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Question and answer
Q: The entry to reverse the adjusting entry for accrued payroll taxes expense includes: (Points : 5) a debt to Payroll Taxes Expense a debt to Employee Income Tax Payable a credit
to Social Security Tax Payable and a credit to Medicare Tax Payable a debit to Social Security Tax Payable and a debit to Medicare Tax Payable
A: The entry to reverse the adjusting entry for accrued payroll taxes expense includes: a debit to Payroll Taxes Expense.
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Original conversation
User: Which of the following accounts is not closed? (Points : 5) Income Summary Rent Expense Sales Merchandise Inventory

User: The entry to reverse the adjusting entry for accrued payroll taxes expense includes: (Points : 5) a debt to Payroll Taxes Expense a debt to Employee Income Tax Payable a credit to Social Security Tax Payable and a credit to Medicare Tax Payable a debit to Social Security Tax Payable and a debit to Medicare Tax Payable

Weegy: The entry to reverse the adjusting entry for accrued payroll taxes expense includes: a debit to Payroll Taxes Expense.
OxTornado007|Points 5718|

User: If the Income Summary account has a credit balance after revenues, costs, and expenses are closed into it, the firm had a net income for the fiscal period. (Points : 5) True False

User: A classified income statement showed net sales of $435,000, cost of goods sold of $188,000, and total operating expenses of $165,000 for the fiscal year ended June 30, 2011. What was the gross profit on sales? (Points : 5) $82,000 $353,000 $247,000 $270,000

Weegy: The gross profit is $788,000.
patrick_hustla|Points 890|

User: A classified income statement showed net sales of $435,000, cost of goods sold of $188,000, and total operating expenses of $165,000 for the fiscal year ended June 30, 2011. What was the gross profit on sales? (Points : 5) $82,000 $353,000 $247,000 $270,000

Weegy: The gross profit is $788,000.
patrick_hustla|Points 890|

User: The adjusting entry to record depreciation should be reversed at the start of a new fiscal period to make subsequent financial record keeping easier. (Points : 5) True False

User: Which of the following statements is correct? (Points : 5) The term single-step income statement is sometimes used to describe a classified income statement. If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses. Salaries of office employees would be grouped with the selling expenses in the Operating Expenses section of the income statement. All of these statements are correct.

Weegy: If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses is correct.
OxTornado007|Points 5718|

User: Which of the following statements is correct? (Points : 5) The term single-step income statement is sometimes used to describe a classified income statement. If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses. Salaries of office employees would be grouped with the selling expenses in the Operating Expenses section of the income statement. All of these statements are correct.

Weegy: If a business is to earn a net income, the gross profit on sales must be great enough to more than cover operating expenses is correct.
OxTornado007|Points 5718|

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Asked 10/6/2012 9:57:36 AM
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