1 QUE A plant asset cost $101700 when it was purchased on January 1, 2011. It was depreciated by the straight-line method based on a 9-year life with no salvage value. On June 30, 2018, the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement? $16950 loss. $11300 gain. $22600 loss. No gain or loss. 2 QUE Admire County Bank agrees to lend Vaughn Brick Company $599000 on January 1. Vaughn Brick Company signs a $599000, 8%, 9-month note. What entry will Vaughn Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? a Notes Payable 634940 Cash 634940 b Notes Payable 599000 Interest Payable 35940 Cash 634940 c Interest Payable 23960 Notes Payable 599000 Interest Expense 11980 Cash 634940 d Interest Expense 35940 Notes Payable 599000 Cash 634940 3 QUE A cash register tape shows cash sales of $1807 and sales taxes of $117. The journal entry to record this information is Cash 1924 Sales Taxes Payable 117 Sales Revenue 1807 Cash 1924 Sales Revenue 1807 Sales Taxes Revenue 117 Cash 1807 Sales Tax Expense 117 Sales Revenue 1924 Cash 1924 Sales Revenue 1924

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 QUE

A plant asset cost $101700 when it was purchased on January 1, 2011. It was depreciated by the straight-line method based on a 9-year life with no salvage value. On June 30, 2018, the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement?

$16950 loss.

$11300 gain.

$22600 loss.

No gain or loss.

2 QUE

Admire County Bank agrees to lend Vaughn Brick Company $599000 on January 1. Vaughn Brick Company signs a $599000, 8%, 9-month note. What entry will Vaughn Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Notes Payable	634940
Cash		634940

Notes Payable	599000
Interest Payable	35940
Cash		634940

Interest Payable	23960
Notes Payable	599000
Interest Expense	11980
Cash		634940

Interest Expense	35940
Notes Payable	599000
Cash		634940

3 QUE

A cash register tape shows cash sales of $1807 and sales taxes of $117. The journal entry to record this information is

Cash	1924

Sales Taxes Payable		117

Sales Revenue		1807

Cash	1924

Sales Revenue		1807

Sales Taxes Revenue		117

Cash	1807

Sales Tax Expense	117

Sales Revenue		1924

Cash	1924
Sales Revenue		1924

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