Use This Information for Magnum Company to Answer the Following

question 51

Multiple Choice

Use this information for Magnum Company to answer the following questions.
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The following totals for the month of April were taken from the payroll register of Magnum Company:
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$$\begin{array} { l r } \text { Salaries } & \$ 12,000 \\\text { FICA taxes withheld } & 900 \\\text { Income taxes withheld } & 2,500 \\\text { Medical insurance deductions } & 450 \\\text { Federal unemployment taxes } & 32 \\\text { State unemployment taxes } & 216\end{array}$$ ​
-The entry to record the accrual of the employer's payroll taxes would include a

• A) debit to Payroll Tax Expense for $2,500
• 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

Assess a company's efficiency in the use of its assets through calculation of asset turnover ratios.

Prepare general journal entries to record transactions involving plant assets.

Revise depreciation calculations based on adjustments to useful life and salvage value of fixed assets.

Account for renovations and improvements to fixed assets and their impact on depreciation.

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Definitions:

Top Managers

Individuals who hold the highest level of management in an organization, responsible for setting policies, strategies, and goals.

Reverse Innovation

Innovation that comes from lower organizational levels and is found in diverse settings or locations.

Global Firms

Companies that operate and offer products or services in multiple countries across the world, transcending national boundaries.

Foreign Markets

Commercial markets or trading arenas outside a company's country of operation where goods, services, and securities are bought and sold.