Which of the following statements is true of equity fines?
A) The corporation is fined in a manner that is considered just and fair to shareholders.
B) The fine is determined in accordance with criminal sentencing guidelines issued by a court of equity.
C) The corporation pays the fine in the form of stock to a victim's compensation fund.
D) The fine absolves corporate managers of all responsibility.
C
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If an auditee is not considered low-risk, what percent of federal funds expended are auditors required to express an opinion on?
A. 25%. B. 70%. C. 50%. D. 100%.
Heavy oil is:
A. a group of unconventional oil sources such as oil sands, shale, coal, and natural gas, that does not flow easily and via processing can yield oil. B. oil extracted from biomass that is reprocessed. C. a rich oil found in deposits in Saudi Arabia and Kuwait whose molecular weight is heavier than normal oil. D. Top grade oil drawn from wells.
An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127,200 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employer must pay?
A. $420.00 B. $0.00 C. $375.00 D. $42.00 E. $378.00
Pigot Corporation uses job costing and has two production departments, M and A. Budgeted manufacturing costs for the year are as follows: Dept. MDept. ADirect materials$700,000 $100,000 Direct labor 200,000 800,000 Factory overhead 600,000 400,000 The actual direct materials and direct labor costs charged to Job. No. 432 during the year were as follows: Direct materials $25,000 Direct labor: Department M$8,000 Department A 12,000 20,000 Pigot applies manufacturing overhead to production orders on the basis of direct labor cost using departmental rates predetermined at the beginning of the year based on the annual budget. The total cost associated with Job. No. 432 for the year should be:
A. $65,000. B. $50,000. C. $55,000. D. $75,000.