Total payroll for a given week is $34,000. If 70 percent of the company's employees typically qualify to receive two weeks' paid vacation per year (50 weeks), the entry to record estimated liability for vacation pay for the week is
A) Estimated Liability for Vacation Pay 2,380 Cash 2,380
B) Vacation Pay Expense 1,360 Cash 1,360
C) Vacation Pay Expense 952 Estimated Liability for Vacation Pay 952
D) Cash 476 Estimated Liability for Vacation Pay 476
C
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When a nation imports materials and other inputs for production duty free, its tariff policy generally results in
a. an effective tariff rate less than the nominal tariff rate. b. a nominal tariff rate less than the effective tariff rate. c. a rise in both nominal and effective tariff rates. d. a fall in both nominal and effective tariff rates.
One type of stock enables the shareholder to get his or her usual dividend. Then, after the common shareholders receive their normal dividend, he or she is able to share in any additional income with the common shareholders. This type of stock is ________.
A. participating preferred B. cumulative to the extent earned C. cumulative preferred D. noncumulative preferred
Data cleansing involves all of the following except
a. filtering out or repairing invalid data b. summarizing data for ease of extraction c. transforming data into standard business terms d. formatting data from legacy systems
Costs assigned to the building of a house should appear on the income statement when
a. the house is completed. b. the house is sold. c. the purchase order to manufacture the house is received. d. cash is collected for the sale of the house.