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Compute Mike Dooleys net pay for the pay period

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Question 1 - Karley Company sold equipment on July 1, 2021 for $75,000. The equipment had cost $210,000 and had $120,000 of accumulated depreciation as of January 1, 2021. Depreciation for the first 6 months of 2021 was $12,000. Prepare the journal entry to record the sale of the equipment.

Question 2 - Based on the following information, compute the current ratio.

Current assets $180,000

Total assets 900,000

Current liabilities 85,000

Total liabilities 500,000

Question 3 - Mike Dooley's regular hourly wage is $19 an hour. He receives overtime pay at the rate of time and a half. The FICA tax rate is 7.65%. Mike is paid weekly. For the first pay period in January, Mike worked 50 hours. All hours over 40 earn the overtime rate. Mike's federal income tax withholding is $150 and his state income tax withholding is $60. Mike has authorized that $25 be withheld from his check each pay period for savings bonds. Compute Mike Dooley's net pay for the pay period.

Reference no: EM132483695

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