Abond's cash Interest payment to bondholders each period is calculated as the Face amount of the bond times the discounted interest rate. None of the answers are correct O Face amount of the bond times the stated interest rate Face amount of the bond times the market interest rate Face amount of the bond times the premium interest rate The interest recorded when a bond's cash interest payment to bondholders is made a calculated as the face amount times the stated interest rate. Carrying value times the stated interest rate. Carrying value times the market interest rate. None of the answers are correct Face amount times the market interest rate. According to the Matching Principle in the generally accepted accounting principles how does the company record this purchase in November? Prepaid insurance en account goes up, cash account goes up. O Cash account goes down, Prepaid insurance asset account goes up. Cash account goes down. Prepaid insruance asset account goes down. None of the answers are correct Prepaid insurance asset account goes up, Insurance expense account goes up At the time of the sale, a customer asked if they could have more than 30 days to pay the sales amount. Your company agreed and had the customer sign a promissory note, allowing the customer to pay over six months but they must also pay interest. What are the two accounts that the company should record the sale to? None of the answers are correct. Notes Receivable. Sales Revenue Sales Revenue Cash Accounts Receivable, Sales Revenue Cash Accounts Receivable On the balance sheet, generally accepted accounting principles state that bonds payable should be reported at what amount? Face value plus accrued interest. O Carrying value (Face amount / discount or premium) Depreciable value Face value Which of the following journal entries could be recorded if a manager wanted to manipulate the income statement and report profits higher than they actually were during a period? o Record money received from customers for advance payment of services to be Record a large purchase to an asset account instead of an expense account. None of the answers are correct. Record a large purchase to an expense account instead of an asset account There is not enough information to determine the effect on net income. Which of the following would a company report as a current asset on the balance sheet Sales revenue Goodwill None of the answers are correct Property, plant and equipment Accounts Receivable ABC Company sold a product for the sales price of $475.50. The sale requires 6% sales taxes be charged to the customer Which of the following is the correct transaction to be recorded by the company? increase revence 5504.03, increase cash 5504.03. None of the answers are correct Increase revenue 5475.50. Increase sales tax payable $28.53, Increase cash $504.00 Increase revenue $475,50, increase cash $475.50. Increase revenue 5475 50, Increase sales tax expense $28.53, increase cash 550403 Which of the following account balances would not be deductible on the company's income taxes? Wapes Interest Expense Depreciation expense Dividende On January 1 you start a new job that pays an annual salary of $40,000. Social security tax is 62% up to the wage base of $137,700. Medicare tax is 1.45% How much in total will you have withheld from your wages during the year for social security and medicare tax? None of the answers are correct. $43.060.00 $580.00 0.53,060,00 52.480.00 What does it mean to say a company is solvent? The company is generating profits on inventory or services sold. The company is able to collect cash from customers The company is able to provide cash to stockholders The company has enough assets to pay its debts. The receivables tumover ratio measures how many times, on average, a company collects its receivables during the year True False A customer comes in and purchases your company's lawn care and snow removal services, to be provided over the next 12 months, and pays with a check How does your company record this transaction? None of the answers are correct. Increase the accounts receivable account, Increase the deferred revenue account increase the cash account increase the deferred revenue ability account. Increase the cash account, increase the revenue account. Increase the accounts receivable account. Increase the revenue account