Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45 -day note with a face amount of $225,000. Assume a 360 -day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%. ournalize Period Payroll The payroll registet of Heritage Co. Indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of 570,000 for the period. Federal vithholding for the period totaled $15,350. Retirement savings withheld from emplayee psychechs were 52,800 for the period. erdide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blankc 7 check uy Wont Remember that net pay represents how much the employees are to receive from the gross eamings for a specific pay period. A portion of the gross earnings of the employees has to be allocated to taxes and other employee elected deductions: loumayzing instaliment Notes On the first day of the fiscal year, a company issues $45,000,8%, six-year installment notes that have annual payments of $9.734. The finst note payment consists of $3,600 of interest and $6,134 of principal repayment. a. Joumalize the entry to record the issuance of the instaliment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Calcutate Payroll K. Mello Company has three employees-a consultant, o computer programmer, and an administrator. The following payroll information is available for each employee: 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 48 hours and the adminlatrator worked 51 hours. Assume that the social security tax rate was 6.056, and the Medicare tax rate was 1,5% Determine the gross nay and the net pay for each of the three employees for the current pay period. If required, round your answers to two decimal places Foxed Asset Purchases with Note On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. If an amount box does not require an entry, leave it blank. a. Jeumalize the entry to record the transaction on June 30 , Fenthack - cinca My Wers b. Journalize the entry to record the payment of the first installment an December 31 . b. Journalize the entry to record the payment of the first installment on December 31. De Feedoack Check My Work c. Journalize the entry to record the payment of the second installment the following June 30 . Jun Feedback Check My Wark Feedback - Creck My Wark The following information about the payroil for the week ended December 30 was obtained from the records of Boltz Co: Required: 1. Assuming that the payroll for the last week of the yoar is to be paid on December 31, foumakize the following entries (reter to the Chart of Acoounts for exact wording of account nites): a. December 30 , to record the payroll. Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31 , foumallie the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30 , fo record the payroll. b. December 30, fo record the employer's payroll faxes on the payroil to be paid on December 31 . Of the fotal payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, joumalize the foliowing entries (refer to the Chart of Accounts for exact wording of account tites): a. On page 11 of the journal: December 30 , to record the payroll. b. On page 12 of the joumal: January 5 , to record the employer's payroll taxes on the payroll to be paid on January 5 . Since it is a new fiscal year, all $780.000 in salaries is subject to unemployment compensation taxes. CHART OF ACCOUNTS Boltz Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 520 Sales Salaries Expense 118 Prepaid Insurance 521 Warehouse Salaries Expense 120 Land 522 Office Salaries Expense 123 Bullding 524 Depreciation Expense-Building 124 Accumulated Depreciation-Building 525 Delivery Expense 125 Office Equipment 526 Repairs Expense 126 Accumulated Depreciation-Office Equipment 529 Selling Expenses 531 Rent Expense tof Accounts 120 Land 522 Office Salaries Expense 123 Building 524 Depreciation Expense-Building 124 Accumulated Depreciation-Building 525 Delivery Expense 125 Office Equipment 526 Repairs Expense 126 Accumulated Depreciation-Office Equipment 529 Selling Expenses 531 Rent Expense LIABILITIES 532 Depreciation Expense-Office Equipment 210 Accounts Payable 533 Insurance Expense 213 Interest Payable 534 Supplies Expense 214 Notes Payable 535 Payroll Tax Expense 215 Salaries Payable 536 Vacation Pay Expense 216 Social Security Tax Payable 537 Pension Expense 217 Medicare Tax Payable 538 Cash Short and Over 218 Employees Income Tax Payable 540 Miscellaneous Expense 220 Group Insurance Payable 710 Interest Expense 221 U.S. Saving Bond Deductions Payable 222 Union Dues Payable 223 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable Chart of Accounts 214 Notes Payable 535 Rayroll lax Expense 215 Salaries Payable 536 Vacation Pay Expense 216 Social Security Tax Payable 537 Pension Expense 217 Medicare Tax Payable 538 Cash Short and Over 218 Employees Income Tax Payable 540 Miscellaneous Expense 220 Group Insurance Payable 710 Interest Expense 221 U.S. Saving Bond Deductions Payable 222 Union Dues Payable 223 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Entries for payroll and payroll taxes Journal Scrol obwet to accoss adblitional pages of the istuma! 1. Assuming that the payrol tor the last week of the year is to be palf on December 31, loumalze the fodowing entries frotor to the Chart of Accounts for exact wording of account tities): a. December so, to record the payroll. b. December 30, to record the omployer's payroll taxes on the payroll to be paid on December 31 , Or the total payrol for the last weak of the year, $48,000 is subject to unemployment compensafion taxes. Entries for payroll and payroll taxes Instructions Chart of Accounts Journal Joumal ONI otscatnion POST. REF - Detr. caibi A5sets UAnLTTES EQUTY 1 2 1 4 3 (1) 1 1 1 11 11 u Gieck My Work Previous 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal yoat, foumaize the following antries (refer to the Chart of Accounts for exact wording of account tities): a. On page 11 of the joumal: December 30 , to record the payrall. b. On page 12 of the joumal: January 5 , to record the employer's payroll taxes on the payroll to be paid on January 5. Since if is a new fiscall year, all 5780,000 in sularies is subject to unemplayment compensation taxes. PACE 12