Homework Answers
Answer for question 1 and 2 are same as
d. Liabilities represent probable future sacrifices of benefits
Answer 3 b. $450000
Calculated as
Interest upto 31st December for 9 months = $10000000 x 6% x 9/12 = $450000
.Answer 4 c.. Debit Cash $5000 Credit Notes Payable $5000
As
on borrowing from Notes payable we debit cash as what comes in that is $5000 and credit liability created that is notes payable $5000
Answer 5 a. FICA taxes
as
FICA taxes are payable both by employer and employee
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