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On Jan 1 2020 Ann Price loaned $243,243 to Joe Kiger. A zero interest bearing note (face amount $315,000) was exchanged solely for cash; no other rights or provileges were exchanged. The note is repaid on dec 31,2022. The prevailing rate of interest for a loan of this type is 9%. The present value of $315000 at 9% for 3 years is $243,243. What amount of interest should Ms Price recognize in 2020?
a-28350
b-85050
c-66400
d-21892
View Police Curren t Progress C e co a ch bag of desfoodies in return for doors.customers received to that the company purchases for $1.20 each e r's experience indicates that per cent of the coup bermed. During 200.91.000 14.000 1.200 d o 12. The y May November 1. The may date on these bonds is overber 2015 C o mo discounterpre t ation during the test year 5/1/20 though/30/2 the bonds were in Round decimal place 5275 Va of blonde Prepare ther e to record the following transactions for the contender for the mounts to the long term band of Mactured accounts rela ted to the mounted Do not inde ma r quet 24. Martin and mo r e on Decembed with bordsmaturing 10 years from this est December 1. The bonds are interest on V s to Manufacturing bonde. Le ragione motion of Martinhonderd purchased $2.120.000 discount bonds the price in accordance with the provision Po Question 4 On 7001 0 1110 editors. The band we Question/ View Police Current Attemptin Progress On anuary 1, 2020, Mario Corp. issued eight-year bonds with a face value of 56250000 anda s edan of patie n tly on June 30 and December 31. The bonds were sold to yield 10%. Table values are 0.540 0534 Present of 1 for periods at 8% Present value of 1 for periods at 10% Present value of 1 for 16 periods at Present value of 1 for to periods at 5% Prental o ut for periods at X Present of annuity for periods 10% Present o ut for 1 periods at Pr o tamuity for 10 periods 5% The tour price of the bonds is 2000 Question 5 Current Attempt in Progres On January 1, 2031. S y Corporation sold SSS 5303000 Texthook and Media Attempts of used QueSLIUM 8 O D 312020 ce sheet 295.000 dinara pr o fon what the rare 3500 SAS -Textbook and Media Question Current Attemptin Progress Onuary 1, 2020. Ann Price and $2432431 Joe A restoran e the b ering for three years is is to be read on December 31, 2002. The prevailing rate 1500 what 521812 Current Attempt in Progress V and who worked without 2020 535.50 20013750 les chosen to see the y for compensated at the current op h et when the compensated to Question 12 View Policies Current Attempt in Progress Sunland Company's payroll for the pay period ended October 31, 2021 is summarized as follows: Department Payroll Factory Sales Office Total Wages $75000 22000 19000 $116000 Federal Income Tax Withheld $9000 3000 3000 $15000 Amount of Wages Subject to Payroll Taxes F.I.C.A. Unemployment $72000 $32000 15000 2000 7000 $94000 $34000 Assume the following payroll tax rates: F.I.C.A. for employer and employee Unemployment 7.65% each 3% What amount should Sunland accrue as its share of payroll taxes in its October 31, 2021 balance sheet? $9891. $8211. $23211. $14691. QUESLIUI 13 .Bonita purchased of inventory once the 1/ 1 0 o udoune who is recorded as they from 0 0 OS d for the purchase back and Media Question 14 View Policies Current Attempt in Progress Sheridan Company borrowed $394000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 317 $31520. $0. $35460 547280. e Textbook and Media Question 15 View Policies Current Attempt in Progress Bramble Newspapers sold 5800 of annual subscriptions at $150 each on June 1. How much unearned revenue will exist as of December 31? $870000 $435000 $362500 $0. e Textbook and Media Save for Later Question 16 Current Attempt in Progress Concord Surplus mah suring the month of Oct 37000. The Detin Accounts Recolvable for $397000 Credt sales Tres Porteforsissa Cruth sales taxes Perabletor 521080 Credit Sales Revenuntor 83500RS! Question 17 Current Attemptin Progress 3005000 Question 18 Current Amin Progress D i spenser 5359550 and credit con for 535959 Debitation Expense for $792000 and credit tation Baby for $799000 Tossbook and Media Question 19 Current Attemptin Progress Waterway Processes including ches to find years. This thesied to be $17.in the present which is som bryruired to record the D a s F Natural Gasfc r or $6800000 and credit Asset Retre for $480000 Asset Retirement 517000000 andre De Question 20 View Policies Current Attempt in Progress Sheffield Corp. estimates its annual warranty expense as 4% of annual net sales. The following data relate to the calendar year 2021: $1501000 Net sales Warranty liability account Balance, Dec. 31, 2020 Balance, Dec. 31, 2021 $14000 debit before adjustment 46040 credit after adjustment Which one of the following entries was made to record the 2021 estimated warranty expense? 60040 Warranty Expense Retained Earnings (prior-period adjustment) Warranty Liability 10027 50013 60040 Warranty Expense Warranty Liability 60040 Warranty Expense Retained Earnings (prior-period adjustment) Warranty Liability 50013 10027 60040 46040 Warranty Expense Warranty Liability 46040 View Police Curren t Progress C e co a ch bag of desfoodies in return for doors.customers received to that the company purchases for $1.20 each e r's experience indicates that per cent of the coup bermed. During 200.91.000 14.000 1.200 d o 12. The y May November 1. The may date on these bonds is overber 2015 C o mo discounterpre t ation during the test year 5/1/20 though/30/2 the bonds were in Round decimal place 5275 Va of blonde Prepare ther e to record the following transactions for the contender for the mounts to the long term band of Mactured accounts rela ted to the mounted Do not inde ma r quet 24. Martin and mo r e on Decembed with bordsmaturing 10 years from this est December 1. The bonds are interest on V s to Manufacturing bonde. Le ragione motion of Martinhonderd purchased $2.120.000 discount bonds the price in accordance with the provision Po Question 4 On 7001 0 1110 editors. The band we Question/ View Police Current Attemptin Progress On anuary 1, 2020, Mario Corp. issued eight-year bonds with a face value of 56250000 anda s edan of patie n tly on June 30 and December 31. The bonds were sold to yield 10%. Table values are 0.540 0534 Present of 1 for periods at 8% Present value of 1 for periods at 10% Present value of 1 for 16 periods at Present value of 1 for to periods at 5% Prental o ut for periods at X Present of annuity for periods 10% Present o ut for 1 periods at Pr o tamuity for 10 periods 5% The tour price of the bonds is 2000 Question 5 Current Attempt in Progres On January 1, 2031. S y Corporation sold SSS 5303000 Texthook and Media Attempts of used QueSLIUM 8 O D 312020 ce sheet 295.000 dinara pr o fon what the rare 3500 SAS -Textbook and Media Question Current Attemptin Progress Onuary 1, 2020. Ann Price and $2432431 Joe A restoran e the b ering for three years is is to be read on December 31, 2002. The prevailing rate 1500 what 521812 Current Attempt in Progress V and who worked without 2020 535.50 20013750 les chosen to see the y for compensated at the current op h et when the compensated to Question 12 View Policies Current Attempt in Progress Sunland Company's payroll for the pay period ended October 31, 2021 is summarized as follows: Department Payroll Factory Sales Office Total Wages $75000 22000 19000 $116000 Federal Income Tax Withheld $9000 3000 3000 $15000 Amount of Wages Subject to Payroll Taxes F.I.C.A. Unemployment $72000 $32000 15000 2000 7000 $94000 $34000 Assume the following payroll tax rates: F.I.C.A. for employer and employee Unemployment 7.65% each 3% What amount should Sunland accrue as its share of payroll taxes in its October 31, 2021 balance sheet? $9891. $8211. $23211. $14691. QUESLIUI 13 .Bonita purchased of inventory once the 1/ 1 0 o udoune who is recorded as they from 0 0 OS d for the purchase back and Media Question 14 View Policies Current Attempt in Progress Sheridan Company borrowed $394000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 317 $31520. $0. $35460 547280. e Textbook and Media Question 15 View Policies Current Attempt in Progress Bramble Newspapers sold 5800 of annual subscriptions at $150 each on June 1. How much unearned revenue will exist as of December 31? $870000 $435000 $362500 $0. e Textbook and Media Save for Later Question 16 Current Attempt in Progress Concord Surplus mah suring the month of Oct 37000. The Detin Accounts Recolvable for $397000 Credt sales Tres Porteforsissa Cruth sales taxes Perabletor 521080 Credit Sales Revenuntor 83500RS! Question 17 Current Attemptin Progress 3005000 Question 18 Current Amin Progress D i spenser 5359550 and credit con for 535959 Debitation Expense for $792000 and credit tation Baby for $799000 Tossbook and Media Question 19 Current Attemptin Progress Waterway Processes including ches to find years. This thesied to be $17.in the present which is som bryruired to record the D a s F Natural Gasfc r or $6800000 and credit Asset Retre for $480000 Asset Retirement 517000000 andre De Question 20 View Policies Current Attempt in Progress Sheffield Corp. estimates its annual warranty expense as 4% of annual net sales. The following data relate to the calendar year 2021: $1501000 Net sales Warranty liability account Balance, Dec. 31, 2020 Balance, Dec. 31, 2021 $14000 debit before adjustment 46040 credit after adjustment Which one of the following entries was made to record the 2021 estimated warranty expense? 60040 Warranty Expense Retained Earnings (prior-period adjustment) Warranty Liability 10027 50013 60040 Warranty Expense Warranty Liability 60040 Warranty Expense Retained Earnings (prior-period adjustment) Warranty Liability 50013 10027 60040 46040 Warranty Expense Warranty Liability 46040
