1. On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown...
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1. On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? 2. Martinez Co. borrowed $50,000 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a? 3. Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson? 4. The journal entry to record the payment of an interest-bearing note is? 5. Assuming a 360-day year, when a $50,000, 90-day, 9% interest-bearing note payable matures, total payment will be? 6. Which of the following taxes are employers required to withhold from employees?
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