On january 1 2012 phil sonics corporation issued 2000000 of

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Reference no: EM13483861

Please show computation and give reasioning behind answers

On January 1, 2012, Phil Sonics Corporation issued $2,000,000 of 7.5% bonds, dated January 1. Interest is payable semi-annually on June 30 and December 31. The bonds mature in 10 years. The market yield for bonds of similar risk and maturity is 8%. Bond issue costs, which were paid separately to underwriters, were 7,500.

A) Prepare the Journal entry to record the issuance of the bonds on January 1, 2012

B) Prepare the Journal entry to record the early retirement of the bonds on June 30, 2014 at 98.

Lee Provo is paid $20 per hour, plus time-and-one-half for hours over 40 for a given week. During the week of January 21, Provo worked 46 hours. Social security taxes are 6.2 percent, Medicare taxes are 1.45 percent, $98 is withheld for federal income taxes, 36 is withheld for state income taxes, and $15 is with held for medical health insurance. In addition, Provo's employer must pay social security taxes of 6.2 percent, Medicare taxes of 1.45 percent, state unemployment taxes of 5.4 percent, and federal unemployment taxes of .8 percent.
a) Provo's gross earnings
b)Provo's take-home pay
c) the employer's payroll taxes expense
D) The total cost of employing Provo for the week

Reference no: EM13483861

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