Q. A compary purchases a patent for $90,000 on July 1. 2021. The patent's usetul Me at time of purchase is 15 years. How much amortization expense should the company record for calendar year 2021 ? A. 7,800 B. 7.000 C. 6,500 D. 6,000 QUESTION 25 Q. Which of the following is NOT true of a perpetual inventory system? A. Cocs is compuled and recorded every time the firm sels products from inventory. B. The imventory balance is continuously updated for both purchases and sales [ COGS is recorded as an adusting entry at the end of the period D. The fom can use either the FIFO or the LIFO imentory cost method with a perpetual inventory syalem. Q. On January 1, a company borrows \$12,000. The annual interest rase is 3 percent. Loan repayment, including all interest, due in 6 months. The company prepares quarterty frafial statements on March 31. What amount of interest payable liabilty wil the company report on that date as a result of this borrowing? A. 120 B. 100 C. 90 D. 80 QUSTION 27 Q: A company records $3,500 of sales revenue though ciedt card purchases. The credt card company charges a merchant fee of 3 percent. Which of the following is true? A. The coepany will report a contra-revenue of $105 E. The company will report net sales reverue of 53,500 C. The company wil report net sales revenue of $3,395 D. The compary will report credit card service charge expense of $115 Q. A compary purchases a patent for $90,000 on July 1. 2021. The patent's usetul Me at time of purchase is 15 years. How much amortization expense should the company record for calendar year 2021 ? A. 7,800 B. 7.000 C. 6,500 D. 6,000 QUESTION 25 Q. Which of the following is NOT true of a perpetual inventory system? A. Cocs is compuled and recorded every time the firm sels products from inventory. B. The imventory balance is continuously updated for both purchases and sales [ COGS is recorded as an adusting entry at the end of the period D. The fom can use either the FIFO or the LIFO imentory cost method with a perpetual inventory syalem. Q. On January 1, a company borrows \$12,000. The annual interest rase is 3 percent. Loan repayment, including all interest, due in 6 months. The company prepares quarterty frafial statements on March 31. What amount of interest payable liabilty wil the company report on that date as a result of this borrowing? A. 120 B. 100 C. 90 D. 80 QUSTION 27 Q: A company records $3,500 of sales revenue though ciedt card purchases. The credt card company charges a merchant fee of 3 percent. Which of the following is true? A. The coepany will report a contra-revenue of $105 E. The company will report net sales reverue of 53,500 C. The company wil report net sales revenue of $3,395 D. The compary will report credit card service charge expense of $115
