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Accounting Tax Review Income Interest
Test Description: Accounting Tax Review income interest
Instructions: Answer all questions to get your test result.
1) with gross earning of 875 and deduction of 355. what is the net pay?
A
520
B
525
2) to journalize payment of employee taxes
A
dr cash cr taxes payable ss medicare bonds health
B
dr all taxes payable ss, medicare, bonds, health cr cash
3) to journalize or record of employee taxes
A
dr salary expense cr taxes payable ss medicare bonds health
B
dr all taxes payable ss, medicare, bonds, health cr cash
4) to record employer taxes
A
dr cash cr taxes payable ss medicare unemployment federal and state
B
dr payroll expense cr taxes payable ss medicare unemployment federal and state
5) service int'l signed a 25,000 two year interest bearing 7% note. what is the maturity value of the note?
A
28,000
B
28500
6) to record notes payable issuance
A
dr notes payable cr cash
B
dr cash cr notes payable
7) to record payment of notes payable
A
dr cash cr notes payable
B
dr notes payable cr cash
8) if total sales is 250000 and estimated rate for uncollectible is 1% what is the amount of uncollectible
A
2500
B
25000
9) davis dishonored a 90 day 8% notes receivable for 2000. what is the journal entry?
A
dr accounts receivable 2040 cr interest income 40 cr notes receivable 2000
B
dr notes receivable 2040 cr accounts receivable 2040
10) a heating system cost 15500 salvage value 500 useful life 15 years what is the depreciation
A
950
B
1000
*select an answer for all questions
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