PLEASE HELP....Read the information carefully & (h. Interest expenses) is part on the assignment.

Calculate Payroll

K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

Consultant Computer Programmer Administrator

Regular earnings rate $2,110 per week $36 per hour $46 per hour

Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate

Federal income tax withheld $925 $246 $515

For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.

For the current pay period, the computer programmer worked 54 hours and the administrator worked 64 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5%.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

Consultant Computer Programmer Administrator

Gross pay $ $ $

Net pay $ $ $

Mastery Problem: Liabilities: Bonds Payable SpringFit Corporation You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year's journal entries, shown as follows: Journal Entries, Year 1 Journal Description Date Debit 1,008,960 Credit Jan. 1 Cash Premium on Bonds Payable Bonds Payable 58,960 950,000 Jun. 30 Interest Expense Premium on Bonds Payable Cash 18,427 2,948 21,375 Jul. 1 Cash Discount on Bonds Payable Bonds Payable 1,921,280 78,720 2,000,000 Interest Expense Premium on Bonds Payable Cash Dec. 31 18,427 2,948 21,375 Interest Expense Discount on Bonds Payable Cash 31 41,560 6,560 35,000 Retained Earnings Interest Expense 31 78,414 78,414 Bonds Payable Review the journal entries on the SpringFit Corporation panel, then answer the following questions. 1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this year? 2. Which entry onds issued at a contract rate lower than the market rate of interest? Choose the date. 3. How much interest was paid during the year on the bonds in question (2)? 4. What is the carrying amount of the bonds in question (2) at the end of the year? 5. Which entry shows bonds that sold for more than their face amount? Choose the date. 6. How much interest was paid during the year on the bonds in question (5)? 7. Assuming that straight-line amortization is used for the bonds in question (5), what is the bond life? 8. What is the carrying value of the bonds in question (5) at the end of the year? Journal Entries, Year 2 You have been asked to continue your work on the SpringFit Corporation audit. The journal entries for the current year are shown as follows: Journal Date Description Debit Jun. 30 Interest Expense Credit 18,427 2,948 Premium on Bonds Payable Cash 21,375 Interest Expense Discount on Bonds Payable 30 41,560 6,560 35,000 Cash Bonds Payable Gain on Redemption of Bonds Discount on Bonds Payable 30 2,000,000 41,000 65,600 1,893,400 Cash Dec. 31 Interest Expense 18,427 2,948 Premium on Bonds Payable Cash 21,375 31 Retained Earnings Interest Expense 78,414 78,414 Bonds Payable Premium on Bonds Payable Loss on Redemption of Bonds Cash 31 475,000 23,584 20,600 519,184 Final Questions Considering the journal entries for both years, answer the following questions. 1. Were the bonds in the entry on Dec. 31 Year 2 redeemed at maturity? 2. You suspect there is an error in one of the bond redemption entries. Assuming that the amounts are correct, which entry is questionable? Why? 3. Why do some bonds sell below face value? 4. Which of the following items are amortized? a. Bonds b. Discounts c. Future cash receipts d. Redemption amount e. Premiums f. Contract rate of interest g. It depends on the face value of the bond h. Interest expenses