Art Parrish,the Sole Employee of Parrish Sales,has Gross Salary for March

question 5

Multiple Choice

Art Parrish,the sole employee of Parrish Sales,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $106,800,and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.The second entry in the payroll cycle to record the disbursement of his net pay should include which of the following?

• A) Debit to Cash for $2,974
• B) Credit to Cash for $2,974
• C) Debit to Employee income tax payable of $720
• D) Debit to FICA tax payable of $306

Understand the distinction between executory and executed contracts based on performance.

Grasp the elements essential for the formation of a valid contract including offer, acceptance, and consideration.

Understand the concept of customer value and its relevance in the marketing process.

Comprehend the composition and importance of the supply chain in delivering value.

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Definitions:

Life Expectancy

The average number of years an individual is expected to live based on current mortality rates.

Malnutrition

A condition that results from eating a diet in which nutrients are either not enough or are too much, causing health problems.

Economics in Practice

The application of economic theories and principles to real-world scenarios, often aimed at solving practical problems.

GDP

Gross Domestic Product, a measure of the total economic output of a country.