Part 9
Answer is option C
C. $675
Net pay = gross pay – federal income tax – social security tax – Medicare taxes = 1000-250-60-15 = 675
Part 10
Answer is option B
B. $135
Payroll expenses = social security tax + Medicare taxes+ federal unemployment tax + state unemployment tax = 60+15+8+52 = $135
Part 11
Answer is option C.
C. remains the same through the life of the bond
In case of straight line method, it interest expense remains the same.
Part 12
Answer is option B
B. more than $100000
When stated interest rate > market interest rate, the bonds are sold at premium that is at the price higher than the face value.
Use the following to answer questions 9 and 10: Bedrock Company has one employee; Barney Rubble...
Lily Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 8 8 8 10 2 $12 $35 $11 R. Kenseth 7 9 8 7 7 4 14 37 26 D. Tavaras 9 11 9 9 9 0 15 58 25 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours...
Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 62% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7000 paid to its employee Gross Pay through August 31 $ 5.400 2.450 123,000 Gross Pay for September $ 2.000 2.550 8,900 b. Assuming situation related...
Required information [The following information applies to the questions displayed below) BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 Assuming situation (a), prepare the...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 5,800 2,650 123,400 Gross Pay for September $1,400 2,750 9,300 Exercise 9-6 Payroll-related journal entries LO P2...
Required Information The following information applies to the questions displayed below BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6 % and SUTA taxes are 5.4 % of the first $7,000 paid to its employee. Gross Pay through August 31 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
questions 5-8please
5. Suppose you buy a Baa rated corporate bond today for $1,000 with a maturity of ten years and a yield to maturity of 7% and sell it one year from now for $1,150. Which of the following is (are) true? A. Your holding period return will be less than the yield to maturity B. Your holding period return will be equal to the yield to maturity C. Your holding period return will be greater than the yield...
Required information
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities.
Year 1
Apr.
20
Purchased $38,500 of merchandise on credit from Locust, terms
n/30.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
7%, $35,000 note payable along with paying $3,500 in cash.
July
8
Borrowed $69,000 cash from NBR Bank by signing a 120-day, 11%,
$69,000 note payable.
__?__
Paid the amount due on...
Use this information for Harris Company to answer the following questions Assuming no employees are subject to ceilings for their earnings. Harris Company has the following information for the pay period of January 15-31 Gross payroll Social security rate Medicare rate SI0.000 6.0% 1.5% Federal income tax withheld Federal unemployment tax rate State unemployment tax rate SI SOO OS _1. Salaries Payable would be recorded for a. $8,200 b. $6,830 c. 58,630 d. 57,450 2. A pension plan that promises...
EI1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Hours Hourly Employee L. Helton R. Kenseth 8 8 8 8 8 2 D. Tavaras 9 10 8 8 9 0 M T W TF S Rate 8 8 9 8 10 3 $12 14 15 Employees are paid 112 times the regular hourly rate for all hours worked in excess of...