50.1K

Verified Solution

Link Copied!

a As rerd thi ntohot ash sales of 85,000 and sales 19. entry to record this information is a. Cash cash sales of $5,000 and sales taxes of $250. The journal b. Cash 5,000 Sales Tax Revenue Sales 5,000 250 5,000,000 c. Cash 5,250 Sales Tax Expense d. Cash 250 Sales Sales Taxes Payable 5.250 5.250 5,000 250 totals for the month of April were taken from the payroll register of Noll Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $48,000 2,200 10,000 1,800 128 The entry to record a. debit to Payroll Tax Expense for $992 b. debit to Payroll Tax Expense for $3,192 c credit to FICA Taxes Payable for $4,400. d. credit to Payroll Tax Expense for $992 accrual of employer's payroll taxes would include a the consulting fees up front. The balance is paid at the conclusion of the consultation How does Lambert account for the cash received at the end of the engagement? a. Cash 21. Julie Lambert has a large consulting practice. New clients are required to pay one-half of Unearned Consulting Revenue Earned Consulting Revenue Earned Consulting Revenue b. Cash Unearned Consulting Revenue c. Prepaid Consulting Revenue d. No entry is required when the engagement is concluded. A measure of a company's solvency is the 22. a. acid-test ratio. b. current ratio. c, times interest earned ratio. d. asset turnover ratio. Liquidity ratios measure a company's a. operating cycle b. revenue-producing ability c. short-term debt paying ability. d. long-range solvency 23

Answer & Explanation Solved by verified expert

See Answer