Which of the following is not descriptive of supplies in a lean environment?
A) Frequent shipment
B) Lowest production cost
C) Short lead time
D) Arrival on schedule
E) High quality
B
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The Purchases Discounts Taken account may appear in the accounting records if which one of the following methods is used to account for purchase discounts?
A) net price method B) gross price method C) allowance method D) sales price method
Which of the following is true for writing concise sentences?
A) All relative pronouns should be eliminated from sentences to minimize confusion. B) Using infinitives to replace phrases is grammatically incorrect. C) Longer words usually make a sentence easier to read and understand. D) Double modifiers are easy to understand and make a sentence more concise. E) The subject and predicate of a sentence should be placed as close together as possible.
The purchasing department prepares a purchase requisition addressed to the vendor (seller) containing instructions related to the items ordered
Indicate whether the statement is true or false
Assume payroll for Kicker Sound Systems for the month of January was $150,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income taxes withheld$38,000Health insurance premiums (Blue Cross) paid by employer12,000Contribution to retirement plan (Fidelity) paid by employer15,000FICA tax rate (Social Security and Medicare)7.65%Federal and state unemployment tax rate3.80%Assume that Kicker has paid none of the withholdings or payroll taxes by the end of January (record them as payables) and that no employee's cumulative wages exceed the relevant wage bases. Required: 1. Record the employee salary expense, withholdings, and salaries payable.2. Record the employer-provided fringe benefits.3. Record the employer payroll taxes.
What will be an ideal response?