On January 1,20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. Al1 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 20xx, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 20xx. The journal entry to record the purchase of the treasury shares on February 1, 20x, would include a a. credit to Treasury Stock for $48,000. b. debit to Treasury Stock for $48,000. c. debit to a loss account for $6,000 d credit to a gain account for $6,000. An investor purchased 500 shares of common stock, S25 par, for $21,750. Subsequently, 100 shares were sold for $40.50 per share. What is the amount of gain or loss on the sale? a. $4,050 gain b. $300 gain c. $300 loss d. $1.550 gain Current liabilities are a. due, but not receivable for more than one year b. due, but not payable for more than one year c. due and receivable within one year d. due and payable within one year On June 8, Co. issued an $80,000, 6%, 120-day note payable lo Seller Co. What is the due date of the note? a. October 8 b. October 7 c. October 6 d. October 5 On June 8, Co. issued an $90,000, 6% 120-day note payable to Seller Co. Assuming a 360 -day year for your calculations, what is the maturity value of the note? a. $90,450 b. $90,000 c. $91,300 d. $95,400 A business borrowed $40,000 on March 1 of the current year by signing a 30-day, 9% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a a. debit to Interest Payable $300 b. debit to Interest Expense $300. c. credit to Cash for $40,000 d. credit to Cash for $43,600 Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay: a. $45,450 b $42,300 c. $45,000 d. $44,550