QUESTION 16

1. If contract rate of a bond is 12% and the current market rate if 8%, this bond is sold at:

   	a.	A premium.
   	b.	A discount.
   	c.	Par.
   	d.	None of the above

2.5 points

QUESTION 17

1. If equity is $300,000 and liabilities are $200,000, then assets equal:

   	a.	$500,000
   	b.	$300,000
   	c.	$200,000
   	d.	$100,000

2.5 points

QUESTION 18

1. Inventory is shipped by the seller on December 29 and received by the buyer on January 5 under terms FOB Destination. This inventory should be included on which party's balance sheet as of December 31st?

   	a.	Seller's
   	b.	Buyer's
   	c.	Both party's
   	d.	Neither party's

2.5 points

QUESTION 19

1. Net Income is equal to:

   	a.	Expenses plus Dividends
   	b.	Revenues minus Expenses and Dividends
   	c.	Expenses minus Revenues
   	d.	Revenues minus Expenses

2.5 points

QUESTION 20

1. On 1/4/20 ABC Inc. declares dividends of $10,000. The date of record is 1/10/20 and the date of payment is 1/20/20. What journal entry should be made on 1/4/20?

   	a.	DR: Dividends Payable; CR: Retained Earnings
   	b.	DR: Retained Earnings; CR: Dividends Payable
   	c.	DR: Dividends Payable; CR: Cash
   	d.	No entry should be made

Please help me answer the questions, and I will upvote.