13. A word, slogan, or symbol that distinctively identifies a conspany, product,

Question

13. A word, slogan, or symbol that distinctively identifies a conspany, product, or service a. Patent b. Copyright Trademark Franchise 14. Which of the following are sor incladed in an employer's payroll tax A. Employer portion of FICA taxes (SSMCR) expense? B. Federal umemployment taxes. (FUTA) C. State unemployment taxes(SUTA) D. Federal income taxes. (FI 15. Which of the following is true regarding FICA taxes? A. FICA taxes are paid only by the employee. B. FICA taxes are paid only by the employer C. FICA taxes are paid in equal amounts by the employee and the employer D. FICA taxes are paid by both the employee and employer, but in different amounts. 16. Sales taxes collected by a company on behalf of the state and local government are recorded by: A. A debit to an expense account B. A credit to a revenue account. C. A debit to a revenue account. D. A credit to a liability account 1 Which one of the following regarding the book value of an asset is correct? A. It is the fair value of the asset if the asset is sold B. It reflects the original cost of the asset less accumulated depreciation. C. It is the original cost of the asset minus the depreciation expense for that asset during the year D. It is the original cost at which the asset was purchased. 18. The depreciable cost used in calculating depreciation expense is: A. Its service life. B. The amount allowable under tax depreciation methods. C. The difference between its replacement value and cost D. The asset's cost minus its estimated residual value. 19. Brammin, LTD purchased equipment for $60,000 on January 1,2017. The equipment is expected to have a five-year life, with a residual value of S5,000 at the end of five years. Using the straight-line method, depreciation expense for 2018 (year 2) and the book value at December 31, 2018 would be A. $12,000 and $36,000. B. $12,000 and $31,000 C. SI 1,000 and $33,000. D. S11,000 and $38,000

Explanation / Answer

13)CORRECT option is "C" -Trademark

A trademark is a symbol ,word that is legally registered and used for representing a company or product.

14)correct option is "D" -federal income taxes

It is paid by employee and not employer thus not a part of payroll tax expense

15)correct option is "C"

FICA taxes are paid by both employer and employee as a percentage of emplyee salary (therefore equal amount for both)

16)correct option is "D"

entry :

cash   debit

sales tax payable (liability )credit

17)correct option is "B"

book value = cost -accumulated depreciation

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