Occasionally, companies engage in important investing and financing activities which do not affect cash. If the amount of the transaction is significant, how should it be disclosed when financial statements are prepared?
A) In a separate section in the statement of cash flows with a corresponding zero balance.
B) In the investing activities section of the statement of cash flows.
C) On the face of the statement of cash flows or in the notes to the financial statements.
D) In both the investing and the financing activities statement of cash flows.
C
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Jason's gross pay for the week is $1900. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Jason's year-to-date pay has not yet exceeded the $7000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expenses? (Do not round your intermediate calculations. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
A) $107.35 B) $117.80 C) $259.35 D) $233.74
Responsibility accounting reports for profit centers will include
A) costs. B) revenues. C) expenses and fixed assets. D) revenues, expenses, net income or loss from operations.
In zero-based budgeting, a firm starts each budget period by evaluating the success of past budget levels
Indicate whether the statement is true or false
A factory's adjusting entry to apply factory overhead to work in process inventory equaled $1,700 . Should a reversing entry be made and, if so, what form should it take?
a. Yes, debit Factory Overhead $1,700, credit Finished Goods Inventory $1,700. b. Yes, debit Work in Process Inventory $1,700, credit Factory Overhead $1,700. c. Yes, debit Factory Overhead $1,700, credit Cost of Goods Sold $1,700. d. Yes, debit Factory Overhead $1,700, credit Work in Process Inventory $1,700. e. Yes, debit Cost of Goods Sold $1,700, credit Factory Overhead $1,700.