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You and several classmates are studying for the next accounting examination. The

ID: 2472339 • Letter: Y

Question

You and several classmates are studying for the next accounting examination. They ask you to answer the following Questions: 1. if cash is borrowed on a $53,400, 11-month, 10% note on August 1, how much interest expense would be incurred by December 31? 2. The cash register total including sales taxes is $41,055, and the sates tax rate is 5%. What is the sales taxes payable? 3. If $41,055 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue is earned by December 31?

Explanation / Answer

1 53400*10%*5/12 2225 2 41055*5% 2052.75 3 41055/5*2 16422

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