Question

The b 1.05 mes d 1.03 times Cost allocation of an intane assot is referred o 15 Which of the followingis not auntiyon December 31, 2012 a A Note Payable due December 31. 20 b. An Accounts Payable due January 31,2013 e A lawsuit judgment to be decied on January 0, 2013 d. Accrued salaries payable from 2012 16. On October 1, Sam's Painting Service borrows $80,000 from National Bank n a3 moren sso.ooo, 4% note. The entry by Samrs Partng Service to resses payme.."s note and accrued interest on January 1 is 80.800 Notes Payable Interest Payabie Interest Payable 80 800 b.Notes Payabe 80,000 800 80 800 Cash c. Notes Payable 3200 832 80,000 83200 Cash d. Notes Payable 800 Interest Expense 80 800 Cash 17, The interest charged on a $50,000 note payable, at the rate of %, on a 90-day nte would be a. $3,000 b. $1,500 c $750 d. $500 18. The amount of sales tax collected by a retail store when making sales is a. a miscellaneous revenue for the store. b. a current liability c. not recorded because it is a tax paid by the customer. d. recorded as an operating expense.

Answer 1

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