If Ray agrees to rake leaves for Michelle in exchange for Michelle's promise to pay off the debt Ray owes to Dean, then Dean is a donee beneficiary of the agreement between Ray and Michelle
a. True
b. False
Indicate whether the statement is true or false
False
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Assume that social security taxes are payable at a 6% rate on the first $100,000 of earnings and medicare taxes are payable at a 1.5% rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4.6% on the first $7,000 of earnings. If an employee, George Jones, earns $2,500 for the current week and Jones' year-to-date earnings before this week were $6,800, what
is the total payroll taxes related to the current week? A) $187.50 B) $196.70 C) $344.50 D) none of the above
Employees earn vacation pay at the rate of one day per month. During the month of July, 30 employees qualify for one vacation day each. Their average daily wage is $105 per day. What is the amount of vacation benefit expense to be recorded for the month of July?
A. $315.00 B. $30.00 C. $31,500.00 D. $105.00 E. $3150.00
Assume that Meyer Corporation is 100 percent equity financed, and has the following information: (1) Earnings before taxes = $1,500; (2) Sales = $5,000; (3) Dividend payout ratio = 60%; (4) Total assets turnover = 2.0; (5) Applicable tax rate = 30% The firm's return on equity is:
A. 25%. B. 30%. C. 35%. D. 42%. E. 50%.
Dividends should be authorized by the stockholders of the corporation.
Answer the following statement true (T) or false (F)