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The Following Totals for the Month of April Were Taken

question 130

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The following totals for the month of April were taken from the payroll records of Noll Company.  Salaries $120,000 FlCA taxes withheld 9,180 Income taxes withheld 25,000 Medical insurance deductions 4,500 Federal unemployment taxes 320 State unemployment taxes 2,160\begin{array} { l r } \text { Salaries } & \$ 120,000 \\\text { FlCA taxes withheld } & 9,180 \\\text { Income taxes withheld } & 25,000 \\\text { Medical insurance deductions } & 4,500 \\\text { Federal unemployment taxes } & 320 \\\text { State unemployment taxes } & 2,160\end{array} Recording the payment of net payroll would include a(n)

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Definitions:

UCC

This extensive legal framework, the Uniform Commercial Code, establishes the rules governing commercial transactions in the United States.

Tenders

Formal offers to carry out work, supply goods, or buy land, goods, or services at a specified price.

Security Interest

A legal claim or lien on collateral, which gives the holder the right to seize property if the debtor fails to meet the obligations of a loan or agreement.

Line of Credit

An arrangement between a financial institution and a client that establishes a maximum loan balance that the borrower can access.

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