2. A12%, 1-year, $10,000 note payable was issued on October 1, 2018. Assuming no interest had been accrued or paid previ

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2 A12 1 Year 10 000 Note Payable Was Issued On October 1 2018 Assuming No Interest Had Been Accrued Or Paid Previ 1 (70.33 KiB) Viewed 30 times

2. A12%, 1-year, $10,000 note payable was issued on October 1, 2018. Assuming no interest had been accrued or paid previously, how much interest expense should be accrued on December, 31, 2018? a) $1,200 b) $300 c) $200 d) $0 e) None of the above 3. Gross earnings for a pay period are $100,000. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federal Income tax $10,000; State Income tax $2,500; Federal Unemployment taxes of $1,500 and State Unemployment taxes of $800. How much cash will be paid to employees? a) $100,000 b) $79,350 c) $77,050 d) $10,450 e) None of the above