Question
1. Gulfcoast Company purchased a van on January 1, 2019, for $860,000. Estimated life of the van was five years, and its estimated residual value
1. Gulfcoast Company purchased a van on January 1, 2019, for $860,000. Estimated life of the van was five years, and its estimated residual value was $101,000. Gulfcoast uses the straightminusline method of depreciation. Calculate the book value of the van at the end of 2019.
a. 806,250
b. 698,750
c. 759,000
d. 708, 200
3. Hank earns $16.50 per hour with timeandahalf for hours in excess of 40per week. He worked 50 hours at his job during the first week of March 2018. Hank pays income taxes at 15 % and 7.65 % for OASDI and Medicare. All of his income is taxable under FICA. Determine Hank's net pay for the week. (Do not round any intermediate calculations, and round your final answer to the nearest cent.)
a. 549.86
b. 701.95
c. 771.38
d. 574.61
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