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61.Assuming a 360-day year, when a $40,000, 90-day, 9% interest-bearing note payable matures, total payment will amount to: A.$40,900 B.$43,600 C.$900 D.$3,600 62.Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was A.6.25% B.10.00% C.10.26% D.9.75% 63.Mobile Co. issued.

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  • 61.Assuming a 360-day year, when a $40,000, 90-day, 9% interest-bearing
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141.Solare Company acquired mineral rights for $60,000,000. The diamond deposit is estimated at 6,000,000 tons. During the current year, 2,300,000 tons were mined and sold. a. Determine the depletion rate. b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. 142.Falcon Company acquired an adjacent lot.

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  • 141.Solare Company acquired mineral rights for $60,000,000. The diamond deposit
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169.Eagle Country Club has acquired a lot to construct a clubhouse. Eagle had the following costs related to the construction: Architects’ Fees $25,000 Construction Labor 80,000 Engineers’ Fees 15,000 Fences around building 9,000 Grading and leveling 10,000 Insurance costs incurred during construction 7,000 Interest on money borrowed for construction 5,000 Land 37,000 Building Materials 237,000 Sales Taxes 6,000 Trees and Shrubs 6,000 170.A copy machine acquired with a cost of $1,410 has.

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  • 169.Eagle Country Club has acquired a lot to construct a
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131.The Crafter Company had the following assets and liabilities as of December 31, 2012: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory 30,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000 Determine the quick ratio for the end of the year (rounded to one decimal point). A.6.7 B.13.0 C.4.2 D.3.5 132.Garrett Company sells merchandise with a one year warranty. In 2012, sales consisted of 3,500 units..

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  • 131.The Crafter Company had the following assets and liabilities as
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177.Macon Co. acquired drilling rights for $7,500,000. The oil deposit is estimated at 37,500,000 gallons. During the current year, 3,000,000 gallons were drilled. Journalize the adjusting entry at December 31, 2011 to recognize the depletion expense. Journal Date Description Post Ref Debit Credit 178.On July 1, 2010, Howard Co. acquired patents rights for $40,000. The patent.

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  • 177.Macon Co. acquired drilling rights for $7,500,000. The oil deposit
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175.The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales salaries $125,000 Federal income tax withheld 32,300 Office salaries 35,000 Medical insurance withheld 7,370 Social security tax withheld 10,200 Medicare tax withheld 2,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate.

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  • 175.The summary of the payroll for the monthly pay period
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144.Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) Required: (1) Journalize Roseland’s entries to record: a. The issuance of the note. b. The payment of the note at maturity. (2) Journalize CorpOne’s entries to record: a. The receipt of the note. b. The.

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  • 144.Roseland Design borrowed $700,000 a 90-day note from CorpOne Funding
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91.Payroll taxes levied against employees become liabilities A.the first of the following month B.at the time the payroll is paid C.when earned by the employee D.at the end of an accounting period 92.The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare Taxes.

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  • 91.Payroll taxes levied against employees become liabilities A.the first of
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160.The following totals for the month of February were taken from the payroll register of Arcon Company: Salaries expense $13,000 Social security and medicare taxes withheld 975 Income taxes withheld 2,600 Retirement savings 500 Salaries subject to federal and state unemployment taxes of 6.2% 4,000 How much is the total payroll expense for Arcon Company for this payroll? Assume that the.

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  • 160.The following totals for the month of February were taken
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166.Aqua Construction installs swimming pools. They calculate that warranty obligations are 5% of gross sales. For the year just ending Aqua’s gross sales were $1,500,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $48,700. Determine the year’s total warranty liability and journalize any necessary.

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  • 166.Aqua Construction installs swimming pools. They calculate that warranty obligations
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31.Federal income taxes withheld increase the employer's payroll tax expense. 32.The use of a separate payroll bank account is not an advantageous control, because it creates more complexity in reconciliation functions for a company and invites theft. 33.Employers are required to compute and report payroll taxes on a calendar-year basis, even if.

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  • 31.Federal income taxes withheld increase the employer's payroll tax expense. 32.The
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170.The Core Company had the following assets and liabilities as of December 31, 2012: ASSETS Cash $58,000 Accounts receivable 25,000 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 20,000 Accounts payable 12,000 Long-term debt 25,000 Calculate: Current Ratio, Working Capital and Quick Ratio 171.On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was.

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  • 170.The Core Company had the following assets and liabilities as
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101.The employee earnings record would contain which column that the payroll register would probably not contain? A.deductions B.payment C.earnings D.cumulative earnings 102.The detailed record indicating the data for each employee for each payroll period and the cumulative total earnings for each employee is called the A.payroll register B.payroll check C.employee's earnings record D.employer's earnings record 103.An employee receives an.

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  • 101.The employee earnings record would contain which column that the
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180.For Company A and Company B: (a) Calculate the quick ratio for each company. (b) Comment on which one is more able to meet current liabilities. Company A Company B Account Dr Cr Dr Cr Cash $21 $25 Cash Equivalents 8 10 Trade Notes Receivable 7 6 Accounts Receivable 6 7 Prepaid Expenses 5 5 Merchandise Inventory 15 13 Fixed Assets 20 55 Accumulated Depreciation- Fixed Assets $ 5 $25 Accounts Payable 26 8 Current Accrued Liabilities 13 19 Mortgage Payable 17 24 Capital 20 40 Total $81 $81 $116 $116 .

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  • 180.For Company A and Company B: (a) Calculate the quick ratio
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157.Identify each of the following expenditures as chargeable to (a) Land, (b) Land Improvements, (c) Buildings, (d) Machinery and Equipment, or (e) other account. (1) Cost of paving parking area for employees and customers. (2) Insurance during construction of building. (3) Interest incurred on loan during construction of building. (4) Fee paid for installation of equipment. (5) Special foundation.

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  • 157.Identify each of the following expenditures as chargeable to (a)
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