The entry that includes a debit to Payroll Taxes and Benefits Expense also includes credits to Federal Unemployment Tax Payable and State Unemployment Tax Payable
Indicate whether the statement is true or false
T
You might also like to view...
The amount in the Subscriptions Sold in Advance account should be carried over from the adjusted trial balance of the 10-column work sheet to which of the following columns?
a. Income statement as a debit b. Income statement as a credit c. Balance sheet as a debit d. Balance sheet as a credit
Answer the following statements true (T) or false (F)
1.Concerning U.S. tariff policy, the offshore assembly provision (OAP) provides unfavorable treatment to products assembled abroad from U.S. made components. 2.Tariff avoidance is the legal utilization of the tariff system to one's own advantage in order to reduce the amount of tariff that is payable by means that are within the law. 3.Tariff evasion occurs when individuals or firms escape tariffs by illegal means such as smuggling imported goods into a country. 4.A foreign-trade zone (FTZ) is an area within the United States where business can operate without the responsibility of paying customs duties on imported products or materials for as long as they remain within this area and do not enter the U.S. marketplace. 5.Empirical studies show that virtually all U.S. import tariffs are "progressive" in that they disproportionately negatively impact upper income groups rather than lower income groups.
Most firms prefer to prepare the statement of cash flows after they have prepared the income statement and the balance sheet. The amounts debited to various accounts on the T-account work sheet
a. do not equal amounts credited to various accounts. b. must equal amounts credited to the liability accounts, only. c. may or may not equal amounts credited to various accounts. d. must equal amounts credited to various accounts. e. must equal amounts credited to the shareholders' equity accounts, only.
Revise the following sentences to conform to standard business communication principles. Add appropriate details as needed to complete the ideas. a. I'd like to take this opportunity to thank you for your participation in our focus group last week. b
During the year 2011, the Smith Corporation bought a new building for the amount of $15 million. c. If we do not plan ahead for national security, past history will repeat itself again with severe consequences. d. Each and every customer receives a free gift when opening a checking account. e. The new sick-leave policy was implemented due to the fact that several employees were abusing the privilege. f. In the event that the customer makes a payment in the amount of $500, the company will not report her to a credit agency. g. We held a meeting yesterday so Terry could make a demonstration of the new computer system. h. After the dean made an analysis of the college's budget, the department chairs came to an agreement on how to decrease expenditures. i. There are fewer than 500 people who are admitted to the nursing program per year.