148. On September 15, SportsWorld borrowed $75,000 cash from FirstBank on a 12%, 60-day note payable.
a. Prepare SportsWorld's general journal entry to record the issuance of the note payable.
b. Prepare SportsWorld's general journal entry to record the payment of the note at maturity.
149. On December 1, 2007 Gates Company borrowed $45,000 cash from FirstBank on a 90-day, 9% note payable.
a. Prepare Gate's general journal entry to record the issuance of the note payable.
b. Prepare Gate's general journal entry to record the accrued interest due at December 31, 2007.
c. Prepare Gate's general journal entry to record the payment of the note on March 1, 2010.
150. A company borrowed $60,000 on a 60-day, 10% note payable from its bank. Compute the total cash payment at the note's maturity.
151. The rate for FICA-social security is 6.2% and the rate for FICA-Medicare is 1.45%. Calculate the total amount of FICA withholding for an employee whose pay is $2,400 and is entirely subject to these FICA taxes.
152. An employee earned $3,450 for the current period. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%) assuming the entire employee's pay is subject to FICA taxes.