Use the following information to answer the following questions. The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216 The entry to record accrual of employer's payroll taxes would include a
A) debit to Payroll Tax Expense for $248.
B) credit to FICA Taxes Payable for $1,100.
C) credit to Payroll Tax Expense for $248.
D) debit to Payroll Tax Expense for $798.
D
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Misrepresentation can result from negligence on the part of the misrepresenter.
Answer the following statement true (T) or false (F)
Which performance plan best promotes quality of the product or service?
a. piece rate b. health insurance c. pensions d. profit sharing
Which of the following transactions will affect the balance of Retained Earnings?
A) issued common stock for cash B) paid rent expense for the month C) purchased land for cash D) collection on account
Vilas County Hospital consumed 400 boxes of bandages per week last year. The price of bandages was $80 per box, and the hospital operates 52 weeks per year
The cost of processing an order was $64, and the cost of holding one box throughout a full year was 20% of the value of the material. Last year the hospital ordered bandages, on average, once every two weeks, each time ordering 800 boxes. What extra cost did the hospital incur that could have been avoided if the EOQ concept had been applied? A) less than or equal to $650 B) more than $650 and less than $1,050 C) more than $1,050 and less than $1,450 D) more than $1,450