,. The entry on July 1,2018 tor ynt ot strt ortiaation) Cash 8.90 2.000 4,400 16

Question

,. The entry on July 1,2018 tor ynt ot strt ortiaation) Cash 8.90 2.000 4,400 16,000 Interest Expense b Intereet Expense 990 canh Cash Interest xps 4499 nterest xpens cash 16,000 The enay.onuy 2oi to record t Interest Expense Discount on Bonds Premiun on Bonds Prenium on Bonds Interest Expense Interest Expense d Interest Discount on Bonds Questions 25-28: True-False (A-D) 25. The maturity value of a $28,000 90 day 51 note 1s 9350 26. When you debit bad debts expense under the allowance method, 1 represents the actual bad debts incurred for & given perlod. 27. The current ratio determined how liquid a business is. 28. Analyzing budgets, sales forecasts, and labor productivity Is part ot managerial accounting. 29. Which of the following payroll withholding items is payable employee at retirement age? a. Federal Withholding Tax b. Federal Unemp loyment Insurance Tax c. Social Security Tax d. State Sales Tax Payable

Explanation / Answer

Ans 25 FALSE As maturity value is 28350 28000+(28000*90/360)*5% ans 26 FALSE Under allowance method on;y estimated bad debts are debited not the actual bad debts. ans 27 TRUE More the current ratio more liquid the business is. ans 28 True ans 29 b) Federal unemployment Insurance tax Dear student question 23 and 24 cannot be answered because the data for bonds and interest is not available for 24 question if there is discount when the bonds are issued than correct option is Interest expense Dr Discount on Bonds payable Cr

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