An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week me that the employer worked so hours during the week and that the gross pay prior to the current week totaled $50,000. Assume further that the social security tax rate ww6.01.me Medicare tax rate was 1.5%, and the federal income tax to be withheld was 8614 Required: 1. Determine the gross pay for the week 2. Determine the net pay for the week Trevor Smith contributed equipment, inventory, and $54,000 cash to a partnership. The equipment had a book value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $17,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the Journal entry for Smith's contribution to the partnership. If an amount box does not require an entry, leave it blank Emmett and Sierra formed a partnership dividing Income as follows: 1. Annual salary allowance to Emmett of $48.000 2. Tnterest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally Emmett and Sierra had $25,000 and $140,000, respectively in their January 1 capital balance Net income for the year was 200.000 How much net income should be distributed to Emmett? Maloom has a capital balance of $10,000 after adjusting to market valueste contre $45,000 to Rosen partnership with Malcolm Determine the amount and recipient of the partner bonus bonus paid to A company had the following stockholders equity information wallable at year-end Issued 11,000 shares of 2 par common stock for 512 per share. Issued 5,000 shares of $50 par, 6 preferred stock for $70 per share Purchased 1,000 shares of previously bued common stock for $15 per share Reported net income of $200,000, Declared and paid the preferred stock dividend, Calculate the earnings per share for the current year. Round your answer to two decimal places