Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Business Economics
Hardy Company has current assets of $90,000, current liabilities of $100,000, longterm assets of $180,000 and long-term liabilities of $80,000. Hardy Company's working capital and its current ratio are: $90,000 and .90:1. -$10,000 and 1.50:1. $10,000 and .90:1. -$10,000 and .90:1. Ans: LO: 3, Bloom: AP, Difficulty: Hard, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Quantitative Methods
Current liabilities generally appear after long-term debt on the balance sheet. in decreasing order of magnitude on the balance sheet. in order of maturity on the balance sheet. in increasing order of magnitude on the balance sheet. Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting Employee payroll deductions include each of the following except federal unemployment taxes. federal income taxes. FICA taxes. insurance and pensions. Ans: LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Business Economics
Which one of the following payroll taxes does not result in a payroll tax expense for the employer? FICA tax Federal income tax