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Sylvestor Systems borrows $151,000 cash on May 15,2017 , by signing a 180 -day, 5% note. 1. On what date does this note mature? November
Sylvestor Systems borrows $151,000 cash on May 15,2017 , by signing a 180 -day, 5% note. 1. On what date does this note mature? November 10, 2017 November 11, 2017 November 12,2017 November 13,2017 November 14,2017 2. Assume the face value of the note equals $151,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. Journal entry worksheet (b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.)
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