Reference no: EM132650705
Question 1: When the income statement columns of the December 31, 2019, work sheet of Hogue Corporation were initially subtotaled, the debit and credit entries had balances of $24,750 and $38,750, respectively, before income taxes were recorded. If the appropriate tax rate for Hogue Corporation is 30 percent, the 2019 income tax expense would be
a. $9,800
b. $4,200
c. $11,625
d. $3,600
Question 2: On October 1, Woods Sporting Supplies, a calendar-year company, sold inventory that cost $30,000 for $50,000. The customer signed a four-month, 15 percent note in payment. On December 31, Woods should
a. Debit Interest Receivable for $1,875
b. Debit Interest Revenue for $1,875
c. Credit Interest Revenue for $7,500
d. Debit Interest Receivable for $7,500
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