1. Flip's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014.

Nov. 1 Loaned $20,000 cash to Flop on a 1-year, 12% note.

Dec. 11 Sold goods to Flim, Inc., receiving a $11,700, 90-day, 8% note.

16 Received an $12,000, 6-month, 9% note in exchange for Flam's outstanding accounts receivable.

31 Accrued interest revenue on all notes receivable.

Instructions(a) Journalize the transactions for Flip's Supply Co.

(b) Record the collection of the Flop note at its maturity in 2015.

2.

Assume that the payroll records of Flip Company provided the following information for the weekly payroll ended November 30, 2014.

Employee	Hours	Rate	Fed Tax	Dues	Earnings Year-to-Date
Flop	44	$45	$362	$9	$111,000
Flim	46	15	97	5	23,200
Flam	40	25	148		5,700
Floozy	42	30	230	7	49,500

Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA (total social security & medicare) tax rate is 7.65% for the first $110,100 of each employee's annual earnings. The employer pays unemployment taxes of 6.2% (5.4% for state and .8% for federal) on the first $7,000 of each employee's annual earnings.

Instructions:

a. Prepare the payroll register for the pay period.

b. Prepare a schedule to show calculation for any payroll taxes.