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Help please in answering this short problem for accounting. Attached is a file with questions You and several classmates are studying for the next accounting
Help please in answering this short problem for accounting. Attached is a file with questions
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: (Round answers to 0 decimal places, e.g. $62,482.) 1. If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31? $ 2. The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable? $ 3. If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? $Step by Step Solution
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