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Compute the current ratio

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Question 1 - Based on the following information, compute the current ratio.

Current assets $230,000

Total assets $900,000

Current liabilities $115,000

Total liabilities $500,000

Question 2 - Mike Dooley's regular hourly wage is $18 an hour. He receives overtime pay at the rate of time and a half. The FICA tax rate is 7.65%. Mike is paid weekly. For the first pay period in January, Mike worked 47 hours. All hours over 40 earn the overtime rate. Mike's federal income tax withholding is $150 and his state income tax withholding is $60. Mike has authorized that $25 be withheld from his check each pay period for savings bonds.

Compute Mike Dooley's net pay for the pay period.

Reference no: EM132483782

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