26 Jul WHAT IS DREWS GROSS PAY FOR THIS PERIOD?
Question 1.1.Watson Company pays approximately $30,000 in property taxes per year. The bills are received in September and are paid in December. Watson chooses to accrue property tax expense each month throughout the year. After all the bills are received at the end of September, what would be a good estimate for the balance in the accrual account? (Points : 20) $0 $15,000 $22,500 $30,000Question 2.2.The partnership of ABC is made up of partner A, partner B, and partner C. The partnership allocates profits and losses in a ratio of 3:2:5, respectively, to partners A, B, and C. The partnership reported a net loss of $20,000 in the previous year. How will this loss affect Partner Bs capital account? (Points : 20) it will increase by $4,000 it will decrease by $4,000 it will increase by $2,000 it will decrease by $2,000Question 3.3.An oil well is purchased for $50,000,000. It is expected that the oil well will produce 1,000,000 barrels of oil with no residual value. The owner expects to drill from this oil well for the next 25 years. In year one, 30,000 barrels are extracted from the well. In year two, 38,000 barrels are extracted from the well. What value should be reported for this natural resource at the end of year two? (Points : 20) $50,000,000 $46,000,000 $48,500,000 $46,600,000Question 4.4.Drew earns an hourly wage of $22.00. He is paid overtime at a rate of 1.5 times his regular pay for any hours he works over 40 hours per week. Drew gets paid every two weeks. The following information is used to calculate his withholding deductions: Insurance$60.00Federal withholding rate15%State withholding rate6%Social Security Tax withholding rate5.65%Charitable deductions$5.00For the two-week period ending June 10, 20X2, Drew worked 92 hours and earned at least 40 hours in each week. What is Drews gross pay for this period? (Points : 20) $1526.43 $2,156.00 $2,024.00 $1,760.00Question 5.5.The Medicare tax is a component of the ________. (Points : 20) employees state income tax Social Security (FICA) tax employees federal income tax federal unemployment tax
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