The fee paid by a retailer to a credit card company is considered a contra-revenue account by the retailer
Indicate whether the statement is true or false
False
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A formal legal document that gives an inventor the exclusive right to make, use, and sell an invention for a specified period of time is known as a:
A) patent. B) copyright. C) trademark. D) trade secret. E) trade dress.
Ranier Parts Company has a return on assets of 12% and a return on common stockholders' equity of 15%. What causes the difference in the two returns?
First Street Restaurant incurred salaries expense of $60,000 for 2018. The payroll tax expense includes employer FICA tax, state unemployment tax and federal unemployment tax. Year-to-date earnings do not exceed $118,500. Of the total salaries, $17,000 is subject to unemployment tax. Currently, state unemployment tax is 5.4% and federal unemployment tax is 0.6%. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,500), life insurance (cost to the company, $700), and retirement benefits (cost to the company, 10% of salaries expense). Journalize First Street's expenses for employee benefits and for payroll taxes. Explanations are not required.
What will be an ideal response?
Why would a company establish a petty cash fund?
What will be an ideal response?