will. C) The federal government has enacted laws requiring "just cause" before any franchise agreement can be terminated. D) Most state governments have enacted laws requiring "just cause" before any franchise agreement can be terminated. E) Generally, the franchisor can terminate the franchisee's agreement only for a legitimate cause.