Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on august 1, batson company issued a 60-day note w

On August 1, Batson Company issued a 60-day note with a face amount of $53,400...

60.1K

Verified Solution

Question

Accounting

On August 1, Batson Company issued a 60-day note with a face amount of $53,400 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 12%. _________

b. Determine the proceeds of the note assuming the note is discounted at 12%.

Baker Green's weekly gross earnings for the week ending December 7 were $2,000, and her federal income tax withholding was $240. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar. $________

Martin Jackson receives an hourly wage rate of $23, 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, 43; federal income tax withheld, $365; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson?

a.$1,406.74

b.$581.74

c.$1,536.24

d.$1,023.50

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students