1) On January 1, 2017 Hillop, Inc. had total assets of $361,000. During the year, the company purchased new machinery worth $86,000 and promised to pay the amount due after two years. Throughout the year, it earned revenue of $60,000 every month. Calculate the asset turnover ratio.

a. 1.81 times

b. 1.78 times

c. 1 times

d. 1.61 times

2) Tom's gross pay for the month is

$3,200.

Tom's deduction for federal income tax is based on a rate of

25%.

Tom has no voluntary deductions. Tom's yearly pay is under the limit for OASDI. What is the amount of FICA tax withheld from Tom's pay? (Assume a FICA-OASDI Tax of

6.2%

and FICA-Medicare Tax of

1.45%.

Do not round any intermediate calculations, and round your final answer to the nearest cent.)

a. 1044.8

b. 800

c. 244.8

d. 459.2

A.

$ 1 comma 044.80$1,044.80

B.

$ 800.00$800.00

C.

$ 459.20$459.20

D.

$ 244.80$244.80