Mission Company has three employees: The company is subject to the following taxes: What is the amount that Mission Company will withhold from Clark's gross pay? $946.35 $1,002,15 $1,814,35 $6,234,75 $812,20 For the year ended December 31, 2010. Mason Company has implemented an employee bonus program equal to 7% of Mason's net income, which employees will share equally. Mason's net income (pre-bonus) is expected to be 53,500,000, and bonus expense is deducted in computing net income. What is the amount that needs to be recorded for estimated bonus liability for 2010? $245,000 $144,118 $228,972 $50,000 $125,000 There are two common payment patterns for installment notes: (1) accrued interest plus equal principal payments and (2) equal payments. True False A basic present value concept is that cash received in the future is worth more value than the same amount of cash received today. True False Bonds may only be issued on an interest payment date. True False An advantage of bond financing is that issuing bonds does not affect owner control. True False A bond listed at 103 on a stock exchange is selling at 103% of its par value. True False A company issues at par 7% bonds with a par value of $500,000 on June 1, which is 5 months after the most recent interest date. How much total cash interest is received on May 1 by the bond issuer? $0 $2,916.66 $100,000,00 $14,583,33 $35,000,00 Sinking fund bonds: Require the issuer to set aside assets in order retire the bonds at maturity Require equal payments of both principal and interest over the life of the bond issue Decline in value over time Are registered bonds Are bearer bonds