Reference no: EM13570096

An employee receives an hourly rate of $24, 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, $311 cumulative earnings for year prior to current week, $96,833 social security tax rate, 6.0% on maximum of $105,246 and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?

During May, Blast sold 650 portable CD players for $50 each. Each CD player cost Blast $25 to purchase and carried a one-year warranty. If 10 percent of the goods sold typically need to be replaced over the warranty period, what amount should Blast debit Product Warranty Expense for in May?

During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $21,500 and $15,000. The vacations are expected to be taken in the next year and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year?

An employee receives an hourly rate of $24, 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, $311 cumulative earnings for year prior to current week, $96,833 social security tax rate, 6.0% on maximum of $105,246 and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?

On July 1, Alton Co. issued an $61,300, 11%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year?