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MMLU / Under state law Boca Co. may reimburse the state directly for actual…

Problem

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question

Under state law Boca Co. may reimburse the state directly for actual unemployment claims or it may pay 3% of eligible gross wages. Boca believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first 15000ofgrosswagespaidtoeachemployee.Bocahadfouremployeeseachofwhomearned15000 of gross wages paid to each employee. Boca had four employees each of whom earned 20000 during the year. What amount should Boca report as accrued liability for unemployment claims in its year-end balance sheet?
Plain-text mathematical notation (without MathML)
Under state law Boca Co. may reimburse the state directly for actual unemployment claims or it may pay 3% of eligible gross wages. Boca believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first 15000ofgrosswagespaidtoeachemployee.Bocahadfouremployeeseachofwhomearned20000 during the year. What amount should Boca report as accrued liability for unemployment claims in its year-end balance sheet?
Original LaTeX notation
Under state law Boca Co. may reimburse the state directly for actual unemployment claims or it may pay 3% of eligible gross wages. Boca believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first $15000 of gross wages paid to each employee. Boca had four employees each of whom earned $20000 during the year. What amount should Boca report as accrued liability for unemployment claims in its year-end balance sheet?

choices

  1. $1,200
  2. $1,600
  3. $1,800
  4. 2400

subject

professional_accounting

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Source and history

task_id
395d5ab9-69c6-5d65-9bf2-b9df83d9c170
task_key
all--test--395d5ab9-69c6-5d65-9bf2-b9df83d9c170
task_revision_id
1
config / split
all / test

Official source

initial import