Rambling Company Has an Employee Whose Total Salary for the Month

question 44

Multiple Choice

Rambling Company has an employee whose total salary for the month of January totaled $20,000.The federal income tax rate for this employee is 15%,the FICA Social Security tax is 6.2%,and the FICA Medicare tax is 1.45%.How would the company accrue the January salaries expense and withholding of January taxes for this employee?

• A)Debit Salaries Expense for $20,000,credit FICA-Social Security Taxes Payable for $1,240,credit FICA-Medicare Taxes Payable for $290,credit Employee Federal Income Taxes Payable for $3,000,and credit Salaries Payable for $15,470.
• B)Debit Salaries Expense for $20,000,credit FICA-Social Security Taxes Payable for $1,240,credit FICA-Medicare Taxes Payable for $290,credit Employee Federal Income Taxes Payable for $3,000,and credit Cash for $15,470.
• C)Debit Salaries Expense for $20,000 and credit Salaries Payable for $20,000.
• D)Debit Salaries Expense for $15,470 and credit Salaries Payable for $15,470.
• E)Debit Salaries Expense for $20,000,credit FICA-Social Security Taxes Expense for $1,240,credit FICA-Medicare Taxes Expense for $290,credit Employee Federal Income Taxes Expense for $3,000,and credit Cash for $15,470.

Identify Rogers's views on self-concept, ideal self, and conditions of worth.

Understand the role of therapeutic elements such as empathy, congruence, and unconditional positive regard in successful therapy.

Examine the methods Rogers employed for assessing personality and therapy progress.

Appreciate the importance of experiential learning in Rogers's theory and therapy.

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Definitions:

IFRS 16

International Financial Reporting Standard that specifies how leases are recognized, measured, presented, and disclosed in financial statements.

Underlying Asset

An asset on which a derivative's price is based, determining its value and performance.

Operating Lease Arrangement

A contract that allows for the use of an asset but does not transfer ownership rights of the asset to the lessee.

Lease Income

Income generated from leasing out assets or property to another party under a lease agreement.