Which of the following is the initial and most important step in the preparation of pro forma
financial statements?
A) Determine the rate of interest that will be required for borrowed funds.
B) Estimate the levels of investment in current and fixed assets.
C) Project the firm's sales revenues for the planning period.
D) Approximate the cost of raw materials.
C
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___________: Venturesome; higher educated; use multiple info sources
Fill in the blank(s) with the appropriate word(s).
Harrison, an employee of Saft Associates, Inc, has gross salary for March of $4,000
The entire amount is under the OASDI limit of $117,000 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Harrison has a deduction of $320 for health insurance and $80 for United Way. Which of the following is included in the entry to record the disbursement of his net pay? A) credit to Salaries and Wages Payable B) debit to United Way Payable C) debit to FICA Taxes Payable D) credit to Cash