-The Entry to Record Accrual of Employer's Payroll Taxes Would

question 71

Multiple Choice

$\begin{array}{lr}\text { Salaries } & \$ 12,000 \\\text { FICA taxes withheld } & 900 \\\text { Income taxes withheld } & 2,500 \\\text { Medical insurance deductions } & 450 \\\text { Federal unemployment taxes } & 32\\\text { State unemployment taxes }&216\\\end{array}$
-The entry to record accrual of employer's payroll taxes would include a

• A)debit to Payroll Tax Expense for $248
• B)debit to FICA Taxes Payable for $1,800
• C)credit to Payroll Tax Expense for $248
• D)debit to Payroll Tax Expense for $1,148

Identify the requirements for a contract to be valid under the statute of frauds.

Distinguish between oral and written contracts and understand the implications of each under the law.

Understand the role and application of the parol evidence rule in contract disputes.

Recognize the exceptions to the statute of frauds and how they affect contract enforceability.

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Definitions:

Cost Accounting System

A system of accounting for recording, classifying, allocating, summarizing, and analyzing various alternative courses of action for controlling costs.

Service Center

A segment within an organization that provides essential support services or assistance to other departments or units within the organization.