Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 17 8 points Save Answe On November 1, 2019, Pop's Burgers signed a $900,000, 39, six-month note payable with the amount borrowed plus accrued

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 17 8 points Save Answe On November 1, 2019, Pop's Burgers signed a $900,000, 39, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2020. Pop's Burgers should record which of the following adjusting entries at December 31, 2019? Interest Expense $4,500 Cash $4,500 . $2,250 Interest Expense Interest Payable OB. $2,250 $4,500 Interest Expense Interest Payable , $4,500 $2,250 Interest Payable Cash $2,250 OD Question 18 8 points Save Answer On November 1, 2019, Pop's Burgers signed a $900,000, 39, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2020. The appropriate adjusting entry was recorded on Dec 31. On May 1, 2020 what is the appropriate journal entry for the repayment of the note payable? Note Payable Interest Expense A. Interest Payable Cash $930,000 $11,250 $2,250 $913,500 Note Payable Interest Expense B. Interest Payable Cash $900,000 $9,000 $4,500 $913,500 Note Payable $900,000 Interest Expense $9,000 Interest Payable Cash OC $4,500 $904,500 Note Payable Interest Expense Cash $900,000 $13,500 OD $913.500 Question 19 8 points Saved What is the current ratio for a company with the following information: Account Amount Cash Accounts receivable $70,000 $82,000 $115,000 $65,000 $71,000 Inventory Buildings Accounts payable Current portion of long- term debt Long-term debt $27,000 $140,000 3.39 OA 2.72 B. 3.76 . 1.39 OD Question 20 8 points Sa Working capital is defined as: All assets available for sale after long term debt is paid off. OA. The assets that the company keeps for more than one year. OB The current assets divided by current liabilities. . The current assets remaining after paying current liabilities. D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance Services and Ethics in Australia an Integrated Approach

Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler

9th edition

978-1442539365, 1442539364

More Books

Students also viewed these Accounting questions

Question

Describe the concept of corporate social responsibility.

Answered: 1 week ago

Question

Explore the concept of business ethics.

Answered: 1 week ago

Question

Discuss human resource management issues for small businesses.

Answered: 1 week ago