On september 1 klondike co issued a 90-daynote with a face

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Reference no: EM13615105

On September 1, Klondike Co. issued a 90-daynote with a face amount of $120.000 to Arctic Apparel Co. formerchandise inventory.

a. Determine the proceeds of the note,assuming the note carries an interest rate of 8%.

b. Determine the proceeds of the note, assuming the note is discounted at 8%. DonTruett?s weekly gross earnings for the week ending December 18 were$1,680 and his federal income tax withholding was $298.51. Prior tothis week, Truett had earned $99,000 for the year.

Assuming thesocial security is 6% on the first $100,000 of annual earnings andmedicare is 1.5% of all earnings, what is Truett?s net pay? Thepayroll register of Lowry Landscaping Co. indicates $1,260 ofsocial security withheld and $315 of Medicare tax withheld on totalsalaries of $21,000 for the period. Federal withholding for theperiod totaled $3,822. Provide the journal entry for the period?

Reference no: EM13615105

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