When tracing the entries made after posting employee paychecks, you found all the following to be true EXCEPT:
A) Hourly wages debited the salaries and wages expense account.
B) Hourly wages credited the salaries and wages expense account.
C) Social Security paid by the employer debited the payroll tax expense account.
D) Social Security withholdings credited the Federal Payroll Taxes Payable account.
Answer: B
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Which of the following correctly describes the Dutch auction method of share repurchase?
a. The firm conducts open-market purchases. b. The firm specifies a price and a quantity of shares that it will repurchase. c. The firm auctions shares to the highest bidder, as long as that bidder meets the firm's reservation price. d. The firm establishes an acceptable range of prices, solicits and collects sell offers, calculates the average price of these offers, and this average price is applied to all tendered shares.
Losses from ________ exposure generally reduce taxable income in the year they are realized. ________ exposure losses are not cash losses and therefore, are not tax deductible
A) transaction; Operating B) accounting; Operating C) accounting; Transaction D) transaction; Translation