Question

Entries for Discounted Note Payable A business issued a 90-day note for $48,000 to a creditor...

Entries for Discounted Note Payable

A business issued a 90-day note for $48,000 to a creditor on account. The note was discounted at 6%. Assume a 360-day year.

a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place.

a.

b. Journalize the entry to record the payment of the note at maturity.

b.

eBook

Show Me How

Calculator

Print Item

Calculate Payroll

Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

Consultant Computer Programmer Administrator
Regular earnings rate $2,310 per week $34 per hour $42 per hour
Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate
Number of withholding allowances 3 2 1

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

Consultant Computer Programmer Administrator
Gross pay $ $ $
Net pay $ $ $

Homework Answers

Answer #1

Please refer the following images for the solution:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,210 per week $34 per hour $48 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income...
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,810 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income...
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,710 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income...
Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll...
Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,610 per week $28 per hour $42 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll...
Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 * For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period,...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $4,000 per week $60 per hour $50 per hour Overtime earnings rate* Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 2 1 2 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay...
Calculate Payroll Donohue Professional Services has three employees-a consultant, a computer programmer, and an administrator. The...
Calculate Payroll Donohue Professional Services has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,010 per week $28 per hour $42 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income...
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll...
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,510 per week $28 per hour $50 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $920 $240 $495 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the...
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll...
K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $2,910 per week $32 per hour $42 per hour Overtime earnings rate Not applicable 2 times hourly rate 1.5 times hourly rate Federal income tax withheld $930 $249 $505 For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT