QUESTION 7 You want to withdraw $100,000 in four years. If you deposit your money in a bank which pays interest at 8%, how much do you need to deposit to accomplish your goal? O Some other number O $ 136,048.90 O $ 73,069.02 O $ 73,502.99 O $ 100,000.00 QUESTIONS The matching concept is O Having the same number of asset accounts on the balance sheet as last year O Debits - Credits O Revenues - Cost of Goods Sold Assets - Liabilities + Owners' Equity Recording all expenses incurred in generating the revenues of a period QUESTION 9 You are buying a new BMW. The cost is $50,000 with $5,000 down, payable in 60 equal monthly payments which include interest at an annual rate of %. You called the bank and they said that 8% was a fair interest rate for car loans at this time. What are the monthly payments? O $1,013.82 $1,115.20 O some other number O S 912.44 O $1,217.97 QUESTION 10 Which of the following changes describes the payment of $10,000 on the principal of a long-term note payable? Assets and liabilities decrease by $10,000 Assets and liabilities increase by $10,000 O No changes in total assets, liabilities, nor owners' equity Assets and owners' equity decrease by $10,000 Assets and owners' equity increase by $10,000 QUESTION 11 Which of the following would NOT be presented in the financing section of the Statement of Cash Flows? O Borrowing money to buy a new office building. All of these would be presented in the financing section of the Statement of Cash Flows Issuing of stock O Purchased a new office building. Installment payment on long-term bonds payable