Expert answer:solve acc problems

Expert answer:solve acc 201 problems, please bold the right question…………………………………………………………………………………..
acc.docx

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Skysong Company does not ring up sales taxes separately on the cash register. Total receipts for
October amounted to $31290. If the sales tax rate is 5%, what amount must be remitted to the state
for October’s sales taxes?
$1565
It cannot be determined.
$75
$1490
The following totals for the month of April were taken from the payroll records of Cheyenne Corp..
Salaries
FICA taxes withheld
Income taxes withheld
Medical insurance deductions
Federal unemployment taxes
State unemployment taxes
$105600
8080
22000
4000
280
1900
Recording the monthly payroll on April 30 would include a(n)
decrease to Salaries and Wages Payable for $105600.
increase to Salaries and Wages Expense for $71520.
increase to Salaries and Wages Payable for $105600.
increase to Salaries and Wages Expense for $105600.
Kingbird Company typically sells subscriptions on an annual basis, and publishes 8 times a year. The
magazine sells 57600 subscriptions in January at $10 each. Recording the sale of the subscriptions
involves a(n)
Increase to Subscriptions Receivable and an increase to Unearned Subscription Revenue for
$72000.
Increase to Subscriptions Receivable and an increase to Subscription Revenue for $576000.
Increase to Cash and an increase to Unearned Subscription Revenue for $576000.
Increase to Prepaid Subscriptions and a decrease to Cash for $576000.
Metlock Corporation issues 830, 10-year, 8%, $1000 bonds dated January 1, 2017, at 95. Recording
the issuance will show a(n)
increase to Cash of $830000.
increase to Cash for $788500.
decrease to Discount on Bonds Payable for $41500.
increase to Bonds Payable for $788500.
The following data is available for Splish Brothers Corporation at December 31, 2017:
Common stock, par $10 (authorized 29000 shares)
Treasury stock (at cost $15 per share)
$232000
$975
Based on the data, how many shares of common stock are outstanding?
26035.
23135.
23200.
29000.
Blossom Company purchased 3000 shares of its own previously issued $10 par common stock for
$75000. As a result of this event,
Blossom Common Stock account decreased $30000.
Blossom total stockholders’ equity decreased $75000.
Blossom Paid-in Capital in Excess of Par Value account decreased $45000.
All of
these
answer
choices
are
correct.
A corporation purchases 13000 shares of its own $20 par common stock for $35 per
share, recording it at cost. What will be the effect on total stockholders’ equity?
Decrease by $455000.
Decrease by $195000.
Increase by $455000.
Decrease by $260000.
Outstanding stock of the Windsor Corporation included 51000 shares of $5 par common
stock and 18500 shares of 5%, $10 par non-cumulative preferred stock. In 2016,
Windsor declared and paid dividends of $2550. In 2017, Windsor declared and paid
dividends of $25500. How much of the 2017 dividend was distributed to preferred
shareholders?
$11800.
$27750.
$9250.
None of
these
answer
choices
are
correct.
Windsor Inc. has 1600 shares of 8%, $100 par value, cumulative preferred
stock and 80000 shares of $1 par value common stock outstanding at
December 31, 2017. What is the annual dividend on the preferred stock?
$800 in total.
$80 per share.
$0.08 per share.
$12800 in total.
Novak Corp. has 4000 shares of 8%, $50 par value, cumulative preferred
stock and 80000 shares of $1 par value common stock outstanding at
December 31, 2017, and December 31, 2016. The board of directors
declared and paid a $14500 dividend in 2016. In 2017, $72500 of dividends
are declared and paid. What are the dividends received by the preferred
stockholders in 2017?
$32000.
$17500.
$16000.
$46500.
What is the total stockholders’ equity based on the following account
balances?
Common Stock
Paid-In Capital in Excess of Par
Retained Earnings
Treasury Stock
$2110000
111000
551000
51000
$2721000.
$2499000.
$2008000.
$2832000.
Moss County Bank agrees to lend the Shamrock Company $575000 on
January 1. Shamrock Company signs a $575000, 6%, 9-month note.
Recording the proceeds and issuance of the note by Shamrock Company on
January 1 includes a(n)
Increase to Cash for $575000, increase to Interest Expense for
$25875, and an increase to Notes Payable for $600875.
Increase to Interest Expense for $25875, increase to Cash for
$549125, and an increase to Notes Payable for $575000.
Increase to Cash and to Notes Payable for $575000.
Increase to Cash for $575000, increase to Interest Expense for
$25875, increase to Notes Payable for $575000, and an increase to
Interest Payable for $25875.
The interest charged on a $330000 note payable, at the rate of 6%, on a 90day note would be (Use 360 days for calculation.)
$9900.
$4950.
$1650.
$19800.
…
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