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Jensen Juices has the following assets at the balance sheet date:

  1. Jensen Juices has the following assets at the balance sheet date:

Cash in bank—savings account        $  5,000

Amounts due from customers              14,000

Post-dated checks                                4,000

Checking account balance                  12,000

Which amount should be reported as cash in the balance sheet?

a.        $17,000                                              c.        $19,000

b.        $12,000                                              d.        $23,000

  1. Related buying activities include

           a. ordering, receiving, paying.

           b. ordering, selling, paying.

           c. ordering, shipping, billing.

           d. selling, shipping, paying.

  1. A petty cash fund is generally established in order to

           a. pay for all merchandise purchased on account.

           b. pay employees' wages.

           c. make loans internally to employees.

           d. pay relatively small expenditures.

11. Which method is acceptable when determining shortfall allocation based on the number of hours worked?


a. hours calculated method

b. hours worked method

c. gross receipts method

d. hours recorded method


12. Which type of establishment is not included in the 1982 Tax Equity and Fiscal Responsibility Act?


a. fine dining restaurants

b. cafeterias

c. casual dining restaurants

d. casinos 

Which one of the following payroll taxes is not withheld from the employee's wages because it is not levied on the employee?


a. Federal income tax

b. Federal unemployment tax

c. State income tax

d. FICA tax 

14. By January 31 following the end of a calendar year, an employer is required to provide each employee with a(n)

a. state unemployment tax form.

b. federal unemployment tax form 940.

c. wage and tax statement form W-2.

d. employee's withholding allowance certificate form W-4.

   The tax that is paid equally by the employer and employee is the

a.        federal income tax.

b.        federal unemployment tax.

c.  state unemployment tax.

d.  FICA tax.


16. The effective federal unemployment tax rate is usually

a.        6.2%.

b.        0.8%.

c.        5.4%.

d.        8.0%.


Top Answer

1-Cash to reported in balance sheet is $ 17000 ( 5000, cash in bank+12000 checking account balance) 1-Related buying... View the full answer

  • The effective federal unemployment tax rate is 0.8% becuase of the tax credit given to employers of up 5.4% on the actual 6.2% they pay.
    • jobmatumbai
    • May 11, 2018 at 6:22am
  • thanks a lot
    • calyindia1401
    • May 11, 2018 at 8:36am

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Other Answers

Great question... View the full answer

1 comment
  • thanks for answering
    • calyindia1401
    • May 11, 2018 at 8:36am

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