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Allisa [31]
3 years ago
13

The tax withheld from your check each pay period will be 20 dollars. True False

Business
2 answers:
Rudiy273 years ago
7 0

Answer:

False

Explanation:

The taxes that are deducted fron a paycheck depend on the regulation of the place in which you live and they are stated as a percentage of the salary you receive. Because of this, the tax withheld from your check each pay period will not be 20 dollars because it depends on the amount of money you get and the tax rate that has been established.

strojnjashka [21]3 years ago
3 0
False.... The amount of money taken out of a check for taxes depends on how much you're getting paid.
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What does this sign mean?
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3 years ago
On January 1, Hurley Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on Janua
KonstantinChe [14]

Answer:

b. credit to Cash $60,000.

Explanation:

Given that:

Hurley Corporation issues the principal amount of $500,000

Time = 5 years

Rate = 12%  at 96  with interest payable on January 1

Discount on issue  =500000 × (1 - 0.96) = 20000

Annual discount  amortization= 20000/5 = 4000                  

Interest payable  = 500000× 12% =  60000

From the information given in the question; we can have a journal entry to determine the what the straight-line method will include.

So, let have a look at the table below:

Discount on issue                     20000                                      

Annual discount                        4000

amortization

                                                     Debit                            Credit

Interest expense                         64000

Discount on Bonds payable                                            4000

Interest payable                                                               60000

Now; The January 1 entries will now be as follows:

                                                    Debit                        Credit

Interest payable                           60,000

Cash                                                                                60,000

Thus; The entry on January 1 to record payment of bond interest assuming amortization of bond discount used the straight-line method will include a: <u>Credit to cash  $60,000</u>

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