978-0-86612-451-5 978-0-86612-451-5 978-0-86612-451-5 978-0-86612-451-5 in Curre
ID: 2557902 • Letter: 9
Question
978-0-86612-451-5 978-0-86612-451-5 978-0-86612-451-5 978-0-86612-451-5 in Current Liabilities and Payroll 381 ITA and SUTA represent? Are FUTA and SUTA acronyms FUTA and sUTA re what do the hat do the terms ad valorem an blems employer, the employee, or both? exact amount of ks totaling that clear the bank, ble, though Problem 1 a pending lose. Such a operates ten properties in the Midwest. The compa ny employs the proues to control payroll: yee names n informa- Tom Johnson horizes their hiring prepares the payroll, and distributes the checks. the human resources manager, carefully interviews all prospective ller, the front desk manager, deletes individuals from her department'slabor of each shift, hotel dining room employees write down their hours on a s are paid by checks drawn on the general bank account of the company Danand provides payroll employees with front desk employees wage rates ed, along state tax, ontribu- and beverage manager. blank sheet of paper and place it on the desk of the food paidb 4 All employees wages. uranc FUTA) , All ndividual paychecks are kept in the respective departments until they are cdaimed by employees. equired d by ment ates haita memo suggesting changes that the operation should make to better control payrolExplanation / Answer
Problem 5
a.)Contingent Loss
b.)Real Liability
c.)Real Liability
d.)Real Liability
e.)Contingent Loss
f.)Loss Contingency
g.)Real Liability
Problem 3
Accounts Payable are short term financial obligation to suppliers and such without any written agreement and generally for purchases or expenses in the regular operations of the business.
Whereas notes payable is a written financial obligation to be paid within a specified due date generally a promisory note written by the borrower and held by the lender. Notes payable can be sold at a discount based on the time left till due date and the interest rate prevailing. Generally banks and other financial institutions buy notes payable at discounts and collect the amount from the original writer. Hence they are transferrable.
Both Accounts Payable and Notes Payable are reported as current liabilities.
a.)Accounts Payable
b.)Notes Payable
c.)Neither
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