Reference no: EM132679930
Problem 1: A current liability is a debt that can reasonably expected to be paid
A. between 6 months and 18 months.
B. out of currently recognized revenues.
C.within one year.
D. out of cash currently on hand.
Problem 2: On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current year?
A. $106.67
B. $306.67
C.$400.00
D. $1,200.00
Problem 3: A business borrowed $40,000 on March 1 of the current year by signing a 30-day, 9% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a
A. debit to Interest Payable $300
B. debit to Interest Expense $300
C.credit to Cash for $40,000
D. credit to Cash for $43,600
Problem 4: Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 8%, 9-month note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is:
A. Interest Expense 8,000
Cash 92,000
Notes Payable 100,000
B. Cash 100,000
Notes Payable 100,000
C. Cash 108,000
Interest Expense 8,000
Notes Payable 108,000
D. Notes Payable 100,000
Interest Payable 6,000
Cash 100,000
Interest Expense 6,000
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