Question
45. X Company had credit sales of $700,000 during the year. End of year accounts receivable was $60,000 and beginning accounts receivable was $40,000. Compute
45. X Company had credit sales of $700,000 during the year. End of year accounts receivable was $60,000 and beginning accounts receivable was $40,000. Compute the company's receivables turnover ratio.
a. 0.07
b. 11.7
c. 14.0
d. 17.5
e. 35.0
46. An employee's pay rate is $75 per hour. Assume the FICA tax rate is 6.2% on the first $117,000 of annual earnings. Assume the Medicare tax is 1.45% of earnings on the first $200,000 of annual earnings and 2.35% for annual earnings above $200,000. The employee worked 40 hours during the current week and has cumulative earnings prior to the current week of $115,000. No other taxes were withheld. Compute the employee's net pay for the current week.
a. $2,770.50
b. $2,832.50
c. $2,876.00
d. $2,956.50
e. $3,000.00
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