Question

27. A truck was purchased at a cost of $23,000. The estimated useful life and salvage value was 8 years and $3,000. After 4 years of straight-line depreciation, the asset's useful life was revised to 6 years with no change in the estimated salvage value. The depreciation expense in year 5 is: a. S2,875. b. $5,000 c. $5,750. d. $11,500. 28. The gross margin ratio: a. Is also called the net profit ratio. b. Indicates the percent of sales revenue remaining to cover operating expenses. c. Indicates the % of sales revenue needed to cover all expenses. d. Indicates the margin of safety below which the firm cannot be profitable. 29. On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.) a. SO. b. $75. c. $225 d. Some other amount. _30. A company has a payroll of $100,000. Social security is 7.65% a. The employees will have $7,650 withheld from their paycheck. b. The company will record an expense of $7,650. c. Both "a and b". d. Only the employees will have an expense. _31. If a company withholds $25,000 of Federal Income tax from salaries: a. The employer will have an expense until the funds are remitted. b. The employer will have a liability until the funds are remitted c. Both "a" and "b". d. Only the employees will have an expense.

Answer 1

2009 1 cost - $23000 life = 8 glors Salvage value = $3000 clepreciation om 23000 - 3000 - 2500. depreciation for 4 years - 2500 x4 - 10000 Book value at the end of a years is 23000 - 10000 biop rob - $ 13000. Dari Revised life . 6 years * Already u years are completed Remaining life is 2 years. depreciation - 13000 - 3000 30 hina 5000/year. 5th year depreciation = $5000

Gross margin oeatio & Gross proft 0 000 sales to jo Gross profit is before operating - X1000.spous expenses. cration) soubor Answer is si . B ☺ 61 Note payable = $15000 ao-days a soba interest from ist doc to 31st dec 15000 x 67 x 30 360 betale $45 prising Answer c Bath a web- * It is a fare paid for the welfare of employees company can claim expense. son

③ Federal taxes deducted from salaries should be venitted to the government. & Employer will have liability until the funds are remitted" Диз изох в).