The chart of accounts for the Miguel Company includes the following:

Account Name Account Number
Cash 11
Accounts Receivable 13
Prepaid Insurance 15
Accounts Payable 21
Unearned Revenue 24
Common Stock 31
Dividends 32
Fees Earned 41
Salaries Expense 54
Rent Expense 56

Page 3 of the journal contains the following transaction:

Salaries Expense 525
Cash 525

(A) What is the posting reference that will be found in the salaries expense account?

a) 21 b) 5 c) 11 d) 54

(B) Which of the accounts below would be closed by posting a debit to the account?

a. Unearned Revenue
b. Dividends
c. Fees Earned
d. Miscellaneous Expense

(C) The unearned rent account has a balance of $72,000. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is:

a) $90,000 b) $36,000 c) $18,000 d) $54,000

Weber company purchases $44,270 of raw materials on account, and it incurs $52,730 of factory labor costs. supporting records show that (a) the assembly department used $27,580 of raw materials and $33,320 of the factory labor, and (b) the finishing department used the remainder. manufacturing overhead is assigned to departments on the basis of 150% of labor costs.journalize the assignment of overhead to the assembly and finishing departments.account titles and explanation debit credit

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false