Quiz 5 mylab.pearson.com/Student/PlayerTest.aspx?testld=245724589¢erwin=yes ACG 6026 ~ Fall 2022 Brickell (1) Cesar Arroyo 11/28/22 10:48 AM This quiz: 25 point(s) E Quiz: Quiz 5 Question 19 of 25 possible This question: 1 point(s) Submit quiz possible Question list K On January 1, 2024, Spice Company purchased a building and signed a six - year mortgage for $220,000 at 12%. The note will be paid in equal annual installments of $53,510, beginning January 1, 2025. Calculate the amount of interest expense paid on the second installment. (Round any intermediate calculations and your final answer to the nearest dollar.) Question 15 O A. $30,363 O B. $27, 110 Question 16 O C. $26,400 O D. $23, 147 Question 17 O Question 18 Question 19 Time Remaining: 01:28:25 NextQuiz 5 mylab.pearson.com/Student/PlayerTest.aspx?testld=245724589¢erwin=yes ACG 6026 ~ Fall 2022 Brickell (1) Cesar Arroyo 11/28/22 10:48 AM This quiz: 25 point(s) E Quiz: Quiz 5 Question 20 of 25 possible This question: 1 point(s) Submit quiz possible Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales Question list K revenue. In 2025, the company had $612,000 in sales. In the same year, Masterpiece Sales replaced defective goods with goods that had a cost of $16,500. Which of the following is the entry needed to record the replacement of the defective goods? Question 18 O A. Warranty Expense 18,360 O Question 19 Estimated Warranty Payable 18,360 O B. Warranty Expense 18,360 Question 20 Merchandise Inventory 18,360 O C. Estimated Warranty Payable 16,500 Question 21 Merchandise Inventory 16,500 O D. Warranty Expense 16,500 Estimated Warranty Payable 16,500 O Question 22 O Question 23 Time Remaining: 01:28:20 Next mylab.pearson.com/Student/PIayerTest.aspx?test|d:245724589¢erwin:yes ACG 6026 ~ Fall 2022 Brickell (1) Quiz: Quiz 5 Question list K- 0 Question 18 0 Question 19 O Question 20 0 Question 21 0 Question 22 0 Question 23 11/28/2210248 AM Cesar Arroyo This quiz: 25 point(s) possible This question: 1 point(s) possible Question 21 of 25 > Submit quiz The information related to interest expense of Classic Music, Inc. is given below: Net income $273,000 Income tax expense 112,000 Interest expense 65,000 Based on the above data, which of the following is the times interest - earned ratio? (Round the nal answer to two decimal places.) A. 4.02 times . 6.92 times C. 4.2 times . 5.2 times 6) Time Remaining: 01:28:14 m m Quiz 5 mylab.pearson.com/Student/PlayerTest.aspx?testld=245724589¢erwin=yes ACG 6026 ~ Fall 2022 Brickell (1) Cesar Arroyo 11/28/22 10:48 AM This quiz: 25 point(s) Quiz: Quiz 5 Question 22 of 25 possible This question: 1 point(s) Submit quiz possible On April 1, 2025, Orbit Services received $10,000 in advance of performing the services from a customer for three months of Question list K service - April, May and June. What would be the journal entry to adjust the accounts at the end of May? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) U Question ly O Question 20 O A. Debit Service Revenue $6,667, and credit Accounts Receivable $6,667. O B. Debit Unearned Revenue $10,000, and credit Service Revenue $10,000. Question 21 O C. Debit Service Revenue $3,333, and credit Unearned Revenue $3,333. O D. Debit Unearned Revenue $6,667, and credit Service Revenue $6,667. Question 22 O Question 23 O Question 24 Time Remaining: 01:28:09 NextO E mylab.pearson.com/Student/PlayerTest.aspx?test|d:245724589¢erwin:yes ACG 6026 ~ Fall 2022 Brickell (1) Cesar Arroyo 11/28/2210248 AM CD This quiz: 25 point(s) possible This question: 1 point(s) possible Quiz: Quiz 5 Question 24 of 25 > Submit quiz _ _ Sales revenue for a sporting goods store amounted to $531,000 for the current period. All sales are on account and are subject to a Questlon Ilst l' sales tax of 12%. Which of the following would be included in the journal entry to record the sales transaction? U Question It} . a debit to Sales Revenue for $531,000 . a credit to Accounts Receivable for $531,000 . a debit to Sales Tax Payable for $63,720 . a debit to Accounts Receivable for $594,720 O Question 20 0 Question 21 0 Question 22 0 Question 23 0 Question 24 C) Time Remaining: 01:28:00 m Quiz 5 mylab.pearson.com/Student/PlayerTest.aspx?testld=245724589¢erwin=yes ACG 6026 ~ Fall 2022 Brickell (1) Cesar Arroyo 11/28/22 10:48 AM This quiz: 25 point(s) E Quiz: Quiz 5 Question 25 of 25 possible This question: 1 point(s) Submit quiz possible Albright Corp. has the following balances at the end of the current year: Question list K Total Assets $110,000 U Question 20 Total Liabilities 50,000 Total Equity 60,000 Calculate the debt to equity ratio. (Round your answer to two decimal places.) O Question 21 O Question 22 O A. 2.83 O B. 0.83 O C. 3.83 Question 23 O D. 1.83 Question 24 Question 25 Time Remaining: 01:27:55 Submit quiz