Keith, an employee of Sunbeam, Inc., has gross salary for May of $15,000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 20%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) (Round the final answer to the nearest dollar.)
A) debit to Cash for $10,852.50
B) credit to Cash for $10,852.50
C) debit to Employee Income Tax Payable of $10,852.50
D) debit to FICA Tax Payable of $10,852.50
B) credit to Cash for $10,852.50
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A company purchased 130 units for $30 each on January 31. It purchased 150 units for $35 each on February 28. It sold 150 units for $80 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)
A) $3,900 B) $5,250 C) $4,600 D) $9,150
Answer the following statement(s) true (T) or false (F)
1. Values shared by the culture are basic ways of structuring reactions to the world and are taken for granted by members of a cultural group. 2. From an international business perspective, organizational culture is probably the most logical level of analysis from which to begin to understand the cultural environment. 3. According to the convergence hypothesis, given enough time, cultures will converge to the point that no difference in values, attitudes, beliefs, and behavior exists. 4. Acculturation is the psychological and behavioral changes that occur in people because of contact with different cultures. 5. Internationalism is described as an attitude that one’s own cultural group is the center of everything and all other groups are evaluated with reference to it
Which of the following statement(s) is/are TRUE?
A) Collateral is security provided to a lender. B) Intangible property has no physical presence C) Because collateral is provided as security, it is not subject to the laws affecting property. D) Both A and B E) All of the above
As more global investors shift investment funds to emerging markets, what factors will drive expected returns?
What will be an ideal response?