The Last Weekly Payroll of Available Temp Services Was $33,110

question 73

Multiple Choice

The last weekly payroll of Available Temp Services was $33,110.00 for 55 employees. The company pays 7.1% of payroll for vacations and sick leave and $58.06 per employee for health insurance. What percent of payroll is the total cost of fringe benefits? (Round your answer to the nearest tenth of a percent)

• A) 9.6%
• B) 10.3%
• C) 16.7%
• D) 18.9%

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Definitions:

Conceptual Framework

A system of ideas and objectives that guide the development, preparation, and interpretation of financial reporting information.

FASB

Stands for the Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

Qualitative Characteristics

Features that make financial information useful to users, including relevance and faithful representation, among others, guiding the preparation and presentation of financial statements.

GAAP

A group of customary accounting regulations and benchmarks used in financial reporting.