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Exam 10: Current Liabilities and Payroll

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Question 101

True/False

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Generally, all deductions made from an employee's gross pay are required by law.

A) True
B) False

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Question 102

Multiple Choice

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Assuming a 360-day year, when a $50,000, 90-day, 9% interest-bearing note payable matures, total payment will be

A) $51,125
B) $54,500
C) $1,125
D) $4,500

E) B) and C)
F) A) and B)

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Question 103

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Use the following key a-d) to identify the proper treatment of each contingent liability. -Event is reasonably possible but amount is not estimable

Zennia Company provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation cost is $135,000. The journal entry to record the adjusting entry required on December 31, the end of the current year, to record the current month's accrued vacation pay is

The accounting for defined benefit plans is usually very easy and straightforward.

For Company A and Company B: a) Calculate the quick ratio for each company. b) Comment on which one is more able to meet current liabilities.

Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5% rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4.6% on the first $7,000 of earnings. If an employee earns $2,500 for the current week and the employee's year-to-date earnings before this week were $6,800, what is the total payroll taxes related to the current week?

Which of the following would be used to compute the federal income taxes to be withheld from an employee's earnings?

Employers are required to compute and report payroll taxes on a calendar-year basis, even if a different fiscal year is used for financial reporting and income tax purposes.

List five internal controls that relate directly to payroll.

One of the more popular defined contribution plans is the 401k plan.

The journal entry to record the payment of an interest-bearing note is

The amount of federal income taxes withheld from an employee's gross pay is recorded as an)

Match the following terms or phrases in a-g) with the explanations in 1-8. Terms or phrases may be used more than once. -Cash + Temporary investments + Accounts receivable