ACCOUNTING CH 10 QUIZ ATTEMPT 1

ACCOUNTING CH 10 QUIZ ATTEMPT 1 - ACCOUNTING CH.10 QUIZ...

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ACCOUNTING CH.10 QUIZ ATTEMPT 1. 1. During the pay period, Emma company’s employees earned $40,000 in Wages. The income tax withholdings were $4,000 and the FICA withholdings were $3,300. The total compensation expense to the company during this period was: ANSWER: 43,300 2. During the pay period, AVA company’s employees earned $50,000 in Wages. The income tax withholdings were $6,000 and the FICA withholdings were $3,500. The credit to “cash” for payment of wages by the company during this period was: ANSWER: 40,500 3. During the pay period, Emma company’s employees earned $40,000 in Wages. The income tax withholdings were $4,000 and the FICA withholdings were $3,300. The portion of the entry to record the income tax and the FICA withholdings from the employees will INCREASE LIABILITIES 4. The local government where Ava Company is located, requires companies to collect 5% sales tax on all retail sales to customer. Ava Company’s daily sales to customers are $1,000. Assuming all sales were cash sales,
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ACCOUNTING CH 10 QUIZ ATTEMPT 1 - ACCOUNTING CH.10 QUIZ...

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