Question 29 2 pts Lee Company has the following information for the pay period of December 15-31: Gross payroll.. ............. $16.000 Social security rate............ ... ...6.0% Medicare rate. .. ......1.5% Federal income tax withheld......... $4,000 Federal unemployment tax rate .........0.8% State unemployment tax rate...........5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for: $10.800 $16.000 $9,808 $11,040 Question 30 2 pts Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method? dividends declared and paid gain on sale of land depreciation expense a loss on the sale of equipment JUISCOJUJU 2 pts Question 31 Based on the following data, what is the accounts receivable turnover? Sales on account during year.............$700,000 Cost of goods sold during year...........$270,000 Accounts receivable, beginning of year......$45,000 Accounts receivable, end of year ............. ..$35,000 Inventory, beginning of year.............. .......$90,000 Inventory, end of year..... ...$110.000 17.5 15.5 26 20,0 Question 32 2 pts On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be: deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends. added to net income in converting the net income reported on the income statement to cash flows from operating activities. deducted from net income in converting the net income reported on the income statement to cash flows from operating activities. added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends