Answer them all don\'t do at all pass to someone else thank appreciate it I\'ll
ID: 2526730 • Letter: A
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Answer them all don't do at all pass to someone else thank appreciate it I'll rate
39. An employee receives an hourly wage rate of $22, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $121; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your answer to the nearest cent.
a.$913.00
b.$1,111.00
c.$829.68
d.$906.68
35. The following totals for the month of June were taken from the payroll register of Arcon Company:
Salaries expense
$ 13,500.00
Social security and Medicare taxes withheld
1,012.50
Income taxes withheld
335.00
Retirement savings
430.00
The entry to record the payment of net pay would include a
a.credit to Salaries Expense for $11,722.50
b.credit to Salaries Payable for $11,722.50
c.debit to Salaries Payable for $13,500.00
d.debit to Salaries Payable for $11,722.50
29. On January 5, Thomas Company, which follows a calendar year, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is
a.Current liabilities, $250,000; Long-term debt, $750,000
b.Long-term debt, $1,000,000
c.Current liabilities, $750,000; Long-term debt, $250,000
d.Current liabilities, $1,000,000
24. Chang Co. issued a $50,100, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are ______ .
Round your answer to the nearest whole dollar.
a.$49,098
b.$50,100
c.$50,351
d.$53,106
21. Assuming a 360-day year, when a $38,400, 90-day, 7% interest-bearing note payable matures, the total payment will be ______ .
Round your answer to the nearest whole dollar.
a.$41,088
b.$2,688
c.$39,072
d.$38,400
18. On June 8, Williams Company issued an $88,800, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? Round your answer to the nearest whole dollar.
a.$88,800
b.$91,168
c.$7,104
d.$95,904
Salaries expense
$ 13,500.00
Social security and Medicare taxes withheld
1,012.50
Income taxes withheld
335.00
Retirement savings
430.00
Explanation / Answer
29. a.Current liabilities, $250,000; Long-term debt, $750,000
24. a.$49,098? : 50100-(50100*6%*120/360)
21. c.$39,072? : 38400+(38400*7%*90/360)
18. b.$91,168? : 88,800+(88,800*8%*120/360)
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