9/3/22, 7:45 PM U5 _CL_SELF TEST
U5 _CL_SELF TEST Total points 9/10
The respondent's email (aaditya.manoj@commerce.christuniversity.in) was recorded on
submission of this form.
0 of 0 points
NAME *
Aaditya Manoj
ROLL NO *
2283701
CLASS *
1ADBA
EMAIL *
aaditya.manoj@commerce.christuniversity.in
1 1 of 1 points
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9/3/22, 7:45 PM U5 _CL_SELF TEST
"Lovely, Inc. is preparing its financial statements for the year ended *1/1
December 31, 2021. Accounts payable amounted to $360,000 before any
necessary year-end adjustment related to the following:• At December 31,
2021, Lovely has a $50,000 debit balance in its accounts payable to
Taylor, a supplier, resulting from a $50,000 advance payment for goods to
be manufactured to Lovely’s specifications.Checks in the amount of
$100,000 were written to vendors and recorded on December 29, 2021.
The checks were mailed on January 5, year 2022.What amount should
Lovely report as accounts payable in its December 31, 2021 balance
sheet?"
510000
210000
310000
410000
2 1 of 1 points
"Rubber Co. records its purchases at gross amounts but wishes to *1/1
change to recording purchases net of purchase discounts. Discounts
available on purchases recorded from October 1, 2021, to September 30,
2022, totaled $2,000.Of this amount, $200 is still available in the AP
balance. The balances in Rubber’s accounts as of and for theyear ended
September 30, 2022, before conversion arePurchases $100,000Purchase
discounts taken 800Accounts payable 30,000What is Rubber’s accounts
payable balance as of September30, 2022, after the conversion?"
29800
29200
28800
28200
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9/3/22, 7:45 PM U5 _CL_SELF TEST
3 1 of 1 points
On March 1, 2021, Friends Co. borrowed $10,000 and signed a two-year *1/1
note bearing interest at 12% per annum compounded annually. Interest is
payable in full at maturity on February 28, 2023. What amount should
Friends Co. report as a liability for accrued interest at December 31,
2022?
zero
1000
1200
2320
4 1 of 1 points
"On September 1, 2021, Obama Co. borrowed on a $1,350,000 note *1/1
payable from Federal Bank. The note bears interest at 12% and is payable
in three equal annual principal payments of $450,000. On this date, the
bank’s prime rate was 11%. The first annual payment for interest and
principal was made on September 1, 2022. At December 31, 2022, what
amount should Obama report as accrued interest payable?"
49500
33000
54000
36000
5 1 of 1 points
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9/3/22, 7:45 PM U5 _CL_SELF TEST
"In its 2022 financial statements, Camry Co. reported interest expense of *1/1
$85,000 in its income statement and cash paid for interest of $68,000 in
its cash flow statement. There was no prepaid interest or interest
capitalization either at the beginning or end of year 2022. Accrued
interest at December 31, 2021, was $15,000. What amount should Camry
report as accrued interest payable in its December 31, 2022 balance
sheet?"
2000
15000
17000
32000
6 1 of 1 points
"A company issued a ST note payable with a stated 12% rate of interest to *1/1
a bank. The bank charged a .5% loan origination fee and remitted the
balance to the company. The effective interest rate paid by the company
in this transaction would be"
"Equal to 12.5%.
""Independent of 12.5%.
"greater than 12.5%.
""Less than 12.5%.
7 1 of 1 points
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9/3/22, 7:45 PM U5 _CL_SELF TEST
"Under state law, Acorn may pay 3% of eligible gross wages or it may *1/1
reimburse the state directly for actual unemployment claims. Acorn
believes that actual unemployment claims will be 2% of eligible gross
wages and has chosen to reimburse the state. Eligible gross wages are
defined as the first $10,000 of gross wages paid to each employee. Acorn
had five employees, each of whom earned $20,000 during 2021. In its
December 31, 2021 balance sheet, what amount should Acorn report as
accrued liability for unemployment claims?"
1000
2000
1500
3000
8 0 of 1 points
"Porous Corp. is required to contribute, to an employee stock ownership *0/1
plan (ESOP), 10% of its income after deduction For this contribution but
before income tax. Porous’s income before charges for the contribution
and income tax was $75,000. The income tax rate is 30%. What amount
should be accrued as a contribution to the ESOP?"
7500
6818
5250
4773
Correct answer
4773
9 1 of 1 points
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9/3/22, 7:45 PM U5 _CL_SELF TEST
"Alan Co. provides an incentive compensation plan under which its *1/1
president receives a bonus equal to 10% of the corporation’s income
before income tax but after deduction of the bonus. If the tax rate is 40%
and net income after bonus and income tax was $360,000, what was the
amount of the bonus?"
36000
60000
66000
90000
10 1 of 1 points
"On July 1, 2021, Ranbaxy Condo. issued realty tax assessments for its *1/1
fiscal year ended June 30, 2022. On September1, 2021, David Co.
purchased a warehouse in Ranbaxy Condo. The purchase price was
reduced by a credit for accrued realty taxes. David did not record the
entire year’s real estate tax obligation, but instead records tax expenses
at the end of each month by adjusting prepaid real estate taxes or real
estate taxes payable, as appropriate. On November 1, 2021, David paid
the first of two equal installments of $12,000 for realty taxes.What
amount of this payment should David record as a debit to real estate
taxes payable?"
4000
8000
10000
12000
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