(Please make sure the answer is correct!)

12. Executive, Inc. has a weekly payroll of $10,000 for a 5-day workweek, Monday through Friday. If December 31, the last day of the accounting year, falls on Thursday, Executive would make an adjusting entry that would a. increase Wages Expense $8,000. b. decrease Wages Payable $2,000. c. decrease Cash $8,000. d. increase Wages Payable $2,000.

14. To determine whether a lottery winner would prefer to receive the money in a single lump sum immediately or receive an equal amount over a period of years, you would use which type of time value of money calculation? a. The future value of a single amount. b. The present value of a single amount. c. The future value of an annuity. d. The present value of an annuity.

16. What is the correct classification of the account: Discount on Notes Payable? a. an asset b. an expense c. a revenue d. a contra liability

18. Bennington Corp. issued a $40,000, 10-year bond at the face rate of 8%, paid semiannually. How much cash will the bond investors receive at the end of the first interest period? a. $800 b. $1,600 c. $3,200 d. $4,000

20. Churchill Company planned to raise $100,000 by issuing bonds. The bond certificates were printed bearing an interest rate of 8%, which was equal to the market rate of interest. However, before the bonds could be issued, economic conditions forced the market rate up to 9%. If the life of the bonds is 6 years and interest is paid annually on December 31, how much will Churchill receive from the sale of the bonds?

a. Exactly $100,000 because Churchill Company would still pay interest at the face rate of 8%. b. Less than $100,000 because the market rate of interest at 9% was more than the face rate. c. Greater than $100,000 because the face rate of interest at 8% was less than the market rate. d. The bonds would not be sold at all; Churchill Company would have the certificates reprinted bearing the market rate of 9%.