I will Need help with the following questions:

#1 - Steve, an employee of Panache Inc, has gross salary for May of $6,000. The entire amount is under the OASDI limit of $ 110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 20%. Which of the following is a part of the journal entry to record the disbursement of his net pay? ( Assume a FICA-OASDI Tax of 4.2% and FICA-Medicare TAx od 1.45%)

A- Credit to Cash for $ 4,461

B-Debit to employee income tax payable of $ 4,461

C- Debit to FICA tax payable of $ 4,461

D- Debit toCash for $ 4,461

#2 - Which of the Following describes a debenture?

A- bond that repays principal installments

B- A bond that matures at one specified time

C- A bond that is not backed by specified assets

D- A bond that gives the bondholder a claim for specific assets.

#3 - E-Shop Inc. provides the following information for the year 2015:

Net Income $ 250,000

Market price per share of common stock $ 50 per share

Dividends paid $ $ 180,000

Common stock outstanding at January 01, 2015 150,000 shares

Common stock outstanding at December 31, 2015 200,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings ratio of common stock.

A) 35 times B) 40 Times C) 50 Times D) 45 Times

#4 -E-Shop Inc. provides the following information for the year 2015:

Net Income $ 250,000

Market price per share of common stock $ 50 per share

Dividends paid $ $ 180,000

Common stock outstanding at January 01, 2015 150,000 shares

Common stock outstanding at December 31, 2015 200,000 shares

The company has no preferred stock outstanding. Calculate the price/earnings per share for the year 2015

A) $1.50 per share B) $1.75 per share C) $2.00 per Share D) $1.43 per share

#5 - Calculate the interest on a 90-day, 9% note for $36,000 ( use a 360-day year to compute interest)

A) $720 B) $460 C) $880 D) $810

#6 - A company issues a 60-day, 12% note for $15,000. What is the principal amount of the note?

A) $ 14,700 B) $15,300 C) $16,800 D) $15,000

#7 - Which of the following actions could increase the balance in the Paid-in Capital in Excess of Par-Common Account ?

A) 10% stock dividend declared

B) cash dividend declared

C) stock split

D) purchase of treasury stock

#8 - The explanation of why the net income differs from the change in cash balance for the period is explained in the

A) Statement of cash flow

B) statement of retained earnings

C) balance sheet

D) income statement

#9 - The Following data is available:

Net Sales $ 20,000

Normal gross profit 45%

Beginning Inventory 8,000

Net Purchase 7,000

Using the gross profit method, the cost of goods sold would be

A) $12,000 B) $11,000 C) $9,000 D) $13,000

Write True or False

#10 - If the merchandise inventory's market value is greater than it's cost, then it must be adjusted for the difference in amount

#11 - Interest rate are generally stated on a monthly basis

#12 - A bond once sold to a bondholder, can be resold to another investor on the bond market

#13 - The statement of retained earnings has more information than the statement of stockholder's equity

#14 - A publicly traded company in the United States does not come under SEC regulations as long as it follows the rules of GAAP.

#15 - Depending on the maturity date, held-to-maturity investments are categorized as current asset or long-term-assets on the balance sheet.