Proceeds from Notes Payable

On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $78,000. Assume a 360-day year.

Required:

a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%. $

b. Determine the proceeds of the note, assuming the note is discounted at 5%. $

2.

Bob Dunn's weekly gross earnings for the present week were $2,250. Dunn has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Dunn's federal income tax withholding? Round your answer to two decimal places.

3.

Employee Net Pay

Kenneth Friedman's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay?

Note: If required, round your answer to two decimal places. $