ABC Tax Planning Service Started Business in January 2018

question 91

Multiple Choice

ABC Tax Planning Service started business in January 2018.The company rented an office for $1,800 per month starting from January 1,2018.On that day,ABC prepaid the rent through June 30.The company makes adjusting entries at the end of each month.What is the balance in the Prepaid Rent account as of April 30,2018?

• A) $3,600
• B) $300
• C) $1,800
• D) $900

Interpret the impact of data organization (matched pairs vs. independent samples) on statistical significance testing.

Calculate the minimum sample size required for testing hypotheses about means with specific confidence levels and margins of error.

Apply and interpret the Sign Test for non-parametric inference about median differences.

Understand and apply hypothesis testing for comparing means between two groups.

---

Definitions:

Payroll Tax Expense

Levies placed on both employers and employees, determined based on a percentage of the wages that employers distribute to their workforce.

FICA Taxes Payable

Taxes owed for Federal Insurance Contributions Act, primarily for Social Security and Medicare, withheld from employees' paychecks.

Employer's Payroll Taxes

These are taxes that employers are required to pay on behalf of their employees, including Social Security and Medicare taxes in the United States.

Pension Rights

The entitlements employees earn towards future pension benefits as a result of their employment.