Payroll taxes levied against employees become liabilities
A) the first of the following month
B) at the time the payroll is paid
C) when earned by the employee
D) at the end of an accounting period
B
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Data is facts and numbers
Indicate whether the statement is true or false
Trebowski Company prepared the following absorption-costing income statement for the first year of operations. The income statement is for the fiscal year ended May 31, 2015:
Sales (16,000 units) $320,000 Cost of Goods Sold 216,000 Gross Margin 104,000 Selling and administrative expenses 46,000 Operating income $58,000 Additional data follow: Variable selling and administrative expenses $1.50 per unit Variable manufacturing costs $11.00 per unit Direct materials inventory, May 31, 2015 0 Work-in-process inventory, May 31, 2015 0 Units produced 17,500 units Units expected to be produced 17,500 units Required: Assume actual fixed costs were equal to budgeted fixed costs. Prepare a variable-costing income statement for the year ended May 31, 2015.