Martin Jackson receives an hourly wage rate of $22, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $329; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? a. $607.10 b. $1,531.10 c. $1,012.00 d. $1,376.10 The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense Social security and Medicare taxes withheld Income taxes withheld Retirement savings $10,190.00 764.25 312.00 496.00 The entry to record the payment of net pay would include a Ca. debit to Salaries Payable for $10,190.00. b. debit to Salaries Payable for $8,617.75. Oc. credit to Salaries Expense for $8,617.75. Od. credit to Salaries Payable for $8,617.75. Hall Company sells merchandise with a one-year warranty. In the current year, sales consisted of 2,119 units. It is estimated that warranty repairs will average $13 per unit sold, and 30% of the repairs will be made in the current year and 70% in the next year. In the current year's income statement, Hall should show warranty expense of a. $19,283 b. $27,547 Cc. $8,264 d. 50 Sterling Inc. has two long-term notes outstanding. One is a five-year note for $50,000. An equal amount of principal must be repaid each year of the loan. The other is a seven-year note for $210,000. In the next calendar year, the company will pay $21,000 of the principal. What is total amount of the notes that will be reported as current liabilities on its balance sheet? a. $40,000 Ob. $31,000 Oc. $71,000 Od. $229,000