Question
Please help asap, thanks! 1) On August 1, 2015, The Bagel Factory signed a $100,000, 9%, nine-month note payable with the amount borrowed plus accrued
Please help asap, thanks!
1) On August 1, 2015, The Bagel Factory signed a $100,000, 9%, nine-month note payable with the amount borrowed plus accrued interest due nine months later on May 1, 2016. The Bagel Factory should report interest payable at December 31, 2015, in the amount of: (1000, 3000 or 3750)
2) On September 1, 2015, Daylight Donuts signed a $100,000, 9%, nine -month note payable with the amount borrowed plus accrued interest due nine months later on March 1, 2016. Daylight Donuts should report interest expense at March 1, 2016.in the amount of... (3000, 3750 or none of the above)
3) Jackson estimates warranty costs to be 7$ of sales. If sales for 2018 were 467000. What is the warranty liability? (2335, 4670, or none of the above)
4) jackson Inc. sold alternators under warranty. He estimates that warranty expense will be 5% of sales. His sales were 645,000 and warranty cash expenditures were 5640 for 2017. What was the ending balance in the warranty liability account at the end of 2017. (5640, 26,610 or 32250)
5) Mark collects 75,000 in advance for sales on March 1,2019. He earns the money evenly every month for 24 months At 12/31/2019. What is the amount of sales he recognizes in his year end income statement? (31250 or 28125 or none of the above?)
6) Mark collects 75,000 in advance for sales on March 1,2019. He earns the money evenly every month for 24 months At 12/31/2019. What is the balance in the deferred revenue account on his year end balance sheet. (75000, 46875 or 43750)
7) If Jackson sells 100,000 8% bonds when the market is 5%. The bonds will mature in 10 years. Interest is paid semi-annually. The bond interest payments will be? (8000, 4000 or none of the above)
8) If Jackson sells 100,000 8% bonds when the market is 5%. The bonds will mature in 10 years. Interest is paid semi-annually. What is the present value factor for the bond? (.45639, .67556 or none of the above)
face.
9) If Jackson sells 100,000 8% bonds when the market is 5%. The bonds will mature in 10 years. Interest is paid semi-annually. What is the present value factor for the interest payments? (15.58916, 13.59033 or none of the above)
10) If Jackson sells 100,000 8% bonds when the market is 5%. The bonds will mature in 10 years. Interest is paid semi-annually. What is the present value of the bond face amount? (61027, 78120 or none of the above)
11) If Jackson sells 100,000 8% bonds when the market is 5%. The bonds will mature in 10 years. Interest is paid semi-annually. What is the present value of the bond interest payments Group of answer choices? (52032, 62357 or none of the above)
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