The Allowance for Doubtful Accounts would appear on the: a. Income Statement wit
ID: 2577895 • Letter: T
Question
The Allowance for Doubtful Accounts would appear on the: a. Income Statement with . A company discanded a display case that it had originally purchased for $8,000. The case had $7,.200 worth of accumulated depreciation. The company should recognize a(n): 8. a. $0 gain or less b. $8,000 loss c. $800 gain d. $800 loss 8. 9. A -is an exclusive right to manufacture and sell a device or to use a process for 20 years. a. franchise license b. trademark c. copyright d. patent To write-off the cost of a copyright is an example of: c. depletion d. depreciation b. deterioration The employer should record payroll deductions as: a. Employee receivables b. Payroll taxes expense . Wages Payable d. Current liabilities 22. FICA taxes include: a. Social Security taxes b. Employee income taxes c. Unemployment taxes d. Federal taxes 23. Gross pay is: a. Take-home pay b. Total compensation earned by an employee before any deductions. c. Salaries after taxes are deducted. d. The amount of the paycheck. 24. Clark Smith works part-time for Mission Company. Clark's gross pay through the end of July has totaled $3,200. Clark's gross pay for August is $1,000. The company is subject to the following taxes: Tax Rate Applied to 6.20% | First $106,800 1.45%-11 gross pay 0.80% | First $7,000 5.40% | First $7,000 What is the amount that Mission Company will withhold from Clark's August gross pay? FICA-Social Security FICA-Medicare FUTA SUTA a. $62.00 b. $76.50 c. $138.50 d. $321.30Explanation / Answer
18. The correct answer is 800 loss.
Book value of asset = Original cost – accumulated depreciation
= 8000 – 7200 = 800
Book value of the assert is 800, however the company has discarded it, it will record it as loss.
19. The correct answer is patent.
20. Writing off intangible asset is called amortization
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.