True/False Indicate whether the statement is true or
false.
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1.
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An owner of one or more shares of a corporation is known as a partner.
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2.
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A corporation's dividend account is a temporary account similar to a
proprietorship's drawing account.
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3.
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Action to distribute corporate earnings to stockholders is called declaring a
dividend.
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4.
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Accounts receivable that cannot be collected are called write-offs.
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5.
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The amount an owner expects to receive when a plant asset is removed from use is
called expected return on investment.
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6.
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The amount of federal income tax expense a corporation must pay is calculated
using a tax rate table set by Congress.
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7.
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Tax percentages are calculated as a straight percentage of net income based on
total income of the business.
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8.
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A corporation must pay its federal income taxes monthly and file an annual
income tax return.
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9.
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A service business does not make any adjustments to uncollectible accounts
expense and depreciation expense.
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10.
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An asset is obsolete when a newer asset can operate more efficiently or produce
better service.
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Matching Use the word list provided below not all words will be used
some may be used multiple times. Copy and paste so they are exact matches. Any extra spaces or
misspellings will be incorrect.
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A. | state unemployment tax | G. | Salary Expense | B. | within 30 days of the last date of
employment | H. | gross payroll
before deductions | C. | Net Depreciation | I. | by January 31 of the next
year | D. | Net pay | J. | straight-line method | E. | by the 15th of the following
month | K. | deposit | F. | more than $100.00 | L. | federal unemployment
earnings |
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1.
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Federal unemployment insurance is paid by the end of the month following each
quarter if the liability is ____.
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2.
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For the journal entry for payroll, the total that should be debited to salary
expense is ____.
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3.
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If an employee ends employment before December 31, Form W-2 must be furnished
____.
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4.
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The total earnings subject to unemployment tax is referred to as ____.
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5.
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When does a monthly schedule depositor, pay payroll taxes to the federal
government.
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6.
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Employers must furnish a W-2 statement to their employees ____.
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7.
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For the journal entry for payroll, the total that should be credited to cash is
____.
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8.
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Which account title is used to journalize the Total Earnings column of the
payroll register?
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9.
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A state tax used to pay benefits to unemployed workers is
called ____.
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10.
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The payment of payroll taxes with the government is referred to as a(n)
____.
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