ACC 350 Mod.5 VITA Tests Answer Sheet - Rumrill
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ACC 350 Module Five VITA Tests Answer Sheet
Record your answer to each question by overwriting the bracketed text in the right-hand column.
Advanced Course Test
Advanced Scenario 1
Question Number
Your Response
1.
d. Head of Household
2.
a. True
3.
a. True
Advanced Scenario 2
Question Number
Your Response
4.
b. $4,000 *
5.
b. false
Advanced Scenario 3
Question Number
Your Response
6.
d. all of the above
7.
c. $1,000
8.
c. 3,620 *
Advanced Scenario 4
Question Number
Your Response
9.
c. Either Carmen or Abigai
10.
a. True *
Advanced Scenario 5
Question Number
Your Response
11.
b. False
12.
c. 2,000
Advanced Scenario 6
Question Number
Your Response
13.
a. true
14.
d. all of the above
Advanced Scenario 7
Question Number
Your Response
15.
d. 20,000 x
16.
b. False
Question Number
Your Response
17.
b. 850 x
18.
$300
19.
c. 29,200
20.
d. both a + b
21.
a. True
22.
d. 7,490
Advanced Scenario 8
Question Number
Your Response
23.
b. 2,100 x
24.
a. Business Parking
25.
b. False
26.
b. $1,638
27.
b. False *
28.
a. $0
29.
d. all of the above
Advanced Scenario 9
Question Number
Your Response
30.
d. Qualifying Surviving Spouse
31.
c. $36,104
32.
b. Credit for other dependents 33.
$100
34.
a. True
35.
a. True
Total Questions Correct: [Insert number.]
Total Questions: 35
Passing Score: 28 of 35
*changed after taking online test
X wrong
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HARMATHAP12 6.2.009.
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What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior.
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DETAILS
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
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Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
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2
b. Journalize Spectrum Industries' entries to record:
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
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Check My Work
The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on
merchandise.
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