An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40 per week. The employee worked 45 hours during the week. The amount of the employee's gross pay for the week is: Group of answer choices $1,710 $1,800 $1,440 $1,620 Which of the following taxes are employers usually not required to withhold from employees earnings? Group of answer choices Federal income tax Medicare tax Federal unemployment compensation tax State and local income tax A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%. The proceeds are: Group of answer choices $5,100 $4,400 $4,900 A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a: Group of answer choices convertible bond sinking bond term bond debenture bond If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a: Group of answer choices maturity value face value A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a: Group of answer choices convertible bond sinking bond term bond If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a: Group of answer choices maturity value face value premium discount The entry to record the amortization of a premium on bonds payable is: Group of answer choices debit Premium on Bonds Payable, credit Interest Expense debit Premium on Bonds Payable, credit Bonds Payable debit Interest Expense, credit Premium on Bonds Payable debit Bonds Payable, credit Interest Expense On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of 10%, receiving $743,625. Interest is payable semi-annually on March 1 and September 1. The journal entry would include a: Group of answer choices credit to Premium on Bonds Payable for $43,625 credit to Cash for $743,625 debit to Bonds Payable for $700,000 none of these Using information from the previous question, the entry to record the first interest payment and amortized premium for six months using the straight-line method would include a: Group of answer choices none of these debit to Premium on Bonds Payable for $2,181 debit to Interest Payable for $36,319 debit to Cash for $38,500 Bonds Payable has a balance of $900,000 and the Premium on Bonds Payable account has a balance of $45,000. The carrying amount of the bonds is: Group of answer choices $45,000 $945,000 $900,000 $855,000

An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40 per week. The employee worked 45 hours during the week. The amount of the employee's gross pay for the week is: Group of answer choices $1,710 $1,800 $1,440 $1,620 Which of the following taxes are employers usually not required to withhold from employees earnings? Group of answer choices Federal income tax Medicare tax Federal unemployment compensation tax State and local income tax A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%. The proceeds are: Group of answer choices $5,100 $4,400 $4,900 A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a: Group of answer choices convertible bond sinking bond term bond debenture bond If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a: Group of answer choices maturity value face value A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a: Group of answer choices convertible bond sinking bond term bond If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a: Group of answer choices maturity value face value premium discount The entry to record the amortization of a premium on bonds payable is: Group of answer choices debit Premium on Bonds Payable, credit Interest Expense debit Premium on Bonds Payable, credit Bonds Payable debit Interest Expense, credit Premium on Bonds Payable debit Bonds Payable, credit Interest Expense On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of 10%, receiving $743,625. Interest is payable semi-annually on March 1 and September 1. The journal entry would include a: Group of answer choices credit to Premium on Bonds Payable for $43,625 credit to Cash for $743,625 debit to Bonds Payable for $700,000 none of these Using information from the previous question, the entry to record the first interest payment and amortized premium for six months using the straight-line method would include a: Group of answer choices none of these debit to Premium on Bonds Payable for $2,181 debit to Interest Payable for $36,319 debit to Cash for $38,500 Bonds Payable has a balance of $900,000 and the Premium on Bonds Payable account has a balance of $45,000. The carrying amount of the bonds is: Group of answer choices $45,000 $945,000 $900,000 $855,000

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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Related questions

Question

Group of answer choices

$1,710

$1,800

$1,440

$1,620

Which of the following taxes are employers usually not required to withhold from employees earnings?

Group of answer choices

Federal income tax

Medicare tax

Federal unemployment compensation tax

State and local income tax

A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%. The proceeds are:

Group of answer choices

$5,100

$4,400

$4,900

A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a:

Group of answer choices

convertible bond

sinking bond

term bond

debenture bond

If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a:

Group of answer choices

maturity value

face value

A bond that gives the bondholder a right to exchange the bond for other securities under certain conditions is called a:

Group of answer choices

convertible bond

sinking bond

term bond

If the market rate of interest is less than the coupon rate of interest, the bonds will sell for a:

Group of answer choices

maturity value

face value

premium

discount

The entry to record the amortization of a premium on bonds payable is:

Group of answer choices

debit Premium on Bonds Payable, credit Interest Expense

debit Premium on Bonds Payable, credit Bonds Payable

debit Interest Expense, credit Premium on Bonds Payable

debit Bonds Payable, credit Interest Expense

On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of 10%, receiving $743,625. Interest is payable semi-annually on March 1 and September 1. The journal entry would include a:

Group of answer choices

credit to Premium on Bonds Payable for $43,625

credit to Cash for $743,625

debit to Bonds Payable for $700,000

none of these

Using information from the previous question, the entry to record the first interest payment and amortized premium for six months using the straight-line method would include a:

Group of answer choices

none of these

debit to Premium on Bonds Payable for $2,181

debit to Interest Payable for $36,319

debit to Cash for $38,500

Bonds Payable has a balance of $900,000 and the Premium on Bonds Payable account has a balance of $45,000. The carrying amount of the bonds is:

Group of answer choices

$45,000

$945,000

$900,000

$855,000

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