Find what is the gross pay for the employee

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Reference no: EM132704330

Problem 1: The maturity value of a $50,000, 90-day, 5% note payable is (use a 360 day year)

Option 1: $625
Option 2: $2,500
Option 3: $52,500
Option 4: $50,625

Problem 2: An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $350; cumulative earnings for the year prior to the current week, $99,700; social security tax rate, 6.0% on a maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?

Option 1: $752.50
Option 2: $1,187.50
Option 3: $775.00
Option 4: $1,125.00

Problem 3: Solare Company purchased a diamond mine for $65,000,000. The diamond deposit is estimated to hold 6,000,000 tons and has a salvage value of $5,000,000. During the current year, 2,300,000 tons of diamonds were mined and sold. What is depletion expense for the current year?

Option 1: $874,000
Option 2: $230,000
Option 3: $24,909,000
Option 4: $23,000,000

Problem 4: Solare Company purchased a diamond mine for $65,000,000. The diamond deposit is estimated to hold 6,000,000 tons andn has a saalvage value of $5,000,000. During the current year, 2,300,000 tons of diamonds were mined and sold. What is the depletion rate per ton?

Option 1: $100
Option 2: $26.09
Option 3: $10.83
Option 4: $102.5

Reference no: EM132704330

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