Howard Appliance sold a microwave oven to a customer for $320 cash, which included $20 collected for sales tax. The journal entry to record the sale would include a credit to Sales Taxes Payable for $20. debit to Cash for $300. debit to Sales Tax Expense for $20. debit to Sales Revenue for $320. Ready Rentals, Inc. borrows $177,000 on September 1, 2020, from First National Bank by signing an $177,000, 6%, one-year note. What is the accrued interest at December 31, 2020? O $3,540 O $4,425 O $2,655 O $10.620 Which of the following statements is false? Ownership of common stock gives the owner a voting right. The authorization of capital stock docs not result in a formal accounting entry. Par value and the market price of a company's stock are always the same. The stockholders equity section begins with a paid-in capital sector Loki Company has current assets of $285,000, current liabilities of $300,000, long-term assets of $540,000 and long-term liabilities of $240,000. Loki Company's working capital and its current ratio are: $15.000 and 0.95. o $15.000 and 0.95. -$15,000 and 1.95 5255,000 and 0.95. When a retailer collects sales taxes, those sales taxes are expenses: of the government. that are not recognized by the retailer until they are submitted to the government of the retailer of the customers