Your goal is to be able to withdraw $5,300 for each of the next eight years beginning one year from today. The return on the investment is expected to be 12%. The amount that needs to be invested today is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)

$26,328.

$34,368.

$42,722.

$42,400.

Miranda Company borrowed $114,000 cash on September 1, 2016, and signed a one-year 4%, interest-bearing note payable. Assume no adjusting entries have been made during the year. Which of the following would be the required adjusting entry at the end of the December 31, 2016 accounting period?

Interest expense	4,560
Interest payable		4,560

Notes payable	114,000
Interest expense	4,560
Cash		118,560

Interest expense	1,520
Interest payable		1,520

Interest payable	1,520
Interest expense		1,520

You have a goal of having $280,000 five years from today. The return on the investment is expected to be 10% and will be compounded semi-annually. The amount that needs to be invested today is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)

$140,000.

$172,592.

$171,892.

$186,667.

Short Company purchased land by paying $14,000 cash on the purchase date and agreed to pay $14,000 for each of the next nine years beginning one-year from the purchase date. Short's incremental borrowing rate is 10%. On the balance sheet as of the purchase date, after the initial $14,000 payment was made, the liability reported is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)

$94,626.

$53,436.

$126,000.

$80,626.

Purdum Farms borrowed $18 million by signing a five-year note on December 31, 2015. Repayments of the principal are payable annually in installments of $3.6 million each. Purdum Farms makes the first payment on December 31, 2016 and then prepares its balance sheet. What amount will be reported as current and long-term liabilities, respectively, in connection with the note at December 31, 2016, after the first payment is made?

Zero in current liabilities and $14.4 million in long term liabilities.

$3.6 million in current liabilities and $14.4 million in long term liabilities.

$3.6 million in current liabilities and $10.8 million in long term liabilities.

Zero in current liabilities and $18 million in long term liabilities.

If income tax expense reported on the income statement is $45,800 for 2016, and the tax return for 2016 (the first year) shows an income tax liability of $43,200, the deferred income tax on the balance sheet at the end of 2016 will be which of the following? Assume a 40% tax rate.

A $7,100 liability.

A $2,600 asset.

A $2,600 liability.

A $7,100 asset.

A companys income statement reported net income of $42,400 during 2016. The income tax return excluded a revenue item of $4,200 (reported on the income statement) because under the tax laws, the $4,200 would not be reported for tax purposes until 2017. Which of the following statements is correct assuming a 35% tax rate?

A 4,200 deferred tax asset is reported as of December 31, 2016.

A 1,470 deferred tax asset is reported as of December 31, 2016.

A 4,200 deferred tax liability is reported as of December 31, 2016.

A 1,470 deferred tax liability is reported as of December 31, 2016.

Landseeker's Restaurants reported cost of goods sold of $338 million and accounts payable of $67 million for 2017. In 2016, cost of goods sold was $274 million and accounts payable was $56 million. Landseekers accounts payable turnover ratio in 2017 is closest to:

4.46

5.50

4.89

5.04

Phipps Company borrowed $28,000 cash on October 1, 2016, and signed a nine-month, 7% interest-bearing note payable with interest payable at maturity. Assuming that adjusting entries have not been made during the year, the amount of accrued interest payable to be reported on the December 31, 2016 balance sheet is which of the following?

$490.

$980.

$245.

$735.

On October 1, 2016, Donna Equipment signed a one-year, 7% interest-bearing note payable for $46,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2017 income statement?

$1,610.

$805.

$2,415.

$3,220.