An employee has gross earnings of $1,200 and withholdings of $91.80 for Social Security and Medicare taxes and $120 for income taxes. The employer pays $91.80 for Social Security and Medicare taxes, $9.60 for FUTA, and $64.80 for SUTA. The total cost of this employee to the employer is
A) $1,301.40
B) $1,200.00
C) $1,366.20
D) $1,578.00
C
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Sand engaged in operations at the start of 2018 and reported $550,000 in pre-tax book income for the year. Tax depreciation for Sand exceeded book depreciation by $50,000. The tax rate for 2018 was 30%, and Congress had enacted a tax rate of 20% for the years after 2018.The journal entry to record the taxes for Sand Company at December 31, 2018 would be:
A.
| DR | Income tax expense | 160,000 |
| CR | Deferred tax liability | 10,000 |
| CR | Income tax payable | 150,000 |
B.
| DR | Income tax expense | 170,000 |
| CR | Deferred tax liability | 10,000 |
| CR | Income tax payable | 160,000 |
C.
| DR | Income tax expense | 160,000 |
| CR | Cash | 160,000 |
D.
| DR | Income tax expense | 150,000 |
| CR | Cash | 150,000 |
A potential problem with participative budgeting is the focus on overall objectives
Indicate whether the statement is true or false
Because of the nature of vendor-managed inventory,
A. third party logistic companies have become necessary. B. retail buyers and planners no longer need to monitor inventory levels and place orders. C. there are many delays in replenishment as it's not a collaborative approach. D. DCs need to run around the clock as deliveries arrive after hours and on holidays. E. EDI is now obsolete.
Angela uses fraudulent means to induce Walter to enter a sales contract. Angela obtains a voidable title to the goods
a. True b. False Indicate whether the statement is true or false