Payroll taxes levied against employees become liabilities
a. the first of the following month
b. when the payroll is paid to employees
c. when data are entered in a payroll register
d. at the end of an accounting period
b
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Analysis of the Return on Assets has particular relevance to the
a. lenders. b. employees. c. lower-level managers. d. government regulators. e. unions.
On December 15, Year 1, the Binghamton Corporation established a retained earnings appropriation of $20,000 for future expansion. The balance of the retained earnings account prior to the transaction was $60,000. At December 31, Year 1, the Corporation had 2,000 shares of $10 par common stock (issued at par) outstanding. The corporate charter indicates 20,000 shares of common stock are authorized and there is no treasury stock.Required:a) Indicate the effect of the appropriation on the financial statements.
b) Prepare the Stockholder's Equity section of the Binghamton Corporation's Balance sheet of December 31, Year 1.
What will be an ideal response?
Steinkraus Corporation has provided the following data: This YearLast YearAccounts receivable, net$104,000 $115,000 Inventory$195,000 $174,000 Sales on account$886,000 Cost of goods sold$622,000 Required:Compute the accounts receivable turnover for this year.
What will be an ideal response?
The Japanese current account surplus can best be attributed to
A) the high rate of Japanese domestic investment. B) Japanese protectionism. C) the high rate of Japanese savings. D) government budget deficits.