Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,138. The FICA tax for social security is 6.2% of the first $128.400 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 54% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,566.00 56,488.67 $5.04973 Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $967,000 to be paid during January of the following year. The journal entry on December 31 to record the bonuses is: Multiple Choice Debit Employee Bonus Expense $967,000 credit Prepaid Employee Bonus $967,000. O Debit Unearned Bonuses $967,000 credit Bonus Payable $967000, Debit Employee Bonus Expense $967,000. credit Bonus Payable $967,000. No entry since the bonuses are not paid until January Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $9,000 of cash sales that are subject to an 6% sales tax, what is the journal entry to record the cash sales? 15 Multiple Choice Debit Cash $9.540 credit Sales $9,000 credit Sales Taxes Payable $540, O Deble Couh 89.000; crede Sales 88,460; credit Sales Taxes Payable $540, O Debit Accounts Receivable $9.540, credit Sales $9.000; credit Sales Taxes Payable $540, Debit Sales Taxes Poyable $540, debit Cash $8,460, credit Sales $9.000 Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $5,000 of cash sales that are subject to an 7% sales tax, what is the journal entry to record the cash sales? Multiple Choice Debit Cash $5,000 credit Sales $5,000, and record the taxes when paid Debit Accounts Receivable $5,350, credit Sales $5,000; credit Sales Taxes Payable $350. Debit Cash $5,000, credit Sales $4,650: credit Sales Taxes Payable $350. Debit Cash $5.350: credit Sales $5,000 credit Sales Taxes Payable $350. The total cost of an asset less its accumulated depreciation is called: Multiple Choice :53 O Historical cost Book value. O Present value Current (market value.