Dan Jones and Pat Smith Are the Only Two Employees

question 82

Multiple Choice

Dan Jones and Pat Smith are the only two employees of Lone Star Company. In January, 2012, Dan's gross pay was $5,500 and Pat's gross pay was $5,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the payroll tax expense to be paid out by Lone Star Company for January?

• A)a debit to Salary payable to employees for $165.30
• B)a debit to FICA-OASDI for $165.30
• C)a credit to FICA-Medicare Tax payable for $165.30
• D)a credit to Salary expense for $165.30

Understand the concept of self-supporting growth rate and factors influencing it.

Explain the term "spontaneously generated funds" and its significance in operations.

Analyze the relationship between business operations' capacity utilization and financial planning.

Understand the criticality of sales forecasting in constructing pro forma financial statements.

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Definitions:

Gender Identity

The personal sense of one's own gender, which may or may not correspond with the sex assigned at birth.

Stigma

A mark of disgrace associated with a particular circumstance, quality, or person.

Androsexual

Being primarily sexually or romantically attracted to masculinity or men, regardless of one's own gender identity.

Gynesexual

An orientation that involves being sexually attracted to women or femininity, regardless of the person's own gender identity.