Ch. 5 and 6 EXAM

Front

Which of the following is NOT a tax paid by both the employee and employer? FICA tax, State unemployment tax, State income tax, Federal income tax

Back

State unemployment tax

Front

Kate has a pay rate of $15 per hour. She worked seven hours each day during the last 10 day pay period. What is Kate’s gross wage?

Back

$1,050

Front

How much were the gross earnings of Jenny’s Jewels last year if they sold $750,000 worth of jewelry and the cost of goods sold was $420,000?

Back

$330,000

Front

How much money is withheld from Janet’s paycheck each month if she makes $48,000 per year and the Social Security tax is 6.2% of her wages?

Back

$248

Front

What is Christina’s yearly net pay if her gross pay is $55,000 and total withholdings and deductions are $12,500?

Back

$42,500

Front

Henry made $42,000 in wages last year. If the Medicare tax is 1.45%, how much money was paid in total for the Medicare tax from Henry and Henry’s employer last year?

Back

$1,218

Front

What would be the journal entry to replenish a petty cash fund that was initially established with $200 after a gas purchase of $25, a paper purchase of $32, and a miscellaneous expense of $15?

Back

Debit: Fuel Expense ($25), Supplies ($32), Misc. Expenses ($15); Credit: Cash ($72)

Front

Which of the following refers to the process of verifying the bank statement amounts match company cash amounts? Options: Bank adjustment, Bank reconciliation, Statement revision, Company cash reconciliation

Back

Bank reconciliation

Front

Which of the following accounts would be credited to set up a petty cash fund? Petty cash, Cash, Withdrawals, Miscellaneous expense

Back

Cash

Front

The bank listed a $400 deposit as $4,000. How would this error be listed on a bank reconciliation?

Back

Bank error which overstated the balance