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1. On June 8, Williams Company issued an $80,000, 5%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note?

A. $88,200

B. $81,333

C. $84,000

D. 82,600

2.Which of the following is the most desirable quick ratio?

A. 1.50

B. 2.20

C. 1.95

D. 1.80

3.Davis and Thompson have earnings of $850 each. The social security tax rate is 6% and the Medicare tax rate is 1.5%. Assuming that the payroll will be paid on December 29, what will be the employer's total FICA tax for this payroll period?

A. $25.50

B. $96.00

C. $127.50

D. $102.00

4. Wright Company sells merchandise with a one-year warranty. This year, sales consisted of 2,000 units. It is estimated that warranty repairs will average $15 per unit sold, and 30% of the repairs will be made this year and 70% next year. In this year's income statement, Wright should show warranty expense of

A. $9,000

B. $0

C. $30,000

D. $21,000

5.

Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 1531.

Gross payroll	$10,000		Federal income tax withheld	$1,800
Social security rate	6%		Federal unemployment tax rate	0.8%
Medicare rate	1.5%		State unemployment tax rate	5.4%

Salaries Payable would be recorded in the amount of

A. $6,830

B. $7,450

C. $8,200

D. $8,630

6. Each year there is a ceiling for the amount that is subject to all of the following except

A. federal unemplyment tax

B. state unemployment tax

C. federal income tax

D. social security tax

7.

The following totals for the month of June were taken from the payroll register of Young Company:

Salaries expense	$15,000
Social security and Medicare taxes withheld	1,125
Income taxes withheld	3,000
Retirement savings	500
Salaries subject to federal and state
unemployment taxes of 6.2 percent		4,000

The entry to record the accrual of employers payroll taxes would include a debit to

A. Payroll Tax Expense for $1,373

B. Payroll Tax Expense for $2,498

C. Social Security and Medicare Tax Payable for $2,250.

D. Payroll Tax Expense for $1,125

8.Assuming a 360-day year, when a $20,000, 90-day, 5% interest-bearing note payable matures, total payment will be

A. $21,000

B. $1,000

C. $250

D. $20,250

9.Which of the following is the most desirable quick ratio?

A. 0.50

B. 1.20

C. 1.00

D. 0.95

10.On July 8, Jones Inc. issued an $80,000, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year?

A. $307

B. $1,400

C. $4,200

D. $700