12) XYZ Company received $42,000 including sales taxes. If the sales tax rate is 3%, what is XYZ Company's sales taxes payable for the month? *

a- $1,223

b- $1,260

c- $40,777

d-$42,000

13) The maturity date of a 60- day note date March 20, 2020 is *

a- May 18, 2020

b- May 19, 2020

c- May 20, 2020

d- May 21, 2020

14) All of the following are reported as assets except *

a- Accounts receivable

b- Warranty Liability

c- Notes receivable

d- Prepaid Expense

15) On the dividend payment date *

a- a dividend becomes a current obligation

b- cash is credited

c- no entry is required

d- an entry may be required if it is a stock dividend

16) The interest charged on a $220,000 note payable at the rate of 8% on a 90-day note would be *

a- $17,600

b- $4,400

c- $3,000

d- $1,500