accounting question

16. A company purchased $1,800 of merchandise on December 5. On December 7, it returned $200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals: $200. B. $1,564. C. $1,568. D. $1,600 $1,800. 17. A company has 1,000 $50 par value, 4.5% cumulative and nonparticipating preference shares and 10,000 $10 par value ordinary shares outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preference shareholders in the second year before any dividend is paid to ordinary shareholders is: A. $1,000. B. $1,250. C. $2,250. D. $3,500. E. $4,500. 18. When using the indirect method to calculate and report net cash from or used in operating activities, which of the following is subtracted from profit? A. Decrease in wages payable. B. Depreciation expense D. . Amortization of intangible assets. E. Bad debts expense. Decrease in merchandise inventory. 19. A corporation issued 5,000 $10 par value ordinary shares in exchange for some land with a market value of $60,000. The entry to record this exchange is: A. Debit Land $60,000; credit Share Capital-Ordinary $50,000; credit Share Premium- Ordinary $10,000. B. Debit Land $60,000; credit Share Capital-Ordinary $60,000. C. Debit Land $50,000; credit Share Capital-Ordinary $50,000. D. Debit Share Capital-Ordinary $50,000; debit Share Premium-Ordinary $10,000; credit Land $60,000. E. Debit Share Capital-Ordinary $60,000; credit Land $60,000. 20. A corporation borrowed $125,000 cash by signing a 5-year, 9% installment note requiring equal annual payments each December 31 of $32,136. What journal entry would the issuer record for the first payment? . Debit Interest Expense $7,136; debit Notes Payable $25,000; credit Cash $32,136. B. Debit Notes Payable $32,136; debit Interest Payable $11,250; credit Cash $43,386. C. Debit Interest Expense $11,250; debit Notes Payable $20,886; credit Cash $32,136. D. E. Debit Notes Payable $32,136; credit Cash $32,136. Debit Notes Payable $11,250; credit Cash $11,250