A company borrowed $11,000 by signing a 90-day promissory note at 10%. The total interest due on the maturity date is: (Use 360 days a year.)

Multiple Choice

• $275.00

• $1,100.00

• $27.50

• $412.50

• $137.50

Marlow Company purchased a point of sale system on January 1 for $6,700. This system has a useful life of 5 years and a salvage value of $1,050. What would be the depreciation expense for the second year of its useful life using the double-declining-balance method?

Multiple Choice

• $2,680.

• $1,544.

• $2,260.

• $1,608.

• $1,130

Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.)

Multiple Choice

• Debit Notes Receivable $7,600; debit Interest Receivable $114; credit Sales $7,714.

• Debit Cash $7,714; credit Interest Revenue $114; credit Notes Receivable $7,600.

• Debit Cash $7,714; credit Notes Receivable $7,714.

• Debit Cash $7,714; credit Interest Revenue $95; credit Interest Receivable $19; credit Notes Receivable $7,600.

• Debit Cash $7,714; credit Interest Revenue $19; credit Interest Receivable $95; credit Notes Receivable $7,600.

On September 12, Vander Company sold merchandise in the amount of $7,100 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,300. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is: Multiple Choice 7,100 7,100 Accounts receivable Sales Cost of goods sold Merchandise Inventory 5,300 5,300 0 5,300 Accounts receivable Sales 5,300 0 7,100 Sales Accounts receivable 7,100 0 7,100 Accounts receivable Sales 7,100 Sales Accounts receivable Cost of goods sold Merchandise Inventory 7,1001 7,100 5,300 15,300 The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $130,000 50,000 85,000 7,800 22,000 24,800 96,000 What is the ending balance for retained earnings? Multiple Choice O $176,000 O $182,000 O $256,000. 0 $284,000. Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 39,400 $ 34,150 109,000 69,500 95,000 89,000 130,500 134,500 14,000 11,600 397,500 347,500 103,900 117,300 720,500 685,500 399,500 384,500 0 $284,000. 0 $153,500. 0 $270,000. 0 $189,000