Answer the following statements true (T) or false (F)
1. The current portion of notes payable is the amount of the principal that is payable more than one year
from the balance sheet date.
2. Benefits are extra compensation items that are not paid directly to an employee.
3. Retirement compensation is a benefit because the employer sets aside money for the employee's
future retirement.
4. Mario worked 48 hours during the work week. He earns wages of $18 per hour for straight time (40
hours). The company pays time-and-half for overtime. Mario's gross pay is $864.
5. Gross pay is the total amount of salary, wages, commissions, and bonuses earned by an employee
during a pay period, after taxes or any other deductions.
1. False - The current portion of notes payable is the amount of the principal that is payable within one
year of the balance sheet date.
2. True
3. True
4. False - (40 hours × $18) + (8 hours × $27) = gross pay $720 + $216 = $936
5. False - Gross pay is the total amount of salary, wages, commissions, and bonuses earned by an
employee during a pay period, before taxes or any other deductions.
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