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Question
Assuming a 360-day year, when a $50,000, 90-day, 9% interest-bearing note payable matures, the total payment will be
a. $51,125
b. $54,500
c. $1,125
d. $4,500
Use this information for Magnum Company to answer the following questions.
The following totals for the month of April were compiled from the payroll data of Magnum Company:
Salaries $12,000
FICA taxes withheld 900
Income taxes withheld 2,500
Medical insurance deductions 450
Federal unemployment taxes 32
State unemployment taxes 216
Answer
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