Stevens Company started the year with an inventory cost of 145,000 . During the month of January, Stevenspurchased inventory that cost 53,000 . January sales totaled 140,000 . Estimated gross profit is 35. Theestimated ending inventory as of January 31 is
a. 58,000
b. 91,000
c. 107,000
d. 69,300
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Q. 2) The amount withheld for FICA (Social Security) is first recorded as a liability on the employer's books.
Indicate whether the statement is true or false
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Q. 3) ____ can consist of many computers and related equipment connected together via a network.
a. PCs
b. Servers
c. LAN
d. Firewall
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Q. 4) SUTA tax payments vary among states but are usually required on a quarterly basis.
a. True
b. False
Indicate whether the statement is true or false
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Q. 5) Managers are required to maximize shareholders' equity in the business, which often requires them to cook the books.
Indicate whether the statement is true or false
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Q. 6) A company will most likely use an estimated method of determining inventory when
a. the company decides not to do a physical inventory
b. a natural disaster has destroyed most of the inventory
c. the company has not kept up with its inventory records
d. the company is preparing annual financial statements
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