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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
se2. On the last day of August, Broadway Company borrowed $120,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately. Prepare the following journal entries: (1) August 31, recording of note; and (2) October 30, pay- ment of note plus interest. (Round to the nearest cent.)
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se3. The following payroll totals for the month of April are from the payroll register of Myth Corporation: salaries, $446,000; federal income taxes withheld, $62,880; Social Security tax withheld, $27,652; Medicare tax withheld, $6,467; medical insurance deductions, $13,160; and salaries subject to unemployment taxes, $313,200.
Determine the total and components of (1) the monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amounts for employees, a federal unemployment insurance tax of 0.8 percent, a state unemploy- ment tax of 5.4 percent, and medical insurance premiums for which the employer pays 80 percent of the cost.
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