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ACC 206 Week 3 Quiz Chapter 11

ACC 206 Week 3 Quiz Chapter 11

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ACC 206 Week 3 Quiz Chapter 11 -

Multiple Choice Question 133

FICA Taxes Payable was credited for $27,000 in the entry when Highlands Company recorded payroll. When Highlands Company records employer's payroll taxes, FICA Taxes Payable should be credited for:

  • $54,000.
  • some other amount.
  • $0.
  • $27,000.

 

Multiple Choice Question 92

Dailey Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $48,150. If the sales tax rate is 7%, what amount must be remitted to the state for February's sales taxes?

  • $3,371
  • $4,815
  • $3,150
  • It cannot be determined.

 

Multiple Choice Question 64

On September 1, Bud's Painting Service borrows $150,000 from Highlands Bank on a 4-month, $150,000, 6% note. What entry must Bud's Painting Service make on December 31 before financial statements are prepared?

 

  • Interest Payable                      3,000              

            Interest Expense                                             3,000

 

  • Interest Expense                     9,000              

Interest Payable                                              9,000

 

  • Interest Expense                     3,000              

Interest Payable                                              3,000                          

  • Interest Expense                     3,000              

Notes Payable                                     3,000

                                               

Multiple Choice Question 111

Lulzbot.com sells 6,000 units of its product for $500 each. The selling price includes a one-year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $50 per unit. In the year of sale, warranty contracts are honored on 120 units for a total cost of $6,000. What amount should Lulzbot.com accrue on December 31 for estimated warranty costs?

  • $3,000
  • $45,000
  • $9,000
  • $6,000

 

Multiple Choice Question 131

Smita Quinn, earns $30 per hour for a 40 hour work week and $45 per hour for overtime work. If Smita works 44 hours, her gross earnings are:

  • $1,568.
  • $1,320.
  • $1,980.
  • $1,380.

 

Multiple Choice Question 56

When an interest-bearing note matures, the balance in the Notes Payable account is

  • the difference between the maturity value of the note and the face value of the note.
  • equal to the total amount repaid by the borrower.
  • less than the total amount repaid by the borrower.
  • greater than the total amount repaid by the borrower.

 

Multiple Choice Question 142

The effective federal unemployment tax rate is usually

  • 0.8%.
  • 5.4%.
  • 8.0%.
  • 6.2%.

 

Multiple Choice Question 93

Any balance in an unearned revenue account is reported as a (n)

  • long-term debt.
  • revenue.
  • unearned liability.
  • current liability.

 

Multiple Choice Question 108

A contingency that is remote

  • does not need to be disclosed.
  • is recorded as a contingent liability.
  • should be disclosed in the financial statements.
  • must be accrued as a loss.

 

Multiple Choice Question 125

The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross

  • pay less taxes payable.
  • pay less voluntary deductions.
  • amount less all payroll deductions.
  • amount of all paychecks issued.

 

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