Which of the following statements is true?
A) The direct materials purchases budget is determined from the direct labor budget.
B) The sales budget is the only budget based on an estimate of customer demand.
C) The capital expenditures budget are prepared from the production budget.
D) The selling and administrative expense budget is input into the forecasted cost of goods sold.
B
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You have just landed in Paris with $750 in your wallet. At the foreign exchange booth, you see that euros are being quoted at $1.34/€. How many euros can you exchange for your $750?
A) 1,005 euros B) 559.70 euros C) 750.00 euros D) 179.56 euros
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during theweek. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; socialsecurity tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first$7,000; federal unemployment compensation tax, 0.8% on the first
$7,000 . What is the net amount to be paid to theemployee? a. $568.74 b. $601.50 c. $660.00 d. $574.90