1. Current Portion of Long-Term Debt

Connie's Bistro, Inc., reported the following information about its long-term debt in the notes to a recent financial statement:

Long-term debt is comprised of the following:

	December 31
	Current Year		Preceding Year
Total long term-debt		$587,100		$322,900
Less current portion		(170,300)		(158,500)
Long-term debt		$416,800		$164,400

a. How much of the long-term debt was disclosed as a current liability on the current years December 31 balance sheet? $fill in the blank 1

b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? $fill in the blank 2

c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? $fill in the blank 4

2. Compute Payroll

Floatin Away Company has three employeesa consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

	Consultant		Computer Programmer		Administrator
Regular earnings rate	$2,110 per week		$30 per hour		$40 per hour
Overtime earnings rate*	Not applicable		1.5 times hourly rate		2 times hourly rate
Number of withholding allowances	3		2		1
*For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

	Consultant	Computer Programmer	Administrator
Gross pay	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Net pay	$fill in the blank 4	$fill in the blank 5	$fill in the blank 6