On September 1, Klondike Co. issued a 90-day note with a faceamount of $120.000 to Arctic Apparel Co. for merchandiseinventory.
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%.
Don Truett's weekly gross earnings for the week endingDecember 18 were $1,680 and his federal income tax withholding was$298.51. Prior to this week, Truett had earned $99,000 for theyear. Assuming the social security is 6% on the first $100,000of annual earnings and medicare is 1.5% of all earnings,what is Truett's net pay?
The payroll register of Lowry Landscaping Co. indicates $1,260of social security withheld and $315 of Medicare tax withheld ontotal salaries of $21,000 for the period. Federal with holdingfor the period totaled $3,822. Provide the journal entry for the period's payroll.