On January 8, Lawrence Co. Authorize a $60,000, 120-day discounted keep in mind to Raines Bank. The discount rate is 8%. Assuming a 360-day year, what is the lot of proceeds received?
$58,400(*The proceeds got is the face value minus the discount amount. This is calculate as: $60,000 - ($60,000 × 0.08 × 120/360) = $58,400.)
Which of the adhering to taxes room NOT contained in the employer"s payroll taxes?A. FICA taxesB. FUTA taxesC. SUTA taxesD. Federal revenue taxes
All the the following are various other deductions the employees may pick to have actually deducted from their gross salary EXCEPTA. Medicare insurance.B. Life insurance.C. Retirement savings.D. Dentist insurance.

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Which the the adhering to taxes is paid by the employee and also the employer?A. FUTAB. SUTAC. Commonwealth withholding taxesD. FICA
Employees" weekly gross income were $5,500, and their federal revenue tax withholding was $1,116.50. Suspect the social protection rate is 6.0% and Medicare tax rate is 1.5%, what is the network amount to be payment to employees?
$3,971(*$5,500.00 − $1,116.50 − ($5,500.00 × 0.06) − ($5,500.00 × 0.015) = $5,500.00 − $1,116.50 − $330.00 − $82.50 = $3,971.00)
The newspaper entry a firm uses to record accrued holidays privileges for its employee at the finish of the year is
debit holidays Pay Expense; credit Vacation pay Payable.(*The journal entry a agency uses to record accrued vacation privileges for its employee at the finish of the year includes rise to an expense account (debit vacation Pay Expense) and boost to a legal responsibility account (credit holidays Pay Payable).
Postretirement benefits may include all of the following exceptA. Dentist care.B. Tuition assistance.C. Holidays pay.D. Every one of these selections are correct.

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A characterized benefit plan requires an annual pension cost of $90,000 based upon estimates of future pension liabilities. ~ above December 31, the agency pays $70,000 come the pension fund. The journal entry will certainly include
equal periodic payments(*An installment keep in mind is a debt that calls for the borrower to do equal routine payments come the lender for the hatchet of the note.)
The journal entry for an installment no payment includesA. A debit to note Payable.B. A debit to attention Expense.C. A credit transaction to Cash.D. All of these selections are correct.
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