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1. A. Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%. What is the present value of the payments? Round your final answer to the nearest whole number.

1. A. Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%. What is the present value of the payments? Round your final answer to the nearest whole number.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. A. Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%. What is the present value of the payments? Round your final answer to the nearest whole number. B. A UW employee has earned $1,000 in wages in October that will be paid next month in November. UW withholds 23% of all wages paid for employee income taxes and 6.2% or the employee's portion of social security and 6.2% for the employer's portion of social security. How much 'wages payable' will UW record? C. An Amazon employee has earned $1,674 wages in October that will be paid next month in November. Amazon withholds 20% of all wages paid for employee income taxes and 6.2% or the employee's portion of social security and 6.2% for the employer's portion of social security. How much will Amazon's net income decrease by for all the journal entries related to the transactions above? (round to the nearest dollar)
Transcribed Image Text:1. A. Sharae pays $5,000 every six months for 5 years, and the annual interest rate is 4%. What is the present value of the payments? Round your final answer to the nearest whole number. B. A UW employee has earned $1,000 in wages in October that will be paid next month in November. UW withholds 23% of all wages paid for employee income taxes and 6.2% or the employee's portion of social security and 6.2% for the employer's portion of social security. How much 'wages payable' will UW record? C. An Amazon employee has earned $1,674 wages in October that will be paid next month in November. Amazon withholds 20% of all wages paid for employee income taxes and 6.2% or the employee's portion of social security and 6.2% for the employer's portion of social security. How much will Amazon's net income decrease by for all the journal entries related to the transactions above? (round to the nearest dollar)
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