A firm using the perpetual inventory method returned defective merchandise costing $3,500 to one of its suppliers. The entry to record this transaction will include a debit to
a. Accounts Receivable.
b. Inventory.
c. Purchase Returns and Allowances.
d. Accounts Payable.
D
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For good internal control an organization should segregate the duties of:
a. HR and payroll b. AP and payroll c. payroll and cashier d. all of the above
What model depicts how individuals develop their giving relationship with an organization?
A. giving life cycle B. gift standards chart C. fundraising pyramid D. philanthropy flowchart
On January 31, Ransom Company's payroll register showed that its employers earned $30,320 of office salaries and $82,750 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes as the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $16,960 of federal income taxes, $3,350 of medical insurance deductions (which represents 50% of the total cost of the employee medical insurance), and $4,210 of 401(k) retirement contribution deductions. Ransom Company pays the other 50% of the employee insurance cost and matches the employee 401(k) contributions. Several employees earned more than $7,000 for the period which reduced salaries subject to unemployment to $104,000. No employees exceeded the FICA-Social Security taxable wage base.1. Prepare the
journal entry to record Ransom Company's January 31 payroll expenses and liabilities.2. Prepare the journal entry to record Ransom Company's employer payroll taxes resulting from the January 31 payroll. Ransom's merit rating reduces its state unemployment (SUTA) to 5.4% of the first $7,000 paid each employee. The federal unemployment tax (FUTA) rate is 0.6%.3. Prepare the journal entry to record Ransom's additional employee expenses. What will be an ideal response?
Which approach to capacity management would use production machinery that can be changed easily from producing one product to another?
A) Time flexibility from workforce B) Use of subcontracting C) Use of dual facilities—dedicated and flexible D) Designing product flexibility into the production processes