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Indicate whether the statement is true or false
True
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Name some common convenience products
What will be an ideal response?
Use this information to answer the following question. The following totals for the month of September were taken from the payroll register of Meadors Company: Salaries expense $24,000 Social security and Medicare taxes withheld 1,100 Income taxes withheld 5,000 Medical insurance deductions 500 Life insurance deductions 400 Salaries subject to federal and state unemployment taxes of 6.2 percent
8,000 The entry to record the accrual of federal unemployment tax (assume FUTA tax of 0.8 percent) would include a A) credit to Federal Unemployment Tax Payable for $64. B) debit to Federal Unemployment Tax Payable for $64. C) debit to FUTA Tax Expense for $64. D) credit to Payroll Taxes and Benefits Expense for $64.
Product cost under variable costing is calculated as:
a. direct material + direct labor + variable overhead + fixed manufacturing overhead. b. direct material + direct labor + variable overhead. c. selling and administration + fixed manufacturing overhead + variable overhead. d. direct material + selling and administration + fixed manufacturing overhead.
On December 31, a business estimates depreciation on equipment used during the first year of operations to be $2,900 . (a) Journalize the adjusting entry required on December 31 . (b) If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?