81 the maturity value of a 15 000 60 day 5 note payable is a 15 750 b 750 c 15 125 4297136
81. The maturity value of a $15,000, 60-day, 5% note payable is:
82. The current portion of long-term debt should
A. be classified as a long-term liability.
B. not be separated from the long-term portion of debt.
C. be paid immediately.
D. be reclassified as a current liability.
83. On January 1, 2007, Gannon Company, a calendar-year company, issued $400,000 of notes payable, of which $100,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2007, is
A. Current Liabilities, $400,000.
B. Current Liabilities, $100,000; Long-term Debt, $300,000.
C. Long-term Debt, $400,000
D. Current Liabilities, $200,000; Long-term Debt, $200,000.
84. On October 30, Santos Salon, Inc. issued a 90-day note with a face amount of $60,000 to Charah Hair Products, Inc. for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 8%.
85. The total payroll of a business is usually significant for all the reasons below except
A. employees are sensitive to payroll errors and irregularities
B. payroll is subject to various federal and state regulations
C. businesses find it difficult to develop and maintain good internal controls on the payroll system
D. payroll and related payroll taxes have a significant effect on the net income of most businesses
86. The amount of federal income taxes withheld from an employee's gross pay is recorded as a(n)
A. payroll expense
B. contra account
87. Which statement below is not a determinate in calculating the amount of federal income taxes withheld from an individuals pay?
A. filing status
B. types of earnings
C. gross pay
D. number of exemptions
88. Which of the following would be used to compute the federal income taxes to be withheld from an employee's earnings?
A. FICA tax rate
B. wage and tax statement
C. FUTA tax rate
D. wage bracket and withholding table
89. Which of the following taxes would be deducted in determining an employee's net pay?
A. FUTA taxes
B. SUTA taxes
C. FICA taxes
D. all of the above
90. For which of the following taxes is there no ceiling on the amount of employee annual earnings subject to the tax?
A. only Social Security tax
B. only Medicare tax
C. only unemployment compensation tax
D. none of the above