Michigan's residential builder questions with correct answers

Federal unemployment tax - Answer All of the following are calculated based on the employees earnings. The employee pays a portion of each except for ________ which is paid entirely by the employer. This system requires more recordkeeping - Answer What is a disadvantage of using the accrual method of accounting? 500 - Answer If a contractor is FUTA liability exceeds ______ , then FUTA taxes are deposited quarterly. 2 - Answer The Good Contractor Co. needs to find there working capital ratio. Their current assets are $30,000 and their current liabilities are $15,000. What is the working capital ratio? Cash Flow Statement - Answer The _______ summarizes the cash inflows and outflows from operating, investing, and financing activities during a special time. Monthly - Answer At a minimum, deposit of taxes withheld must be made on a ______ basis. Match the inflow and outflow of cash in place both in the same tax period. - Answer When it comes to comparing short-term and long-term income with the timeframe when costs and expenses were incurred it would be best to Total sales - cost of goods sold / total sales - Answer What is the formula for finding the gross profit for sales ratio?