1)Proceeds from Notes Payable

On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 30-day note with a face amount of $93,600. Assume a 360-day year.

Required:

a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. $fill in the blank 1

b. Determine the proceeds of the note, assuming that the note is discounted at 6%. $fill in the blank 2

2) Federal Income Tax Withholding

Bob Avery's weekly gross earnings for the present week were $2,550. Avery has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.

$fill in the blank 1

3)

Employee Net Pay

Steven Inverness's weekly gross earnings for the week ended April 22 were $1,906, and his federal income tax withholding was $343.08. Assuming that the social security rate is 6% and Medicare is 1.5% of all earnings, what is Steven's net pay? Round your answer to two decimal places. $fill in the blank 1