Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Betsy's pay for the period and (b) the payment of Betsy's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 15 (b) Jan. 15 ||| Current Attempt in Progress X Your answer is incorrect. Skysong, Inc. had checks outstanding totaling $27900 on its May bank reconciliation. In June, Skysong, Inc. issued checks totaling $174500. The June bank statement shows that $129900 in checks cleared the bank in June. A check from one of Skysong, Inc.'s customers in the amount of $1300 was also returned marked "NSF." The amount of outstanding checks on Skysong, Inc.'s June bank reconciliation should be $16700. O $71200. O $72500. $44600. Attempts: 1 of 2 used Submit Answer Save for Later Current Attempt in Progress Ivanhoe Company is preparing a cash budget for September. The company's cash balance on September 1 is $27840. The company anticipates cash receipts of $134160 and cash disbursements of $140780. If Ivanhoe Company desires a cash balance of $28800, it must acquire financing of $960. O acquire financing of $5660. acquire financing of $22180. O acquire financing of $7580. Save for Later Attempts: 0 of 2 used Submit Answer View Policies Current Attempt in Progress Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000. The balance in accounts receivable at the beginning of the year was $110400 and at the end of the year was $143600. What was the accounts receivable turnover? O 8.3 O 10.3 O 5.1 O 7.0 Save for Later Attempts: 0 of 2 used Submit Answer View Policies Current Attempt in Progress A company purchased factory equipment on April 1, 2022 for $162000. It is estimated that the equipment will have a $18000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2022 is O $10800. O $14400. O $16200. O $12150. Save for Later Attempts: 0 of 2 used Submit Answer Splish Brothers Inc. lends Bramble industries $62400 on August 1, 2022, accepting a 9-month, 9% interest note. If Splish Brothers Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 66612 Notes Receivable 62400 Interest Receivable 2340 Interest Revenue 1872 Notes Receivable 66612 O Cash Notes Receivable Interest Receivable Interest Revenue Cash Cash Notes Receivable Interest Revenue 66612 62400 2340 1872 66612 66612 62400 4212
