accounting-he total amount of employee compensation before deductions

QUESTION

Here it is! Thanks!he total amount of employee compensation before deductions are taken out is referred to as_______. (Points : 1) gross pay net pay compensation after withholdings take-home payQuestion 2.2.Unearned subscription revenue appears on the balance sheet as a_______. (Points : 1) long-term asset long-term investment current asset or long-term investment current liability or long-term liabilityQuestion 3.3.What are the two categories of payroll deductions? (Points : 1) required deductions, optional deductions straight deductions, overtime deductions gross deductions, net deductions charitable deductions, contributory deductionsQuestion 4.4.Which of the following is an amount for products or services purchased on account? (Points : 1) Accounts payable Unearned revenue Accrued expense Estimated warranty payableQuestion 5.5.Griffin Insurance Company sold a policy that begins on October 1, 20X2 and goes through September 30, 20X3. Cash of $1500 was received on September 29, 20X2 and was recorded as unearned revenue. The entry required at year-end to correctly state unearned revenue account would be ________. Assume no monthly adjusting entries were recorded. (Points : 1) Unearned Revenue1500.00Revenue1500.00 Cash1500.00Revenue375.00Unearned Revenue1125.00 Revenue375.00Unearned Revenue375.00 Unearned Revenue375.00Revenue375.00Question 6.6.Table 7Richard and Gere are the only two employees of Bush Company. In January, 20X6, Richard’s gross pay was $5,500 and Gere’s gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Gere pays $200 for insurance premiums and Richard pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of .8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings. Referring to Table 7, the entry to record the payroll for January would include a_______. (Points : 1) debit to salary payable to employees for $6,694 credit to federal unemployment tax payable for $86 credit to FICA tax payable for $856 credit to state unemployment tax payable for $578Question 7.7.Henry Company rented an office warehouse to a customer. The lease begins on November 1, 20X2 and goes through October 31, 20X3. Cash of $15,000 was received on October 30, 20X2. The balance of unearned rent revenue on December 31, 20X2 should be ________. (Points : 1) $15,000 $12,500 $2,500 $11,250Question 8.8.Which of the following is true of a contingent liability? (Points : 1) It is a potential liability that depends on a future event. It is an actual liability that is difficult to estimate. It is an actual liability that depends on a past event. It is a court-imposed liability based on an officer’s fraud as decided in a completed lawsuit.Question 9.9.Face value of a note payable plus interest is called _________. (Points : 1) maturity value face value proceeds principalQuestion 10.10.The table below provides payroll information for Tim Watson for the month of June: Salary$6,200Insurance$350Bonus$500Charitable contributions$50Federal Tax Withholding Rate25%State Tax Withholding Rate6%FICA Tax Withholding Rate5.65% What is the total for Tim Watson’s required deductions? (Points : 1) $2,622.30 $2,805.55 $2,272.30 $2,455.55Question 11.11.Which of the following is NOT a component of a payroll system? (Points : 1) Payroll sinking fund Employee earnings record Payroll bank account Payroll recordQuestion 12.12.A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note’s maturity date? (Points : 1) A credit to Note payable for $20,400 A credit to Cash for $10,000 A debit to Interest expense for $133 A debit to Interest payable for $133Question 13.13.Which of the following is referred to as net pay? (Points : 1) Take-home pay plus all deductions Gross pay minus federal and state income taxes All deductions plus all withholdings Gross pay minus all deductionsQuestion 14.14.John worked 40 hours last week at $18.50 per hour plus 7 hours overtime at time and a half. John pays 15% Federal income tax and 7% State income tax. If FICA is 7.5%, what is John’s net income? (Points : 1) $486.97 $526.80 $740.65 $658.64Question 15.15.Many of the accounting standards in GAAP for current asset accounts are ________ with the international standards. (Points : 1) converged merged accrued converted

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