Compute his regular pay, overtime pay (for this company, workers earn 150% of their regular rate for hours in excess of 40 per week), and gross pay. His pay rate is $11 per hour, and his wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. Lenny Florita, an unmarried employee, works 50 hours in the week ended January 12. (Assume no reversing entries are made.)Įxercise 9-16A Gross and net pay computation Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. borrows $255,000 cash on November 1, 2017, by signing a 120-day, 11% notes with a face value of $255,000.Ģ & 3.What is the amount of interest expense in 20 from this note?Ĥ. We at Accounting Assignments Help provide Mcgraw-hill Connect Homework Help and Mcgraw-hill Connect Exam Help with step by step calculation and explanation 24*7 from our professional experts for following topics.Įxercise 9-4 Interest-bearing notes payable with year-end adjustments
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