$21.$ Sadie White receives an hourly rate of $$28,$ with time and a half for all hours worked in excess of $40$ during a week. Payroll data for the current week are as follows: hours worked, $42$; federal income tax withheld, $$294$; social security tax rate, $6\mathrm{.}0\%$; and Medicare tax rate, $1\mathrm{.}5\%.$ What is the net amount to be paid to White? If required, round your answers to the nearest cent.

a$.$ $$791\mathrm{.}70$

b$.$ $$819\mathrm{.}70$

c$.$ $$882\mathrm{.}00$

d$.$ $$1,204\mathrm{.}00$

$22.$ Franklin corporation issues $$84,000,8\%,5-$year bonds on January $1,$ for $$87,780.$ Interest is paid semiannually on January $1$ and July $1.$ If Franklin uses the straight$-$line method of amortization of bond premium, the amount of bond interest expense to be recognized on July $1$ is

a$.$ $$3,738$

b$.$ $$6,720$

c$.$ $$3,360$

d$.$ $$2,982$

$23.$

The present value of $$46,000$ to be received in two years, at $12\%$ compounded annually, is $\_\_\_\_\_($rounded to nearest dollar$).$ Use the following table, if needed.

Present Value of $$1$ at Compound Interest

Periods $5\%6\%7\%10\%12\%$

$10\mathrm{.}952380\mathrm{.}943400\mathrm{.}934580\mathrm{.}909090\mathrm{.}89286$

$20\mathrm{.}907030\mathrm{.}890000\mathrm{.}873440\mathrm{.}826450\mathrm{.}79719$

$30\mathrm{.}863840\mathrm{.}839620\mathrm{.}816300\mathrm{.}751320\mathrm{.}71178$

$40\mathrm{.}822700\mathrm{.}792090\mathrm{.}762900\mathrm{.}683010\mathrm{.}63552$

$50\mathrm{.}783530\mathrm{.}747260\mathrm{.}712990\mathrm{.}620920\mathrm{.}56743$

$60\mathrm{.}746220\mathrm{.}704960\mathrm{.}666340\mathrm{.}564470\mathrm{.}50663$

$70\mathrm{.}710680\mathrm{.}665060\mathrm{.}622750\mathrm{.}513160\mathrm{.}45235$

$80\mathrm{.}676840\mathrm{.}627410\mathrm{.}582010\mathrm{.}466510\mathrm{.}40388$

$90\mathrm{.}644610\mathrm{.}591900\mathrm{.}543930\mathrm{.}424100\mathrm{.}36061$

$100\mathrm{.}613910\mathrm{.}558400\mathrm{.}508350\mathrm{.}385540\mathrm{.}32197$

a$.$ $$36,671$

b$.$ $$40,178$

c$.$ $$38,017$

d$.$ $$40,940$

$24.$

The net income reported on the income statement for the current year was $$314,587.$ Depreciation recorded on fixed assets and amortization of patents for the year were $$31,405,$ and $$11,665,$ respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

End Beginning

Cash $$48,333$ $$51,057$

Accounts receivable $128,479105,602$

Inventories $102,19794,230$

Prepaid expenses $4,9376,795$

Accounts payable $($merchandise creditors$)56,76867,455$

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

a$.$ $$397,330$

b$.$ $$317,984$

c$.$ $$374,000$

d$.$ $$255,174$

$25.$ The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow.

Accounts Receivable, Jan. $1$ $$13,599$

Accounts Receivable, Dec. $316,233$

Accounts Payable, Jan. $14,492$

Accounts Payable, Dec. $318,495$

Inventory, Jan. $16,310$

Inventory, Dec. $3115,303$

Sales $77,146$

Cost of Goods Sold $32,089$

The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers.

Cash payments for merchandise were

a$.$ $$32,089$

b$.$ $$30,462$

c$.$ $$35,452$

d$.$ $$37,079$

$26.$ Period costs include

a$.$ current assets on the balance sheet

b$.$ operating costs that are shown on the income statement in the period in which they are incurred

c$.$ operating costs that are shown on the income statement when products are sold

d$.$ current liabilities on the balance sheet

$27.$

Given the following data:

Cost of materials used $$45,000$

Direct labor costs $48,000$

Factory overhead $39,000$

Work in process, beginning $28,000$

Work in process, ending $18,000$

Finished goods, beginning $28,000$

Finished goods, ending $18,000$

What is cost of goods sold?

a$.$ $$128,000$

b$.$ $$152,000$

c$.$ $$10,000$

d$.$ $$142,000$

$28.$ At the end of the year, overhead applied was $$3,752,000.$ Actual overhead was $$3,336,000.$ Closing over$/$underapplied overhead into Cost of Goods Sold would cause net income to

a$.$ increase by $$416,000$

b$.$ decrease by $$832,000$

c$.$ increase by $$832,000$

d$.$ decrease by $$416,000$

$29.$ Reynolds Manufacturers Inc. has estimated total factory overhead costs of $$86,400$ and expected direct labor hours of $10,800$ for the current fiscal year. If job number $117$ incurs $1,200$ direct labor hours, Work in Process will be debited and Factory Overhead will be credited for

a$.$ $$1,200$

b$.$ $$43,200$

c$.$ $$86,400$

d$.$ $$9,600$

$30.$

Department G had $2,280$ units $25\%$ completed at the beginning of the period, $12,100$ units were completed during the period, $1,900$ units were $20\%$ completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period:

Work in process, beginning of period $$28,300$

Costs added during period:

Direct materials $(11,720$ units at $$8)93,760$

Direct labor $74,400$

Factory overhead $24,800$

All direct materials are placed in process at the beginning of production and the first$-$in$,$ first$-$out method of inventory costing is used. The total cost of $2,280$ units of beginning inventory which were completed during the period is $($do not round unit cost calculations$)$

$$44,443$

$$28,300$

$$42,543$

$$39,694$