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1、wiL96536_ch11_426-4691/17/069:08Page453Chapter11CurrentLiabilitiesandPayrollAccounting453MultipleChoiceQuizAnswersonp.469mhhe.com/wildFAP18eMultipleChoiceQuizzesAandBareavailableatthebook’sWebsite.1.OnDecember1,acompanysigneda$6,000,90-day,5%note4.Acompanysellsbigscreentelevisionsfor$3,000each.Eachp
2、ayable,withprincipalplusinterestdueonMarch1ofthefol-televisionhasatwo-yearwarrantythatcoversthereplace-lowingyear.Whatamountofinterestexpenseshouldbeac-mentofdefectiveparts.Itisestimatedthat1%ofalltelevi-cruedatDecember31onthenote?sionssoldwillbereturnedunderwarrantyatanaveragecosta.$300of$250each.D
3、uringJuly,thecompanysold10,000bigb.$25screentelevisions,and80wereservicedunderthewarrantyc.$100duringJulyatatotalcostof$18,000.Thecreditbalanceind.$75theEstimatedWarrantyLiabilityaccountatJuly1wase.$0$26,000.Whatisthecompany’swarrantyexpenseforthe2.Anemployeeearned$50,000duringtheyear.FICAtaxformont
4、hofJuly?socialsecurityis6.2%andFICAtaxforMedicareis1.45%.a.$51,000Theemployer’sshareofFICAtaxesisb.$1,000a.Zero,sincetheemployee’spayexceedstheFICAlimit.c.$25,000b.Zero,sinceFICAisnotanemployertax.d.$33,000c.$3,100e.$18,000d.$7255.Employeesearnvacationpayattherateof1daypermonth.e.$3,825DuringOctober
5、,150employeesqualifyforonevacationday3.AssumetheFUTAtaxrateis0.8%andtheSUTAtaxrateiseach.Theiraveragedailywageis$175perday.Whatisthe5.4%.Bothtaxesareappliedtothefirst$7,000ofanem-amountofvacationbenefitexpenseforOctober?ployee’spay.Whatisthetotalunemploymenttaxanemployera.$26,250mustpayonanemployee’
6、sannualwagesof$40,000?b.$175a.$2,480c.$2,100b.$434d.$63,875c.$56e.$150d.$378e.Zero;theemployee’swagesexceedthe$7,000maximum.ABSuperscriptletter()denotesassignmentsbasedonAppendix11A(11B).DiscussionQuestions1.Whatarethethreeimportantquestionsconcerningtheuncer-9.Whatisanemployer’sunemploymentmeritrat
7、ing?Howaretaintyofliabilities?theseratingsassignedtoemployers?2.Whatisthedifferencebetweenacurrentandalong-term10.Whyarewarrantyliabilitiesusuallyrecognizedonthebalanceliability?sheetasliabilitieseven
