QUESTION 19 On June 30, 2018. Clooney Printers purchased a printer for 560,000. It expects the printer to last for four years and have a residual value of 59000. Compute the deprecation expense on the printer for the year ended December 31, 2018. using the straight line method. (Round any intermediate calculations to two decimal places and your finalaswer to the nearest dollar) A) 512.750 B) 56375 C) 515.000 D) 57438 QUESTION 20 Carpenters Company, a manufacturing company acquired equipment on January 1, 2017 for $510.000. Estimated useful life of the equipment was seven years and the estimated residual was $12.000. On January 1, 2020, after using the equipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight-line method of depreciation calculate depreciation expense for 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar A) $48,571 B) 547,429 C) 556,667 D) 555,333 QUESTION 21 Which of the following is a characteristic of a current liability A) It creates a present obligation for future payment of cash or services. B) it cannot be settled with services C) It is an avoidable obligation D) it occurs because of a future transaction or event QUESTION 22 Which of the following would be included in the journal entry to record the payment of sales tax payable? A) a debit to Sales Tax Payable B) a credit to Sales Tax Expense C) a debit to Sales Tax Expense D) a credit to Sales Tax Payable QUESTION 23 Which of the following accounts is credited by the seller when tax is collected on retail sales? A) Accounts Payable B) Payroll Tax C) Sales Tax Payable D) Unearned Revenue QUESTION 24 Mars Company had cash sales of $10,000. The state sales tax rate is 10.8%. What amount is debited to the Cash account? A) $10.000 B) $11,080 C) 51030 D) $1000 QUESTION 25 Barron Company sold goods for $883.500 on account. The company operates in a state that imposes a 9% sales tax. What is the amount of the sales tax payable to the state! A) $79,515 B) 539,758 C) 519,879 D) $159.030 QUESTION 26 Which of the following liabilities is created when a company receives cash for services to be provided in the future? A) Unearned Revenue B) Accrued Liability C) Accounts Payable D) Estimated Warranty Payable QUESTION 27 Unearned revenue for services to be performed in six months, appears on the balance sheet as A) long-term investments B) current liabilities C) current assets D) long-term assets