# Question 1 On July 1, 200X you enter into a note payable of \$200,000 with a 5% annual interest

September 28, 2018

Question 1On July 1, 200X you enter into a note payable of \$200,000 with a 5% annual interest rate. Your interest expense for 200X will be:\$10,000.\$2,500\$2,000\$5,000Question 2Post Company issues a 6 year, 6%, \$200,000 bond at par on July 31. The journal entry would be:A debit to cash of \$200,000 and a credit to bonds payable of \$200,000.A debit to bonds payable of \$200,000 and a credit to cash of \$200,000.A debit to cash of \$200,000 and a credit to bonds receivable of \$200,000.A debit to bonds receivable of \$200,000 and a credit to cash of \$200,000.Question 3Post Company issues a 6 year, 6%, \$200,000 bond at par on July 31. How much interest will be paid over the life of the bond?\$4,000\$6,000\$12,000\$72,000Question 4A company has current assets of \$500,000, net income of \$10,000, current liabilities of 250,000 and equity of \$250,000. What is the current ratio?0.57.50.32.0Question 5If a company has gross salaries of \$12,000 and it withholds \$1,800 for income taxes and \$800 for FICA taxes, the journal entry to record the employee s pay should include:Debit to salary expense for \$9,400Debit to salary payable for \$9,400Credit to salary payable for \$9,400Credit to cash for \$12,000

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