MrZee Worked 48 Hours During the Week Ended January 18,2016

question 79

Multiple Choice

Mr.Zee worked 48 hours during the week ended January 18,2016.He is paid $10 per hour,and is paid time and a half for all hours over 40 in a week.He had $100 withheld from his pay for federal income taxes,and $20 withheld for health insurance.The combined social security and Medicare tax rate is 7.65%,and the federal and state unemployment tax rates are .6% and 3.8%,respectively.All earnings are taxable.What is the total employer payroll tax expense for Mr.Zee's current paycheck.

• A) $62.66
• B) $57.84
• C) $82.66
• D) $182.66

Correctly journalize treasury stock transactions under the cost method.

Calculate and understand the impact of stock transactions on paid-in capital and retained earnings.

Know the accounting treatment for issuing stock for non-cash considerations such as services and land.

Understand the differences between common stock and preferred stock, including par value, stated value, and no-par stock.

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Definitions:

Process Costing System

A method of accounting used to track and allocate costs associated with a continuous manufacturing process, suitable for homogeneous products.

Weighted-Average Method

A costing method that calculates the cost of goods sold and ending inventory based on the average cost of all goods available for sale during the period.

Dust Density Sensors

Devices used to measure the concentration or density of dust particles in the air or other environments.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on incomplete products in terms of completed products.