Use the information below to answer the following questions. Present and future value tables of S1 at 11% are presented below. PV of S1 0.900901 0.811621 0.73119 0.65873 0.59345 0.53464 FV of si 1.11000 1.232101 1.36763 1.51807 1 .68506 1.87041 PVA of S11 0.900901 1.712521 2.443711 3.10245 3.69590 4.23054 FVA of S1 1.0000 2.1100 3.3421 4.7097 6.2278 7.9129 10) 10) Spielberg Inc. signed a $200.000 noninterest-bearing note due in five years from a production company eager to do business. Comparable borrowings have carried an 11% interest rate. What is the value of this debt at its inception? A) $178,000. B) $118,690. C) 5222,000. D) $200,000 11) 11) Universal Travel Ine. borrowed $500,000 on November 1, 2018, and signed a 12-month note bearing interest at 6%. Interest is payable in full at maturity on October 31, 2019. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2018, in the amount of A) $25,000. B) $8,000. C) $5,000. D) $30,000 12) 12) Oklahoma Oil Corp. paid interest of $785,000 during 2018, and the interest payable account decreased by $125,000. What was interest expense for the year? A) $660,000. B) S785,000. C) $910,000. D) $555,000. 13) 13) On June 1, 2018, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $500,000 and a discount rate of 6% Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2018? A) S495,000. B) 5525,000 C) $300,000 D) $475,000 14) Which of the following generally is associated with accounts payable? Interest expense No No Yes Yes Reported at present value No Yes No Yes A) Option A B) Option B C) Option C D) Option D 15) 15) Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2018 is as follows ($ in millions): $ 110 195 Customer advances balance, Dec. 31, 2017 Advances received with 2018 orders Advances applicable to orders shipped in 2018 Advances from orders canceled in 2018 180 What amount should Lake report as a current liability for advances from customers in its Dec 31, 2018, balance sheet? A) SO. B) S80 million. C) 170 million. D) $125 million. 16) 16) All of the following but one represent collections for third parties. Which one of the following is not a collection for a third party? A) Customer deposits. B) Social security taxes deductions. C) Employee insurance deductions. D) Sales tax payable. 17) 17) Peterson Photoshop sold $1,000 in gift cards on a special promotion on October 15, 2018, and sold $1.500 in gift cards on another special promotion on November 15, 2018. Of the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December. Of the cards sold in November, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2018, Peterson would show an deferred revenue account for the gift cards with a balance of: A) $1,000. B) $1,500. C) SO. D) $1,350