I need questions I attached answered. There aren’t very many of them to work though. I just don’t have enough time and want to make sure these answers are accurate. Thank you/
1.
When merchandise is sold for $500 plus 5% sales tax, the Sales account should be credited for $525. (True or false)
1. The interest on a 6%, 60-day note for $5,000 is $300. True or false?
1. On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $70,000. What is the amount of the gain or loss on this transaction?
a.
Cannot be determined
b.
No gain or loss
c.
Gain of $40,000
d.
Gain of $70,000
1. On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $10,000. What is the amount of the gain or loss on this transaction?
a.
Gain of $10,000
b.
Loss of $20,000
c.
No gain or loss
d.
Cannot be determined
1. The maturity value of a $15,000, 60-day, 5% note payable is:
a.
$15,750
b.
$750
c.
$15,125
d.
$125
