Question: Either the gross method or net method may be used to record sales with cash discounts, but the net method requires a period-end adjusting entry

Either the gross method or net method may be used to record sales with cash discounts, but the net method requires a period-end adjusting entry to estimate expected future sales discounts taken. True or False

Under FIFO, the most recent costs are assigned to ending inventory. True or False

Installment accounts receivable is another name for aging of accounts receivable. True or False

An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. What is the amount of total unemployment taxes the employee must pay?

$434.00
$56.00
$0.00
$378.00
$101.50

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