Question

1. Unearned Rent Revenue is
a. a contra account to Rent Revenue.   
b. a revenue account.
c. reported as a current liability.
d. debited when rent is received in advance.

2. The interest charged on a $200,000 note payable, at the rate of 8%, on a 90-day note would be  
a. $16,000.  
b. $8,888.  
c. $4,000.  
d. $1,333.

3. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $525,000, what is the amount of the sales taxes owed to the taxing agency?  
a. $500,000  
b. $525,000  
c. $26,250  
d. $25,000

4. A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Using a 360-day year, what is the amount of accrued interest on December 31, 2015?  
a. $200  
b. $267  
c. $133  
d. $800

5. A $12,500, 9% note is dated April 9 and is due in 90 days. The note will mature on what date?      
a. July 9  
b. July 8  
c. June 9  
d. June 8

6. Sue works 46 hours at her job during the week. She is paid $13.30/hour and received overtime at the rate of time-and-one-half for hours worked over forty. Sue is taxed for federal income taxes at 15% and 7.65% for OASDI and Medicare. All of her income is taxable. What is Sue's net pay?  
a. $651.70      
b. $147.61      
c. $504.09      
d. Can not be determined from information given

7. Bonds that are secured by real estate are termed      
a. mortgage bonds.      
b. serial bonds.      
c. debentures.
d. bearer bonds.

PLEASE HELP FAST AND ALL IN ACCOUNTING. I WILL RATE 5 STARS

Answer 1

Question 4 Question 1 Option [C] is Correct Reported as Current Liability. Option [b] is Correct $267 Unearned Rent Revenue It is a Revenue that is received for work that has not yet been performed Ie., it is like an advance received. So it will be reported as current liability till completion of performance Accrued interest from nov to dec 31 $266.67 20000*8%*60/360 Question 5 Option [b] is Correct July 8 Question 2 Option [C] is Correct $4000 Note issued on Apr-09 90 days Interest $200,000 8%* 90/360 $ 4,000.00 april remaining days 21 31 may june 30 Question 3 july Total days 8 Option [d] is Correct - $25000 Sales Revenue is credited for $525,000 which is inclusive of 5% sales tax Therefore, 525000 is equivalent to 105% 90 So July 8 will be the maturity date 100% is sales and 5% is tax 525000/105*5 Question 6 $25,000.00 Option [C] is Correct $504.09 payment 46 hours*$13.3 per hour Add : overtime (6*13.3/2) 611.8 39.9 Question 7 Net Pay 651.7 Option [a] is Correct Mortgage Bonds A mortgage bond is a bond that is backed by pool of mortgages on real estate assets. less federal income tax @15% 97.755 Less : OASDI and medicare @7.65% 49,855 504.09