Homework Answers
Answer-1-True
Explanation:-
Federal Depository Bank is the Bank authorized to accept deposits of accounts payable to the federal government.
2-True
Explanation:-
Vacation Pay is typically recorded as an expense when earned It is also usually paid out to the employee if they leave the company. So it is an estimated liability.
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Deposits of amounts payable to the federal government may be paid through federal depository banks. True...
1. Asset transformation and bank management True or False: All large banks and some small banks...
1. Asset transformation and bank management True or False: All large banks and some small banks chosen by the Federal Reserve perform asset transformation. True False Regardless of what size and form banks may be, they all operate under the same accounting rules and regulations. As such, we can use financial statements, especially balance sheets, as a guide when examining how banks are managed. Use the following categorization table to identify a bank's assets and liabilities. Assets Liabilities Demand deposits...
BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
The reserve requirement sets the required percentage of vault cash plus deposits with the regional Federal...
The reserve requirement sets the required percentage of vault cash plus deposits with the regional Federal Reserve Banks that banks must keep for their deposits. Many banks have widespread branches and ATMs. How would the existence of branches and ATMs affect the level of excess reserves (above those required) that banks are able to hold? ATMs require a lot of vault cash, thus increasing excess reserves. ATMs increase excess reserves, which increases the money multiplier. The existence of ATMs does...
Only the federal government provides for the registration of trademarks. True or False? Through tort law,...
Only the federal government provides for the registration of trademarks. True or False? Through tort law, the state prosecutes those who commit criminal acts. True or False?
unearned revenue arises because the business receives goods or services before payment has been made True...
unearned revenue arises because the business receives goods or services before payment has been made True or false retirement compensation is a benefit because the employer sets aside money for the employees future retirement True or false gross pay is the total amount of salary,wages,commissions,and bonuses earned by an employee during a pay period,after taxes or any other deductions True or false the old age,survivors,and disability insurance component of FICA tax is imposed on the entire amount of an individual...
Multiple Choice: Choose the “best” answer. Please Answer all Money center banks rely more heavily on...
Multiple Choice: Choose the “best” answer. Please Answer all Money center banks rely more heavily on wholesale and borrowed funds as sources of liability funding than do community banks. True False Commercial paper is an alternative (competitive product) for large established companies that otherwise would need a business loan from a commercial bank. True False There is only one regulatory agency for commercial banks in the U.S.. True False 4. Customer deposits are classified on a DI's (depository banks) balance...
Hello, I was wondering if you could help me with my payroll questions? 1. Quebec senior executive employees may be paid on a monthly basis. True or False 2. Payments for employees are processed throug...
Hello, I was wondering if you could help me with my payroll questions? 1. Quebec senior executive employees may be paid on a monthly basis. True or False 2. Payments for employees are processed through accounts payable and do not require any statutory payroll deductions. True or False 3. Payments for self-employed workers are processed through accounts payable and do not require any statutory payroll deductions. True or False 4. Payroll professionals are responsible for staying up to date with...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O F...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O False Peter Inc. manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 8% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click to view the sales and actual warranty payments during the first two years of operations.) Based on these facts,...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
1. Asset transformation and bank management True or False: All large banks and some small banks chosen by the Federal Reserve perform asset transformation. True False Regardless of what size and form banks may be, they all operate under the same accounting rules and regulations. As such, we can use financial statements, especially balance sheets, as a guide when examining how banks are managed. Use the following categorization table to identify a bank's assets and liabilities. Assets Liabilities Demand deposits...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O False Peter Inc. manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 8% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click to view the sales and actual warranty payments during the first two years of operations.) Based on these facts,...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
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