Donnie is paid a salary of $15,000. At the end of November, his cumulative gross earnings were $99,000. How much will his employer take out for the OASDI portion of social security for December? (Round your final answer to the nearest dollar.)
A) $930.00
B) $1,147.50
C) $217.50
D) $810.00
A) $930.00
Explanation: salary × 6.2%; ex: $15,000 × 6.2% = $930.00.
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Sigma Company suffers a loss to its building in a fire and spends $100,000 on repairs and improvements. It judges that $80,000 of the expenditure replaces long-lived assets lost in the fire, and $20,000 represents improvements to the building. Which of the following is the single journal entry that Sigma Company will make?
a. Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 b. Loss from Fire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 c. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Loss from Fire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 d. Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Loss from Fire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 e. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Loss from Fire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
Prewritten or developed software or hardware products that already exist for purchase are called ______.
a. commercial off-the-shelf (COTS) software b. application software c. integration software d. RFP software
Which of the following actions could increase the balance in the Paid-In Capital in Excess of Par—Common account?
A) cash dividend declared B) stock split C) 10% stock dividend declared D) purchase of treasury stock
Calculating the cost of capital for divisions within a company is not recommended because the data
is too fragmented and all divisions are part of the same company in any case. Indicate whether the statement is true or false