1. A retail store credited the Sales account for the sales price and the amount of sales tax on sales. If the sales tax rate is 6% and the balance in the Sales account amounted to $262,500, what is the amount of the sales taxes owed to the State taxing agency? 2. On December 31,2022 , Beatle Company had an outstanding note payable totaling $240,000. The note is due in equal annual installments of $40,000 on January 1 of each of the next 5 years. What is the current portion of long-term debt that should be reported on the December 31,2022 balance sheet? 3. A\$1,000 face value bond with a quoted price of 102 would sell for how much cash? 4. List the account names that would be used to record an installment payment on a long-term mortgage type loan? (hint: there are 3 accounts) 5. A $2,000,000 face value, 7%,12 year bond was issued for $19,750,000. (a) was the bond issued for a premium or a discount? (b) how much cash did the issuing company receive? (c) calculate the amount of straight-line amortization that would be recorded at the end of vear 1 when the first interest payment is made. 6. Dillard Corp. calculates 0.8% federal unemplayment taxes and 2.5% state unemployment taxes for the more tecently hired employees who still haveri't met the $9,000 'cap' (maximum for the year.) For this pay period, employees have eamed a total of $82,000 in salary 8 wages, however only $12,500 of that is subject to FUTA \& SUTA. Calculate the amount of the payroll taxes pavable by Dillard Corp:: See the remaining questions on the bock: Acc298 Timed Practice Chapter 10 Problem 1: Delish Company issued $500,000,10k, 5- vear bonids on lanuary 1, 2022 for $480,000. The bonds were sold for $470.000 to vieid an effective interest rate of 120. Interest is payable annually on Jancuary 1 . The company uses the straight line method to amortize any bond premium or discount. Instructions: (a) Did these bonds issue at a Premium of at a Discount? (b) Prepare the journal entry to record the issuance of the bondk. (c) Calculate the amount of the first interest payment. (d) Calculate the amount of interest expense Deish would record on Deci. 31, 2022. Problem 1: Delish Company issued $500,000,1005,5-vear bonds on January 1, 2022 for $480,000. The bonds were sold for $470,000 to yield an effective-interest rate of 12%. Interest is payable annually on January 1 . The company uses the straight-line method to amortiee any bond premium or discount. Instructions: (a) Did these bonds iswe at a Premium of at a Discount? (b) Prepare the journal entry to record the issuance of the bonds. (c) Calculate the amount of the first interest payment. (d) Calculate the amount of interest expense Delith would record on Dec: 31, 2022. (c) (t) Problem 2: Delish Compuny issued a 5500,000,10 year morteage with TNT Bank on December 31, 2021 with a 95 annual interest rate. Annual install ment payments of 589.000 will be paid exch year on December 31 .. Instructions: (a) Calculate the amount of interest expense that Delish will record for 2022, 2023 and 2024. (b) For Delish Company's balsnce sheet on December 31, 2023, what ameunts will be reported for current Iisbility an this mortgage and for the long-tem partion of the mortedge liablity
