Which type of account is Cost of Goods Sold?
A) An asset account.
B) A liability account.
C) An expense account.
D) An income account.
C
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Cash dividends paid on capital stock would be reported in the statement of cash flows in
a. the cash flows from financing activities section b. the cash flows from investing activities section c. a separate schedule d. the cash flows from operating activities section
Jeffrey Gray is paid $6 per hour, plus double-time for hours worked on weekends. During the two-week period ending February 5, Jeffrey worked 70 hours on weekdays and 8 hours on weekends. Social Security taxes are 6.2 percent, Medicare taxes are 1.45
percent, $65 is withheld for federal taxes, $18 is withheld for state income taxes, and $24 is withheld for charities. In addition, Jeffrey's employer must pay Social Security taxes of 6.2 percent, Medicare taxes of 1.45 percent, federal unemployment taxes of 0.8 percent, and state unemployment taxes of 5.4 percent. Calculate (a) Jeffrey's gross earnings, (b) Jeffrey's net pay, (c) the employer's payroll taxes expense, and (d) the total cost of employing Jeffrey for the two-week period. Round all amounts to the nearest penny.
In the formula y = a + bX, y represents
a. fixed costs. b. total cost. c. variable costs. d. mixed costs.
The Rehabilitation Act of 1973 is enforced by the
A. Employment Standards Administration of the Department of Labor. B. U.S. Department of Commerce. C. U.S. Department of Health. D. Office of Federal Contract Compliance Programs. E. Equal Employment Opportunity Commission.