Question : 76. On November 1, Alan Company signed a 120-day, 8% note : 1258084

76. On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value of the note on March 1? 
A. $9,000
B. $720
C. $9,120
D. $9,720
E. $9,240

77. On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? 
A. Debit Notes Payable $9,000; debit Interest Payable $120; credit Cash $9,120.
B. Debit Cash $9,240; credit Notes Payable $9,240.
C. Debit Notes Payable $9,240; credit Interest Payable $120; credit Interest Expense $120; credit Cash $9,000.
D. Debit Notes Payable $9,000; debit Interest Payable $120; debit Interest Expense $120; credit Cash $9,240.
E. Debit Notes Payable $9,000; debit Interest Expense $240; credit Cash $9,240.

78. Employers’ responsibilities for payroll do notinclude: 
A. Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with the amount of these taxes withheld.
B. Filing Form 941, the Employer’s Quarterly Federal Tax Return.
C. Filing Form 940, the Annual Federal Unemployment Tax Return.
D. Maintaining individual earnings records for each employee.
E. Recording an expense for the employee Federal Income Tax withholding.

79. Gross pay is: 
A. Take-home pay.
B. Total compensation earned by an employee before any deductions.
C. Salaries after taxes are deducted.
D. Deductions withheld by an employer.
E. The amount of the paycheck.

80. The employer should record deductions from employee pay as: 
A. Employee receivables.
B. Payroll taxes.
C. Current liabilities.
D. Wages payable.
E. Employee payables.

81. FICA taxes include: 
A. Social Security and Medicare taxes.
B. Charitable giving.
C. Employee state income tax.
D. Federal and state unemployment taxes.
E. Employee federal income tax.

82. The amount of federal income taxes withheld from an employee’s paycheck is determined by: 
A. Current earnings for the pay period and number of withholding allowances the employee claims.
B. The employer’s merit rating.
C. The amount of social security taxes withheld.
D. Multiplying the gross pay by 6.2%.
E. Tax tables provided by the state in which the employee works.

83. Recording employeepayroll deductions may involve: 
A. Liabilities to the employer.
B. Liabilities to federal and state governments.
C. Expenses for state unemployment.
D. Expenses for the gross wages and salaries.
E. Expenses for the employer portion of any medical insurance.

84. The Federal Insurance Contributions Act (FICA) requires that each employer file a: 
A. W-4.
B. Form 941.
C. Form 1040.
D. Form 1099.
E. W-2.

85. An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $117,000. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee’s annual FICA taxes amount is: 
A. $2,294.00.
B. $536.50.
C. $2,830.50.
D. $1,757.50.
E. $8,950.50