Which of the following would NOT be classified as a current liability?

Mortgage Payable

Accounts Payable

Interest Payable

Unearned Revenue

Which of the statements is FALSE:

The employer is responsible for FUTA tax.

Employee and employer pay the equal amount of FICA taxes.

The employer is responsible for withholding the employee's taxes and remitting them to the government.

Employee's take home pay is equal to hourly rate times number of hours worked.

Use the following information about Luna Corporation to answer the next two questions.

On January 15, 2021, Luna Corporation purchased 300 shares of Amazon stock for $3,104 per share and classified the investment as TRADING. On January 31, 2021, Amazon stock was trading at $3,206 per share and on February 28, 2021 the stock was trading at $3,093 per share.

The Investment in Amazon will be shown on Luna Corporation's January 31, 2021 Balance Sheets for:

$961,800

$946,500

$931,200

$927,900

The Unrealized Gain or Unrealized Loss on this trading investment will be shown on Luna Corporation's January 2021 Income Statement for:

$33,900 unrealized loss

$3,300 unrealized loss

$30,600 unrealized gain

$15,300 unrealized gain

When a company records an unrealized loss on trading investments, its net income will:

increase.

decrease.

decrease or increase, depending on the related market value.

not be impacted by that transaction.

Hip Company borrowed $29,000 cash on February 1, 2021, and signed a seven-month, 6% note payable with interest payable at maturity. Assuming that adjusting entries have been made monthly, the amount of accrued interest payable to be reported on the May 31, 2021 balance sheet is? Round answer to the nearest dollar.

$1,740

$1,015

$994

$580

$435

On March 1, 2021, Sol, Inc. signed a one-year, 8% note payable for $60,000. Assuming that Sol maintains its books on a calendar year basis, how much interest expense should be reported in the 2022 income statement? Round answer to the nearest dollar.

$800

$2,400

$4,000

$4,800

Dot Company borrowed $17,000 cash on March 1, 2021, and signed an eleven-month, 5% note payable with interest payable at maturity. What is the amount of total interest expense on this note? Round answer to the nearest dollar.

$71

$708

$773

$779

$850

Tap Company borrowed $82,000 cash on March 5, 2021, and signed a 135-day, 7% note payable with interest payable at maturity. Which of the following would be the required adjusting entry at the on March 31, 2021? Use 360-day year and round your answer to the nearest dollar.

Dr. Notes Payable 82,000

Dr. Interest Expense 5,740

Cr. Cash 87,740

Dr. Interest Expense 5,740

Cr. Interest Payable 5,740

Dr. Interest Expense 415

Cr. Interest Payable 415

Dr. Interest Expense 415

Cr. Notes Payable 415