Chapter 10 and 11 Review Questions

Chapter 10 and 11 Review Questions - BMGT 220 Review of...

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BMGT 220 Review of Chapters 10 and 11 November 22, 2011
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Practice Question 1: Gary’s Gas station includes an 8.50% sales tax in the amount credited to the sales account. If the sales account has a balance of $675,250, the amount of the sales tax payable to the state is: 1. $54,020 2. $50,019 3. $57,396 4. $52,900
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Practice Question 2: On December 1, 2009, UMD Company purchased $15,000 of equipment by issuing a 120-day, 10% note payable to Bank of Maryland. Assuming the company’s accounting period ends on December 31, the journal entry recorded by UMD Company on the note maturity date will include: 1. Debit to Interest Expense for $375 2. Debit to Interest Payable for $375 3. Debit to Interest Payable for $250 4. Debit to Interest Expense for $125
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Practice Question 3: Which of the following taxes is NOT included in the payroll tax expense of the employer? 1. State unemployment taxes 2. Federal unemployment taxes 3. FICA taxes 4. Federal income taxes
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Practice Question 4: Choose the statement that correctly summarizes the tax advantage of raising money by issuing bonds instead of common stock: 1. The amount paid by the corporation to redeem bonds at maturity date is deductible in computing income subject to corporate income tax.
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