1 . Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are a. $49,750 b. $47,000 c. $49,000 d. $51,000 2. The jounal entry a company uses to record partally funded pension rights for its salaried employees at the end of the year is a. debit Salary Expense; credit Cash b. debit Pension Expense; credit Unfunded Pension Liability c. debit Pension Expense; credit Unfunded Pension Liability and Cash d. debit Pension Expense; credit Cash 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 S10,000 6% 15% Federal income tax withheld Federal unemployment tax rate State unemployment tax rate $1,800 0.8% 5.4% 3. Assuming that all wages are subject to federal l and state unemployment taxes, he employer's payroll as expense would be a. $1,370 b. $750 c. S620 d. $2,870 4. Current liabilities are due a. but not receivable for more than one year b. but not payable for more than one year c. and receivable within one year d. and payable within one year