98.Use this information to answer the following question.
The transactions below pertain to Broyer Company, whose fiscal year ends September 30.
Sept.
10
Received cash for a 90-day, 12 percent, $25,000 note payable. Interest is in addition to the face value.
30
Made end-of-year adjusting entry to accrue interest expense.
The September 30 adjusting entry, rounded to the nearest dollar, to accrue the interest expense on the note payable would include a
a.
debit to Interest Expense for $164.
b.
credit to Notes Payable for $164.
c.
credit to Cash for $164.
d.
credit to Interest Expense for $164.
99.What would be the adjusting entry for a note payable whose interest is not included in the face amount of the note?
a.
Debit Interest Expense and credit Interest Payable.
b.
Debit Interest Receivable and credit Interest Income.
c.
Debit Cash and credit Notes Payable.
d.
Debit Interest Expense and credit Cash.
100.Which of the following most likely is a definitely determinable liability during interim periods?
a.
Estimated income taxes payable
b.
Estimated property taxes payable
c.
Accrued interest payable
d.
Estimated product warranty liability
101.Dividends Payable is an example of a(n)
a.
long-term liability.
b.
contingent liability.
c.
definitely determinable liability.
d.
estimated liability.
102.Which of the following businesses most likely would have a large Unearned Revenue account balance at all times?
a.
Dry cleaners
b.
Realtor
c.
Department store
d.
Magazine publisher
103.Which of the following taxes is not subject to a maximum amount per employee per year?
a.
State unemployment tax
b.
Medicare tax
c.
Federal unemployment tax
d.
Social security tax
104.All of the following can be employee payroll withholdings except
a.
federal unemployment tax.
b.
charitable contributions.
c.
state income taxes.
d.
medical insurance premiums.
105.Which of the following is a tax borne by the employer but not the employee?
a.
Medicare tax
b.
FUTA tax
c.
State income tax
d.
Social security tax
106.An employee has gross earnings of $600 and withholdings of $45.90 for social security and Medicare taxes and $60 for income taxes. The employer pays $45.90 for social security and Medicare taxes and $4.80 for FUTA. The total cost of this employee to the employer is
a.
$696.60.
b.
$600.00.
c.
$650.70.
d.
$604.80.
107.Payroll Taxes and Benefits Expense includes all of the following except
a.
Medicare taxes.
b.
social security taxes.
c.
unemployment taxes.
d.
federal income taxes.
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