Reference no: EM132789951
Problem 1: On July 1, 2017, Overlin Corp. purchased $100,000 of 8% bonds at face value. Interest is paid annually on June 30. If the accounting year for Overlin ends at December 31, 2017, what will be reported with respect to the bonds on that date?
a. Interest income in the amount of $4,000 will be accrued.
b. A loss on the bonds will be reported in the Other Income and Expense section of the 2017 income statement until the entire amount of interest is paid on June 30, 2018.
c. The cash received in interest will be $8,000.
d. The carrying value of the bonds will be $108,000.
Problem 2: If Rope Inc. receives $23,825 from credit card collections and has an average rate of 4.7% charged by the credit card company, its credit card sales during the period were
a. $22,705.
b. $111,978.
c. $25,000.
d. $50,691.
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