I'm on my last Accounting quiz. Please help tutors. Your knowledge on this subject would greatly help me out!

QUESTION 1 A company recorded total sales for the year of $2,830,000. Of these, $966,000 were cash sales, $1,234,000 were on account, and $630,000 were bank credit card sales. The company's experience shows that 2.5 percent of its credit sales may be expected to prove uncollectible. Uncollectible accounts expense for the year is: A . B . C . D . $55,0 00 $30,8 50 $70,7 50 $46,6 00 2 points QUESTION 2 Al Gill, an independent contractor, signed his own noninterest-bearing $6,000 note for 120 days, and his bank discounted it at 10%. When Gill pays the note at maturity his journal entry would include a: A . B . C . D . debit to Discount on Notes Payable of $200. debit to Notes Payable of $6,200. debit to Interest Expense of $200. credit to Cash of $6,200. 2 points QUESTION 3 The number of days' sales in accounts receivable is equal to 365 days divided by the accounts receivable turnover. True False 2 points QUESTION 4 A company discounted its own $15,000, 60-day noninterest-bearing note at its bank at 12%. The company should prepare an entry that includes a: A . B . C . D . debit to Cash of $14,700. credit to Notes Payable of $15,300. credit to Notes Payable of $14,700. debit to Cash of $15,300. 2 points QUESTION 5 In counting the days of interest on a note, the day the money is borrowed is omitted, but the day it is paid back is counted. True False 2 points QUESTION 6 The interest rate on notes receivable and notes payable is generally stated in annual terms. True False 2 points QUESTION 7 Travis Company received a payment at maturity on its $1,600, 60-day, 9% note receivable. The journal entry to record the transaction would include a: A . B . C . D . credit to Interest Revenue of $16. debit to Cash of $1,616. credit to Notes Receivable of $1,624. debit to Cash of $1,624. 2 points QUESTION 8 A one-month note dated May 31, 2012, matures on June 30, 2012. True False 2 points QUESTION 9 All the following are possible contingent liabilities except a: A . B . C . D . pending legal action regarding the illegal dumping of toxic waste. discounted note payable signed by the company. threat of a legal action against the company by an employee. pending sex discrimination settlement. 2 points QUESTION 10 When a note is dishonored, the payee will make an accounting entry that includes a debit to Notes Receivable. True False 2 points QUESTION 11 Accrued interest on a note is recorded by a debit to Interest Expense on the maker's books and a credit to Interest Revenue on the payee's books. True False 2 points QUESTION 12 A company shows the following account balances on December 31, 2012: Accounts Receivable Allowance for Uncollectible Accounts Sales Sales Discounts $483,600 18,000 Dr. Cr. 728,000 22,000 Cr. Dr. The company then wrote off $8,600 of accounts receivable. The Allowance for Uncollectible Accounts is then adjusted to 4% of the outstanding receivables. The amount of the adjusting entry to record uncollectible accounts expense is: A . B . C . $9,60 0 $1,00 0 $29,1 20 D $280 . 2 points QUESTION 13 Liabilities result from the past, but are obligations to perform in the future. True False 2 points QUESTION 14 The price-earnings ratio is computed by dividing the current market price per share of common stock by earnings per share. True False 2 points QUESTION 15 Which of the following statements is (are) true? A . B . C . D . A corporation is owned by its stockholders. A corporation incorporated in one state is considered a foreign corporation by all other states. A corporation need not be incorporated in a given state in order to do business in that state. All of the above answers are true. 2 points QUESTION 16 The amount of prior unpaid dividends is only important if the preferred stock is: A . B . C . D . noncumulative and convertible. noncumulative. noncumulative and callable. cumulative. 2 points QUESTION 17 The board of directors is elected by the stockholders and exercises broad directional control over the affairs of the corporation. True False 2 points QUESTION 18 When treasury stock is sold at a gain, the difference between its book value and the cash received is credited to Paid-in Capital--Treasury Stock Transactions. True False 2 points QUESTION 19 Retained earnings is increased by dividends declared to stockholders. True False 2 points QUESTION 20 The preemptive right refers to the right of stockholders to: A . B . C . D . turn in their preferred stock for common stock. elect the board of directors. preempt any decision made by the board of directors if they do not agree with the decision. buy additional shares of stock on a proportional basis as they are issued. 2 points QUESTION 21 Issuance, for cash, of no-par stock without a stated value results in: A . B . C . D . a debit to Cash for the amount of cash received. a credit to the Capital Stock account for the amount of cash received. no need to create a "Paid-in Capital in Excess" account. All of the above answers are correct. 2 points QUESTION 22 The declaration and issuance of a stock dividend does not change the total amount of stockholders' equity in the corporation. True False 2 points QUESTION 23 One of the most basic rights of the stockholder is the right to vote at stockholders' meetings in person or by proxy. True False 2 points QUESTION 24 On July 7, 2012, the board of directors of the Jeblon Corporation declared a cash dividend of $8 per share on 18,000 shares of outstanding common stock, payable September 2, 2012, to stockholders of record on August 23, 2012. The entry to record the declaration of this dividend is: A Retained Earnings . Cash 144,000 B Retained Earnings . Dividends Payable 144,000 C Dividends . Dividends Payable 144,000 144,000 144,000 D Two of the above answers are acceptable. . 144,000