The Following Data (In Thousands) Is Available for Chang Company

question 147

Multiple Choice

The following data (in thousands) is available for Chang Company. The subtotal of the first asset classification on the 2014 Statement of Financial Position is:

• A) ¥20,380
• B) ¥18,620
• C) ¥528
• D) ¥7,380

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Definitions:

FICA Taxes

Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of earned wages.

Payroll Tax Expense

Payroll tax expense includes taxes imposed on employers or employees, and is based on the wages, salaries, and tips paid to the employees.

State Unemployment Taxes

Taxes imposed by state governments on employers to fund unemployment insurance benefits for laid-off workers.

Hourly Wage Rate

The amount of money paid for each hour of work performed.