An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $118,500 each calendar year. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee’s annual FICA taxes amount is:

A company has Salaries Expense of $2,000 per day and has five working days each week, Monday through Friday.  The company pays its employees on Friday for the days worked that week.  June 30 falls on a Wednesday.  When the company pays its employees on Friday, July 2nd, the journal entry would be:

A company using the gross method of accounting for purchases and a perpetual inventory system recorded the following entry: Accounts Payable 2,500        Merchandise Inventory        50        Cash                                 2,450 This entry reflects a:

Use the following information and the indirect method to calculate the net cash provided or used by operating activities: $87,200  Net income$13,900  Depreciation expense$  6,400  Gain on sale of land$  3,950  Increase in merchandise inventory$  8,050  Increase in accounts payable  

In January of the current fiscal year, a company paid $36,000 for insurance coverage for the next three years.  After the first ten months of the insurance policy have lapsed, all of the following are true except:

On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $921. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?

Why do economists generally agree that: “Low inflation is better than deflation, which occurs during severe recessions.”

When Anders took out his first two-year membership with Maxima Gym in 2004, the fee was $540.00.  He renewed his membership three times; in 2006 for $580.00, in 2008, for $600.00, and again in 2010, for $640.00. What is the overall rate of inflation for Anders’ gym membership?

If the price index moves from 108 to 110, the rate of inflation is: 

# 1. New Grade Average# # A student has completed 4 quizzes with scores of 75, 88, 90, and 82. # The professor allows them to drop their lowest score and replace it with a new score.# # Write a Python program that:# # Assign each score to a variable.# Ask the student to enter a new score.# Drop the lowest score from the original 4 scores. Hint: Use the min() function.# Replace the lowest score with the new score.# Calculate and display the new average score.# # Sample Run:# # Please enter a new score: 95 # # Your new gradepoint average is 88.75 ##2. String Length and Character Selection# # Write a Python program that:# # Prompts the user to enter a sentence.# Calculates and displays the length of the sentence. Hint: Use the len() function.# Displays the first 3 letters of the sentence and the last 3 letters of the sentence.# # Sample Run:# # Please enter a sentence: Python is fun! # # The length of the sentence is 14 # The first 3 letters are: Pyt # The last 3 letters are: un! # #3. Total Item Cost with Discounts# # A bookstore offers a 10% discount if a customer buys 4 books.# Write a Python program that:# # Prompts the user to enter the price of 4 books (one at a time).# Calculates the total cost of the books.# Applies a 10% discount to the total cost.# Displays the total amount owed.# # Sample Run:# # Enter the price of the first book: 12.99 # Enter the price of the second book: 15.50 # Enter the price of the third book: 10.00 # Enter the price of the fourth book: 18.75 # You bought 4 books. # The total amount owed is $51.38