Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Angie's gross pay for the week is $950.00. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Angie's gross pay for the week is $950.00. Her deduction for federal income tax is based on a rate of 25%. She has voluntary deductions of $220.00. Her year - to-date pay is under the limit for OASDI. What is the amount of FICAMedicare Tax deducted from her pay? (Assume a FICAOASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Do not round any intermediate calculations, and round your final answer to the nearest cent.) A. $310.18 B. $237.50 C. $13.78 D. $58.90 Landings Glassware Company issues $1,119,000 of 8%, 10-year bonds at 96 on February 28, 2019. The bonds pay interest on February 28 and August 31. The journal entry to record the issuance includes a A. credit to Bonds Payable for $1,074,240 B. debit to Cash for $1,119,000 C. credit to Discount on Bonds Payable for $44,760 D. debit to Cash for $1,074,240 On December 1, 2018, Garden Products borrowed $82,000 on a 12%, 10-year note with annual installment payments of $8,200 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2019? (Round your answer to the nearest whole number.) A. $8,200 principal plus $9,840 interest B. $9,840 interest only C. $8,200 principal plus $8,200 interest D. $8,200 principal plus $984 interest On January 1, 2018, Wonderland Sales issued $24,000 in bonds for $16,300. These are eight-year bonds with a stated interest rate of 15% and pay semiannual interest. Wonderland Sales uses the straight line method to amortize the bond discount. What is the bond carrying amount after the first interest payment on June 30, 2018? (Round your intermediate answers to the nearest dollar.) A. $20,631 B. $16,781 C. $24,000 D. $12,931

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Timothy J Louwers, Robert J. Ramsay, David Sinason, Jerry R Strawser

1st Edition

0072954442, 9780072954449

More Books

Students also viewed these Accounting questions