Compute rose’s gross pay for working 60 hours during the first week of february.
straight-time pay for 40 hours ($12 × 40 hours)$ 480
overtime pay for 20 hours: 20 × $12 × 1.5360
gross pay $ 840
rose is single, and her income tax withholding is 15% of total pay. rose’s only payroll deductions are payroll taxes. compute rose’s net (take-home) pay for the week. assume rose’s earnings to date are less than the oasdi limit.
gross pay$ 840.00
withholding deductions: employee income tax (15%)$ 126.00
employee oasdi tax (4.2%)35.28
employee medicare tax (1.45%)12.18
total withholdings173.46net (take-home) pay$ 666.54
journalize the accrual of wages expense and the payment related to the employment of lucy rose

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Which of the following results in an increase in the standard of living? a. an increase in unemployment pushes down the cost of production. b. wages go up to correct for the inflation of prices. c. income increases, enabling consumers to buy more goods and services. d. rising production costs drive up the price of goods and services.

Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,000 from hopkins. on july 10, the entry or entries gideon makes to record the recovery of the bad debt is