On June 1, 2019, Lilo Inc. announces a 3:1 stock split on its 30,000 shares of $6 par value common stock outstanding. The memo announcing the split will include information about the stock's par value which will be: * $2 $18 10,000 shares 90,000 shares The interest charged on a $220,000 note payable at the rate of 8% on a 90-day note would be * O $17,600 O $4,400 O $3,000 O $1,500 The interest charged on a $150,000 note payable, at the rate of 5%, on a 10-month note would be * O $6,250 $2,500 O $1,000 O $7,500 Advertisement payable is classified as a(n) * Revenue Expense Current asset Current liability The maturity date of a 60-day note date March 20, 2020 is * May 18, 2020 May 19, 2020 May 20, 2020 May 21, 2020 XYZ Company received $42,000 including sales taxes. If the sales tax rate is 3%, what is XYZ Company's sales taxes payable for the month? * $1,223 $1,260 $40,777 $42,000 All of the following are reported as assets except Accounts receivable Warranty Liability Notes receivable O Prepaid Expense On January 1, 2020, Samsung Corporation has 400,000 shares of $4 par value common stock outstanding. On the same date, the corporation's board of directors declares a 30% stock dividend to be issue on March 2, 2020. On the declaration date, the corporation's common stock fair market value is $5. On declaration date, the corporation will record: * Debit Common Stock Dividend Distributable $360,000 Credit Common Stock Dividend Distributable $360,000 Debit Common Stock Dividend Distributable $480,000 The maturity date of a 7-month interest bearing note dated January 31, 2020 is * O June 30, 2020 O July 31, 2020 O August 31, 2020 September 30, 2020 When a company collects sales taxes from a customer, it will be recorded by * Crediting Sales Taxes Revenue Debiting Sales Taxes Payable Crediting Sales Taxes Payable Debiting Sales Taxes Expense On the dividend payment date * a dividend becomes a current obligation cash is credited no entry is required an entry may be required if it is a stock dividend HTC Company is incorporated on January 1, 2018. During its first year, the corporation issued 20,000 shares of $10 par value preferred stock and 300,000 shares of $1 par value common. At December 31, 2018, the company declared $50,000 cash dividend to be paid on January 13, 2019. The record on payment date will include: * Debit Dividend Payable Credit Dividend Payable Debit Cash Dividend O Credit Cash Dividend Beng Company has 30,000 shares of $1 par common stock issued and outstanding. The company also has 5,000 shares of $100 par 5% noncumulative preferred stock outstanding. The company did not pay the preferred dividends in 2019. On December 1, 2020 the company's board of directors declared that $250,000 will be paid as dividend on January 17, 2021. What amount of dividends would common stockholders earn? $225,000 O $200,000 $150,000 $125,000 A company receives $1,000 including 6% sales tax. The journal entry to record the sale would include a * Credit to Sales Revenue for $1,000 Debit to Sales Revenue for $1,000 O O O O Debit to Sales Revenue for $943.3 Credit to Sales revenue for $943.3