QUESTION 18 QUESTION 15 The formula to calculate interest is O Principal X rate O Principal Xrate X interest O Principal X rate X fraction of one year O None of the above Golden Company's weekly payroll amounts to $15,000 and payday is every Friday. Employees work 5 days per week, Monday through Friday. What adjusting entry should be made on Tuesday, December 31? Debit wage expense 3,000; credit wage payable 3,000 Debit wage payable 6,000; credit wage expense 6,000 Debit wage expense 6,000; credit wage payable 6,000 Debit wage expense 15,000; credit wage payable 15,000 Debit wage payable 15,000; credit wage expense 15,000 QUESTION 19 Goods held for resale are classified as: Supplies Cost of Goods Sold O Equipment Expense O Inventory O Property, Plant and Equipment During the first quarter of 2023, the company sold 4,000 batteries for $150 each plus state sales tax of 6%. The customers paid cash. Which of the following entries records the sale of the batteries? O Cash 636,000 Sales Revenue 600,000 Sales Tax Payable 36,000 O Cash 600,000 Sales Revenue 600,000 O Cash 636,000 Sales Revenue 636,000 O Cash 600,000 Sales Revenue 564,000 Sales Tax Payable 36,000 On September 1, 2022 a company borrowed $120,000 from Eighth National Bank on a 1-year, 8% note. The interest and principal are due on the date of maturity.Refer to the information above, what adjusting journal entry should be recorded on December 31, 2022? Debit interest expense 2,400; credit interest payable 2,400 0 Debit interest expense 3,200; credit interest payable 3,200 Debit interest payable 3,200; credit interest expense 3,200 Debit interest expense 9,600; credit interest payable 9,600 O Debit interest payable 9,600; credit interest expense 9,600 QUESTION 23 All of the following are potential advantages of debt financing except: Interest payments are tax deductible O Flexible payment schedule to lenders Fixed amount of compensation to lenders Ability to repay the lender with dollars that have declined in purchasing power QUESTION 26 Which of the following is a right associated with common stock? The right to vote First claim to dividends Preference to corporate assets in case of liquidation o To receive dividends in arrears before common stockholders receive dividends QUESTION 27 Which of the following is a right associated with preferred stock? The right to vote First claim to dividends Preference to corporate assets in case of liquidation To receive dividends in arrears before common stockholders receive dividends Choices b, c, and d are all rights associated with preferred stock. QUESTION 30 On December 1, 2024 a company borrowed $82,000 on a 8%, 10-year note with annual installment payments of $8,200 plus interest due on December 1 of each subsequent year. Which of the following describes the first installment payment made on December 1, 2025? (Round to the nearest dollar) $8,200 principal plus $656 interest $6.560 interest only $8,200 principal plus $6,560 interest $8,200 principal plus $8,200 interest A company signed a 9%, 10-year note for $166,000. The company paid an installment of $2,700 for the first month. What portion of the first monthly payment is principal? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) $1,455 $1,660 O $4,155 $16,533 QUESTION 33 A Corporation received cash from issuing 20,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? Common Stock 20,000 Additional Paid in Capital Cash 60,000 80,000 O Cash 80,000 Common Stock 20,000 Additional Paid in Capital 60,000 O Common Stock 60,000 Additional Paid in Capital 20,000 Cash 80,000 O Cash 80,000 Common Stock Additional Paid in Capital 60,000 20,000 QUESTION 34 Match these terms with their correct definition. Accrued liabilities A. Guarantees the repair or replacement of defective goods during a specified period following the sale. Long-term debt Contingent liabilities Bond A. V Warranty B. A type of liability which requires the issuing entity to pay the face value to the holder on the maturity date and to pay interest periodically at a specified rate. Breaks up a large debt into smaller increments, usually $1,000. C. Liabilities created by adjusting entries that represent the completed portion of activities in process at the end of the period. D. Liabilities that do not mature within one year. Maturity E. Term referring to the date that a bond or note's principal has to be repaid. F. Obligations whose amounts, timing, or recipient depend on future events QUESTION 35 For each of the types of payroll taxes and other payroll-related items listed, indicate whether it is paid by the employee through a paycheck withholding, by the employer, or both. (Choices may be used more than once.) FICA Taxes (Social Security and Medicare) A. Employee Federal and State Income taxes B. Employer C. Both Federal and State Unemployment taxes QUESTION 36 Match these terms with their correct definition. Retained earnings Authorized shares Outstanding shares Stock appreciation A. The arbitrary amount that establishes a minimum issue price for the stock. B. The value of the stock increases above the price initially paid. C. The maximum number of shares the corporation may issue in each class of stock. D. The number of issued shares actually in the hands of stockholders rather than held as treasury stock. E. Accumulated net income of the corporation that has not been distributed as dividends. Par value