10 a) On August 1, Hulk Inc. issued a $50,000, 9%, 150-day note payable to...
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Accounting
10 a) On August 1, Hulk Inc. issued a $50,000, 9%, 150-day note payable to Scott Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?
| $51,125 | ||
| $50,000 | ||
| $51,875 | ||
| $54,500 |
b)
Which of the following will have no effect on an employee's net pay?
| Social security tax | ||
| Federal Unemployment tax | ||
| Medicare tax | ||
| Number of allowances claimed on form W-4. |
c)
The amount of federal income tax withheld from an employee's gross pay is recorded as a _________ by their employer.
| receivable | ||
| expense | ||
| asset | ||
| liability |
d)
Machinery with a cost of $150,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 50,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the machinery was used 9,000 hours?
| $28,000 | ||
| $25,200 | ||
| $60,000 | ||
| $30,000 |
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