You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: (Round answers to 0 decimal places, e. g. $62,482.) If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31?
The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable?
If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?

Sry that i could answer the question but i hope u have a great day.

Explanation:

If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31?

accrued interest expense = $60,000 x 10% x 5/12 = $2,500

The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable?

100%X + 5%X (sales tax) = $42,000

105%X = $42,000

X = $42,000 / 105% = $40,000

sales tax = total invoice - X = $42,000 - $40,000 = $2,000

If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?

accrued subscription revenue = $42,000 x 2/6 = $14,000

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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