Your salary is $$2,500$ every two weeks. Your employer provides health

insurance which costs them $$600$ and you $$100$ every pay. Your average income

tax rate is $20\%$ and you are subject to FICA taxes $(7\mathrm{.}65\%).$ What amount will be

deposited into your bank account from your first pay? $

The corporation borrowed $$100,000$ at $7\%$ interest for $6$ months from the bank

on August $1^{st},$ this year. They will pay off the borrowing and all interest when the

note matures in $6$ months. When the accountant prepares their December ${31}^{st}$

balance sheet, at what amount will they report for interest payable?

$($rounded to the nearest dollar$)$

The company borrowed $$600,000$ by signing a three$-$year $6\%$ note on January

$1^{st}$ this year. The company will make principal payments of $$200,000$ each year

plus accrued interest. On December ${31}^{st}$ of this year the company pays $$200,000$

principal payment plus $$36,000$ in accrued interest. After making the payment

the accountant prepares their balance sheet, at what amount will they report as a

current liability for this borrowing? $

The balance sheet shows the following: current assets: $$90,000$; total assets:

$$890,000$; current liabilities: $$60,000$; total liabilities: $$550,000$; and stockholders'

equity: $$340,000.$ What is the current ratio:

Identify all current liabilities from the list below: