Specific Current Liabilities Test

الموضوع خصومات متداوله أخرى Specific Current Liabilities

Under state law, Acme may pay 3% of eligible gross wages or it may reimburse the state
directly for actual unemployment claims.
Acme believes that actual unemployment claims will be 2% of eligible gross wages and has
chosen to reimburse the state. Eligible gross wages are defined as the first $10,000 of
gross wages paid to each employee. Acme had five employees each of whom earned
$20,000 during 2004.
In its December 31, 2004 balance sheet, what amount should Acme report as accrued
?liability for unemployment claims

Correct

إجابه صحيحه

Incorrect

إجابه خاطئه

After three profitable years, Dodd Co. decided to offer a bonus to its branch manager, Cone,
of 25% of income over $100,000 earned by his branch. For the year 2002, income for
Cone's branch was $160,000 before income taxes and Cone's bonus. Cone's bonus is
computed on income in excess of $100,000 after deducting the bonus, but before deducting
?taxes. What is Cone's bonus for the year 2002

Correct

إجابه صحيحه

Incorrect

إجابه خاطئه

As of December 15, 2002, Aviator had dividends in arrears of $200,000 on its cumulative
preferred stock. Dividends for 2002 of $100,000 have not yet been declared. The Board of
Directors plans to declare cash dividends on its preferred and common stock on January 16,
2003. Aviator paid an annual bonus to its CEO based on the company's annual profits. The
bonus for 2002 was $50,000, which will be paid on February 10, 2003. What amount should
?Aviator report as current liabilities on its balance sheet at December 31, 2002

Correct

إجابه صحيحه

Incorrect

إجابه خاطئه

Dana Co.'s officers' compensation expense account had a balance of $224,000 at December
31, 2004 before any appropriate year-end adjustment relating to the following:
No salary accrual was made for December 30-31, 2004. Salaries for the two-day period
totaled $3,500.
2004 officers' bonuses of $62,500 were paid on January 31, 2005.
In its 2004 income statement, what amount should Dana report as officers' compensation
?expense

Correct

إجابه صحيحه

Incorrect

إجابه خاطئه

Rice Co. salaried employees are paid biweekly. Advances made to employees are paid back
by payroll deductions. Information relating to salaries follows

12/31/06          12/31/05                                                                      

Employee advances                                            $24,000        $ 36,000
?       Accrued salaries payable                                      $40,000
Salaries expense during the year                                             420,000
Salaries paid during the year (gross)                                       390,000

In Rice's December 31, 2006 balance sheet, accrued salaries payable was

Correct

إجابه صحيحه

Incorrect

إجابه خاطئه

F.I.C.A. for employer and employee 7% each
Unemployment 3%
What amount should Bloy accrue as its share of payroll taxes in its October 31, 2005
?balance sheet

Correct
Incorrect

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