On June 8. Alton Co. issued an dollar 90,000. 6 percentage, 120-day note payable

Question

On June 8. Alton Co. issued an dollar 90,000. 6 percentage, 120-day note payable to Seller Co. Assuming a 360-day year for your calculation, what is the maturity value of the note dollar91,800 dollar 95,400 dollar 90,450 dollar 90,000 Dorman Co. sold merchandise to Smith Co. on account, dollar 18,000, terms 2/158, net 45. The cost of the merchandise sold is dollar 15,500. Dorman Co. paid the invoice within the discount period. What is amount of net sales from the above transactions? Dollar 13, 818 dollar 15,925 dollar 16,250 dollar 14,100 A fixed asset with a cost of dollar 30,000 and accumulated depreciation of dollar28,500 is sold for dollar 3,500. What is the amount of the gain or loss on disposal of the fixed asset? dollar 2,000 loss dollar 1,500 loss dollar 3,500 gain dollar 2,000 gain Most employers are required to withhold from employees which of the following employment taxes? Only federal unemployment compensation tax. Only state unemployment compensation tax FICA tax FICA tax, state and federal unemployment compensation tax The balance in the supplies on hand at the end of the year is dollar 300 would be debit Supplies Expense, dollar300;m credit Supplies, dollar 300 debit Supplies Expense, dollar425; credit Supplies, dollar425 debit Supplies, dollar 300; credit Supplies Expense, dollar 300 A check drawn by a company for dollar 270 in payment of a liability was recorded in the journal as dollar 720. What entry is required in the company's accounts? Debit Cash; credit Accounts Receivable debit Accounts Payable; credit Cash debit Cash; credit Accounts Payable debit Accounts Receivable; credit Cash Current liabilities are those liabilities that are due to be paid in more than one year are due to be paid in 5 to 10 years are owed to the stockholders and will never be paid will be paid in less than one year

Explanation / Answer

All Amounts in $ 40. The maturity value of the note will be $ 90,000 + $ 90,000 X 6% X 120 / 360 = $ 90,000 + $ 1,800 = $ 91,800. 41. The net sales made by Dorman Co. will be Sales value 18000 Less : Credit Memo issued 1750 Net Sales 16250 42. The amount of gain or loss on the disposal of the asset will be $ 30,000 - $ 28,500 - $ 3,500 = $ 2,000 gain. This is because the written down value viz. $ 1,500 is lower than the sale price of $ 3,500. 43. Most employers are required to withhold from employees FICA Tax, State and Federal Unemployment Compensation Tax. 44. The adjusting entry for supplies expenses to be adjusted will be Debit Supplies Expense $ 425 and Credit Supplies $ 425. 45. The entry required in the Company's accounts will be debit Cash by $ 450 and Credit Accounts Payable by $ 450. 46. Current liabilities are those liabilities that will be paid in less than one year.

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