A periodic review system is a system in which an item's inventory position is reviewed periodically rather than continuously
Indicate whether the statement is true or false
TRUE
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A weekly payroll summary made from labor time records shows the following data for TMC Company: Employee Classification Marital Status Hourly Rate Regular Hours Overtime Hours C. Collier Direct Married $15 40 2 S. Brown Direct Single $13 40 6 E. Anglin Direct Single $15 40 R. Kues Indirect Married $12 40 3 A. Studer Indirect Married $16 38 Other information:
a. Overtime is payable at one-and-a-half times the regular rate of pay for an employee and is distributed to all jobs worked on during the period. b. Income taxes withheld (FIT) are $50 for employees with $610 or more of gross income in the period and $40 for those who earn less. c. Each married employee contributes $60 for health insurance; single employees contribute $30. d. FICA taxes are 8% on the first $100,00 . of gross pay; FUTA and SUTA are 1% and 4%, respectively, on the first $8,00 . of gross pay. Since this is January, none of the employees have reached the limitations. Required: 1 . Determine the net pay of each employee. 2 . Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Distributing the payroll.
Licensing can be used by the entrepreneur to:
A. insulate management from liability. B. protect the Board of Directors from liability. C. protect confidentiality of a trade secret. D. copy a competitor's patent.
There are many requirements for the successful implementation of the lean system of production. Which one of the following is not such a requirement?
A) uniform assembly schedule B) short setup time C) low machine failure and low defects D) substantial natural resources
The duty to protect the United States from terrorist attacks, from foreign intelligence operations, and from cyber-based attacks and high-technology crimes lies with the:? A) Federal Bureau of Investigation.? B) ?U.S. Social Security Administration
C) ?U.S. Immigration and Customs Enforcement. D) ?U.S. Citizenship and Immigration Services.