The complexity of today's business environment creates many new challenges for organizations, such as global competition, but creates few new opportunities in return
Indicate whether the statement is true or false
FALSE
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Use the following information to answer the following questions. Jensen Company has the following information for the pay period of January 15 - 31, 20xx. Gross payroll $10,000 Federal income tax withheld $1,500 Social security rate 6% Federal unemployment tax rate .8% Medicare rate 1.5% State unemployment tax rate 5.4% Assuming that all wages are subject to federal and state unemployment taxes,
the Payroll Taxes Expense would be recorded as: A) $1,370 B) $750 C) $620 D) $2,870
On January 1, a company issues bonds dated January 1 with a par value of $680,000. The bonds mature in 3 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $662,000. The journal entry to record the first interest payment using straight-line amortization is:
A. Debit Interest Payable $23,800; credit Cash $23,800. B. Debit Interest Expense $20,800; debit Discount on Bonds Payable $3000; credit Cash $23,800. C. Debit Interest Expense $23,800; credit Premium on Bonds Payable $3000; credit Cash $20,800. D. Debit Interest Expense $26,800; credit Discount on Bonds Payable $3000; credit Cash $23,800. E. Debit Interest Expense $23,800; credit Cash $23,800.
Doug, an employee of Cayman Travels, Inc, has gross salary for March of $4,000
The entire amount is under the OASDI limit of $117,000, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Provide the journal entry to record the employer's payroll taxes. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) What will be an ideal response
High-contact services are very expensive to deliver because they are equipment-intensive.
Answer the following statement true (T) or false (F)