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On July 9, Mifflin company receives a $8, 500, 90-day, 8% note from customer Payton Summers as payment on account. Compute the maturity date for the notes. A) November 8 B) November 6 C) November 7 D) October 7 E) October 8 Gary Marks is paid on a monthly basis. For the month of January of the current year, the earned a total of $8, 288. FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax is 0.6%, and the SUTA tax rate is 6.2% and the SUTA tax rate is 5.4% Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal income Tax withheld from his earnings was $1, 37.17. What is the amount of the employer's payroll taxes withheld from his earnings was $1, 375.17. What is the amount of the employer's payroll taxes expenses for this employee? A) $1, 131.31 B) $1, 054.04 C) $420.00 D) $2, 506.48 E) $2,009.21 The matching principle, as applied to bad debts, requires; A) That bad debts not be written off. B) The use of the direct write off method for bad debts. C) That expenses be ignored if their effect on the financial statements is unimportant to users business decisions. D) The company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of $75,000. Its accounts receivable turnover equals A) 7.75 B) .13 C) .80 D) 8.00 E) 10.00

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