1. A 12%, 1-year, $12,000 note payable was issued on October 1, 2022. Assuming no interest had been accrued or paid prev

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1 A 12 1 Year 12 000 Note Payable Was Issued On October 1 2022 Assuming No Interest Had Been Accrued Or Paid Prev 1 (17.66 KiB) Viewed 31 times

1. A 12%, 1-year, $12,000 note payable was issued on October 1, 2022. Assuming no interest had been accrued or paid previously, how much interest expense should be accrued on December, 31, 2012? a) $1,440 b) $360 c) $240 d) $120 e) $o 2. 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) $68,900 e) None of the above