Help & Su TB MC Qu. 09-146 If a company has advance.. Wacompany has advance subscription sales totaling $45,000 for the upcoming year, when four quarterly Journals wil ma Dear Cash 545.000 Credit Uneamed Row $45,000 loo O Debit Uneaed Revenue 545.000, credit Sales 345.000 O Debit Cash $45,000 Credit Accounts Payable $45.000 O Debit Sales $45.000, credit Uneamed Revenue 345.000 O Debit repud Subscriptions $45.000, Crect Sales $45.000 TB MC Qu. 09-83 Recording employee payroll deductions... Recording employee payroll deductions may involve: Multiple Choice Liabilities to the employer O b ies to federal and state governments. O Expenses for state unemployment Expenses for the gross wages and salaries Expenses for the employer portion of any medical insurance MacBook Air TB MC Qu. 09-49 All of the following statements regarding... All of the following statements regarding uncertainty in tables are true except Multiple Choice O es can involve uncertainty in whom to pay O A company can create a bility with a known amount even when the holder of the note may not be known as the O A company can have an obligation of a known amount to a known creditor but not know when it must be paid Oo oo O A company only records liabilities when it knows whom to pay, when to pay, and how much to pay without all three alability cannot be recorded O A company can be aware of an obligation but not know how much will be required to setlet Help Seveda TB MC Qu. 09-69 A company's income before... A company's Income before interest expense and income taxes is $350,000 and its interest expense is $100,000. Its times Interest eamed ratio is: Prev of 20 Next > MacBook Air Help Save & TB MC Qu. 09-64 Interest expense... Interest expense is not Multiple Choice incurred on current liabilities O Reported on the income statement O Alived expense Ukely to fluctuate when sales change A factor in determining a company's borrowing risk. Prev 15 of 20 Ngst > MacBook Air Help Serve & Subs TB MC Qu. 09-13B Athena Company provides... qual to of the employees $120,000 gross salary to a retirement Athena Company provides employee health insurance that costs $5,000 per month. In addition, the program. The entry to record the accrued benefits for the month would include Multiple Choice o Debit to Medical Insurance Payable $5.000 o O Debit to Employee Retirement Program Payable 56.000. o Debit to Employee Benefits Expense $16000 o O Credit to Employee Benefits Expense $14.000 O O Debit to Payroles Expenses MacBook Air TB MC Qu. 09-124 All of the following statements... All of the following statements regarding long-term liabilities are true except Multiple Choice O abilities not expected to be paid within the longer of one year or the company's operating cycle are reported as long-term abilities tong term labures include long-term notes payable, waranty liabilities, lease Babies and bonds payable O Liabilities that do not have a fixed due date, but are payable on demand are reported as long term liabilities ooooo long term e s can be reported on the balance sheet in a single fotor in murple categories A single long term ablity can be divided between current and noncurrent sections on the balance sheet MacBook Air TB MC Qu. 09-53 Amounts received in advance from... Amounts received in advance from customers for ure products or services Multiple Choice 0 Are revenues 0 Increase income 0 O Areabilities 0 Are not allowed under GAAP 0 O equire an outlay of cash in the future ROOISONORATTOO ON HUO MacBook Air SALE TB MC Qu. 09-147 A company has advance subscription... A company has advance subscription sales totaling $45,000 for the upcoming year when fou should record quarterly Jumals will mailed to customers. When the company mats the first quartetty journal to customers, Multiple Choice O Debit Prepaid Subscriptions $33,750, credit Unearned Revenue $33.750. O Debit Uneared Revenue $45,000 credit Cash $45.000 O Debit Cash 51250, credit Sales $11250 0 O Debit Uneamed Revenue 511250, credit Sales $11250 0 O Debit Prepaid Subscriptions $1250, credit Sales $11250 0 KORISNOW THOSE SOON MacBook Air TB MC Qu. 09-150 On December 1, Watson Enterprises... On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as Enterprises upon signing the note? account payable with Erikson Company. What is the journal entry that should be recorded by Watson Multiple Choice 0 Debit Accounts Receivable $24,000 credit Notes Receivable $24.000 0 Debit Accounts Payable $24,000 credit Notes Payable $24,000 0 Debil Accounts Payable $24160, credit Notes Payable $24.460. 0 Debit Notes Payable 524.000, debit interest Expense $100 Credit Accounts Payable 524.800 0 Debt Notes Payable $24.000, dobitirerest Expense 5160, credit ca 5240
