chapter 8 MGMT 200

Which of these payroll taxes are paid only by the employer? (Check all that apply.)

SUTA and FUTA

Schmidt Company borrows $10,000 from its bank and signs a 6-month note. Interest, which is due quarterly, is specified in the note as 6%. The 6% interest rate is a(n)

annual, 12 month rate

what are the two classifications for liabilities

current and long-term

Which of the following are employer payroll costs?

-Employer portion of Medicare tax - Federal and state unemployment taxes

On November 1, 2018, ABC Corp. borrowed $100,000 cash on a 1-year, 6% note payable that requires ABC to pay both principal and interest on October 31, 2019. The journal entry on November 1, 2018 would include which of the following?

debit to cash 100,000 credit to notes payable 100,000

Notes payable is classified as a liability that has which of the following effects?

Creates interest expense on the income statement

A company purchases inventory or supplies and promises to pay within 30 to 45 days. No formal agreement is signed. This transaction is recorded as a(n)

accounts payable

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