38 on december 31 2014 ferrero inc borrowed 500 000 by signing a note payable the no 4307017

38 on december 31 2014 ferrero inc borrowed 500 000 by signing a note payable the no 4307017

38) On December 31, 2014, Ferrero Inc. borrowed $500,000 by signing a note payable. The note is for 5 years and bears interest at the rate of 8%. The note is payable in 5 yearly installments of $125,219 due at the end of every year beginning on December 31, 2015. What amount represents the current portion of Long-term Notes Payable at December 31, 2014?

39) On December 31, 2014, Ferrero Inc. borrowed $500,000 by signing a note payable. The note is for 5 years and bears interest at the rate of 8%. The note is payable in 5 yearly installments of $125,219 due at the end of every year beginning on December 31, 2015. Which portion is classified as the long-term portion of Notes Payable at December 31, 2014?

Learning Objective 11-2

1) Gross pay is the total amount of salary, wages, commissions, and bonuses earned by an employee during a pay period, after taxes or any other deductions.

2) The old age, survivors, and disability insurance portion of FICA taxes is imposed on all of an individual employee's earnings.

3) The employee federal and state income tax and Social Security tax are optional deductions under payroll withholding deductions.

4) Income taxes are withheld from each employee's paycheck.

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