Suppose you buy lunch for $16.80 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the restaurant owe for sales tax? (Do not round intermediate calculations. Round the answers to 2 decimal places.) Multiple Choice $15.46 for lunch and $1.34 for sales tax. $15.56 for lunch and S$1.24 for sales to $16.80 for lunch and $1.24 for sales tax. $16.80 for lunch and $1.34 for sales tax. Union Apparel has sales including sales taxes for the month of $551,000. If the sales tax rate is 6%, what are Union Apparel's sales for the month? (Do not round intermediate calculations.) Multiple Choice $551,000. $520,111 $517,940 $519,811. United Supply has a $30 million liability at December 31, 2021, of which $6 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a: Multiple Choice $30 million long-term labillty 30 million current liablity. $6 million current liability and a $24 million long-term liability $24 million current liability and a $6 million long-term liability Reeves Co. filed suit against Higgins, Inc.,, seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $120,000 to $220,000, with all amounts in the range considered equally likely. How should Higgins report this litigation? Multiple Choice As a liability for $170,000 with disclosure of the range. As a disclosure only. No liability is reported. As a liability for $120,000 with disclosure of the range. As a liability for $220,000 with disclosure of the range At the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 3% of net sales. Net sales made under warranty in 2021 were $300 million. Five percent of the units sold were returned in 2021 and repaired or replaced at a cost of $7.6 million. The amount of warranty expense in Angel's 2021 income statement is: Multiple Choice $45.0 million $9.0 million. $7.6 million. $6.2 million