MC Qu. 125 On April 12, Hong Compeny... On April 12, Hong Corp any agrees to accept 60-day. the transacion by Indigo Company? S6 00 note trom, ndigo Compemy to extend the due date on an overdue a count what is the ournal entry needed to record Mutipio Choice Debit Seies $6.000 credh Notec Payable S6000 Debt Accounts Recehvabio $6.000: credin Notes Payable $6.000 Debt Accounts Payable $6,000 crodr: Nones Peysble $6.000 Deen Cash S6000, cred, Notes payes" SE000. MC Qu. 85 An employee earned... .mempio re teamed st id it the vea v orkin to an empi er when the maximum limit for Socia Securty was STB 500. The FICA tax rate for Social Securit FICA tax rate for Medicare is 1.45%, The employee's annual FICA taxes amount is: is 62% and the O $6.976 $2-82720. $661.20 $6.315.60 MC Qu. 54 Design Services is organized as... Design Services its organized as a limited partnership, with MIko Toon as one of ts of the partnership income was $7.500. and Miko receved $4000 in distributions from the partnership. What is Miko's T portners, Mikos capital account began the year With a balance of $35000 During the ar, Miko's share What s Miko's partner returm on 204% o 10.2% 214% MC Qu. 122 Cantrell Company is required. can re con per the cash sales? is re ured by law to conect an re t sales taxes to the stater can rel has $9000 or cash sales that are su ect to an 6% sales tax nans the ournal entry to record Debit Accounts Recavabla $9,540 credit Sales $9,000, creen Sales Taves Payabie $540 O Dabt Cech $9:000 credit Seles $8.480 credt Seles Tanes Paysatle $540. Debn Cash $9,540 crodh Sale: $9.000: credit Sales Taxes Payable $540 Debn Sales Taxes Payable $540 dabt Cesh $8.460 credr Sales $9,000 Debn Cash sscoo; creait Saien $9.000, and rocord tha cexes when paid MC Qu. 63 Maxwell and Smart are forming... Maxwell and Smart are forming a partnership. Maxwel is i by the pertnership. Smart is investing $32 000 cash. The balance of Maxwelrs Capital ac tabeofS86000 Howeverthebukirngcarnesassoooomortgagenatwilte assumed $36.000 $68,000 $86.000. O $50000 $54,000 MC Qu. 108 Employees earn vacation... Employees earn vacation pay at the rate of one day per month, During the amount of vacation benefit expense to be recorded for the month of July? of July, 16 empleyees quality Mutiple Cholce $145 6 $14,5600 $9 MC Qu. 75 On November 1, Alan Company... On November 1 Alan Company signed a 120day. 360 days a year.) % note payable, with a face value of $12,600 what is the a usting entry for the accrued interest at December 31 on the note? (Use Debit Interest Expense. $224: credt Interest Payable $224. Debit interost Payabie $336, crednt Interest Expence, $3346 Debs interest payabie. $12 credlt Interest expensa, No adjusting entry is requlred Deart rt Expense $i68. ceai Pati 8 MC Qu. 114 A compeny estimates that warranty expense... A company esmates that warranty expense wi be 2% of sales The company's sales for the current penod are S269000 he current pen o s emy to record the r or y expense 1s: ODueaK Esm-aedcresan warenty typense $.30 No entry K rocorded untll the toms aro retumed for warranty repars Dabir Waranty Expanso $5,380 creelt Estimened Warranty Liabiny $5 380 Deot Warranty Expense $5.380 credit Seles $5.380 Debt Esimeted Warrenity Liebilty $5.380 creat Cash $5380 MC Qu. 126 On April 12, Hong Company.... On April 12, Hong Company o rees to accepta 60day, 8%, $9300 note tromin ago Company to extend te de date on an overdue account what B; the ouma entry that ndigo Compeny wouks make, when it records payment of the note on the maturity date? (Use 360 days a yeer) Mutapie Choice Dobit Notos Payable $9.300 dobr Imerest Expense $186, credht Cash 9.486. Dabit Notes Payebie $9.300% debt Interes: Expense s124; credt Cach $9 424 Debt Cash s9424; crodit Interest Revenue $124: cradit Noten Payable $8.300 Debt Nones Paysble $9.300; cradt Inerest Expenco $124, crodit Ceth $8076