8. Computer equipment was acquired at the beginning of the year at a cost of $27,500 that has an estimated residual value of $1,700 and an estimated useful life of 5 years.

a. Determine the depreciable cost

b. Determine the double-declining-balance rate.

c. Determine the double-declining-balance depreciation for the first year.

9.Machinery is purchased on July 1 of the current fiscal year for $240,000. It is expected to have a useful life of 4 years, or 25,000 operating hours, and a residual value of $15,000.

Compute the depreciation for the last 6 months of the current fiscal year ending December 31 by each of the following methods:

a. Straight-line

b. Double-declining-balance

c. Units-of-activity (used for 1,600 hours during the current year)

12.Entries for notes payable

A business issued a 90-day, 5% note for $93,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. if an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.

13.Entries for discounted note payable

A business issued a 90-day note for $60,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year.

a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place.

b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

15.An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week.

Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employees federal income tax withheld is $460.

a. Determine the gross pay for the week.

b. Determine the employees net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.

16.On August 1, Batson Company issued a 60-day note with a face amount of $46,200 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.

a. Determine the proceeds of the note assuming the note carries an interest rate of 8%.

b. Determine the proceeds of the note assuming the note is discounted at 8%.