An employee earns $6,050 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $204 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $172 and contributes $86 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

rev: 02_05_2018_QC_CS-116483

• $825.83

• $701.80

• $375.10

• $1,029.83

• $411.40

On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $26,100. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)

• Debit Interest Expense, $348; credit Interest Payable, $348.

• Debit interest payable, $232; credit interest expense, $232.

• Debit Interest Expense, $464; credit Interest Payable, $464.

• Debit Interest Payable, $696; credit Interest Expense, $696.

• No adjusting entry is required.