Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

compute times interest earned

1. Use the following information from separate companies a through f to compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due?

 

Net Income (Loss)

Interest Expense

Income Taxes

a.

$140,000

$48,000

$ 35,000

b.

140,000

15,000

50,000

c.

140,000

8,000

70,000

d.

265,000

12,000

130,000

e.

79,000

12,000

30,000

f.

(4,000)

12,000

0

2. Tony Newbern, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $12 per hour, and his wages are subject to no deductions other than FICA — Social Security, FICA — Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. Then compute his FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion), income tax deduction (use the wage bracket withholding table of Exhibit 11A.6), total deductions, and net pay. (Round tax amounts to the nearest cent.)

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 11:07 PM My Price 8.00

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