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d.3/16/13 –
Sold $450,000 in product sales and accrued 6% for warranty liability.
e.3/30/13 –
Received a summons that the company was being sued for terminating t
he office manager last month. The attorneys have advised the company t
hat they will be liable to the employee for back pay of $4,700.
f.3/31/13 – Purchased 400 shares of Treasury stock at $7.00 per share
g.3/31/13 – Accrued interest on the note signed 3/1/13.
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ACCT 216 Week 7 Homework A
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1. Please write a 4-
6 sentence paragraph on the following questions.
a.What is the difference between an exempt and non-
exempt employee?
b.How would you decide whether to hire someone as an employ
ee or independent contractor?
2.Cindy Lou makes $30,000 per year as an exempt employee. S
he worked 15 hours of overtime in the month of September. Pay
day for wages earned in the month of
September is October 7. Ignoring Federal and State income tax
withholdings, how much would she receive for September net of
Social Security and Medicare taxes?