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pay would include a
a. Credit to Salaries Expense for $9,425
b. debit to Salaries Payable for $14,000
c. Credit to Salaries Payable for $9,425
d. Debit to Salaries Payable for $9,425
Which of the following will have no effect on an employee's take-home pay?
a. Unemployment tax
b. Number of exemptions claimed
c. Marital status
d. Social security tax
Assuming no employees are subject to ceilings for their earnings, Moore Company has the following information for the pay period of December 15 - 31, 20xx.
Salaries Payable would be recorded for
Assume that social security taxes are payable at a 6% rate on the first $100,000 of earnings 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, George Jones, earns $2,500 for the current week and Jones' year-to-date earnings before this week were $6,800, what is the total payroll taxes related to the current week?
One of the main disadvantages of the corporate form is the
b. corporation must issue stock
c. professional management
d. double taxation of dividends
Which of the following is not a right possessed by common stockholders of a corporation?
a. the right to vote in the election of the board of directors
b. the right to receive a minimum amount of dividends
c. the right to sell their stock to anyone they choose
d. the right to share in assets upon liquidation
If common stock is issued for an amount greater than par value, the excess should be credited to
a. Retained Earnings.
c. Legal Capital.
d. Paid-in Capital in Excess of Par Value.
Alma Corp. issues 1,000 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to:
a. Common Stock $10,000 and Paid-in Capital in Excess of Par Value $6,000.
b. Common Stock $10,000 and Retained Earnings $6,000.
c. Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $6,000.
d. Common Stock $16,000.
On January 1, 20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 20xx, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 20xx.
The journal entry to record the purchase of the treasury shares on February 1, 20xx, would include a
a. debit to a loss account for $6,000
b. credit to a gain account for $6,000.
c. debit to Treasury Stock for $48,000.
d. credit to Treasury Stock for $48,000.
Which of the following is the appropriate general journal entry to record the declaration of a cash dividends?
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