Under the periodic inventory system, no entries are made to the merchandise inventory or cost of goods sold accounts during the year
a. True
b. False
Indicate whether the statement is true or false
True
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According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security taxand $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000 . Also, $15,000 wassubject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxeswould include a
a. debit to SUTA Payable of $630 b. debit to SUTA Payable of $18,900 c. credit to SUTA Payable of $630 d. credit to SUTA Payable of $18,900
The amount of earnings distributed to stockholders can be found in the income statement
a. True b. False Indicate whether the statement is true or false
Which of the following tends to be the most common method for understating cost of goods sold?
a. Understating purchases b. Overstating purchase returns c. Overstating inventory d. Overstating purchase discounts
An express trust is:
A) established by law through the courts when the parties' conduct seems to warrant the creation of a trust. B) established by voluntary action. C) always a written document. D) always revocable.