The use of the color ________ dates back millennia as seen by artisans in ancient Egypt, China, and Mayan civilizations and is now associated with royalty and divinity
A) red
B) green
C) blue
D) orange
E) brown
C
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Lee Company has the following information for the pay period of December 15–31: Gross payroll $16,000 Federal income tax withheld $4,000 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for
a. $16,000 b. $9,808 c. $10,800 d. $11,040
For companies that have little change in the characteristics of their inventory items, the most appropriate method for computing a cost index for dollar-value LIFO is the
A) inventory pool method B) double-extension method C) weighted average method D) link-chain method
An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n):
A. Contra account. B. Intangible asset. C. Accrued expense. D. Adjunct account. E. Accrued revenue.
Amortization is:
A. The process of allocating the cost of natural resources to periods when they are consumed. B. The systematic allocation of the cost of an intangible asset to expense over its estimated useful life. C. Also called depletion. D. The process of allocating to expense the cost of a plant asset to the accounting periods benefiting from its use. E. An accelerated form of expensing an asset's cost.