TCC ACG Final Exam with all Correct & 100% Verified
Answers |Actual Complete Exam |Already Graded A+
current liablities ✔Correct Answer-Short term obligations that will be paid in cash within12
months, or the next operating cycle.(whichever is longer)
Payroll deductions required by law: ✔Correct Answer-FICA
Federal Income Tax
Journal entry to record Salaries and wages Expense including payroll deductions: ✔Correct
Answer-Salaries and Wages Expense $69,000
Withheld Income Tax Payable $9,000
FICA Payable $3,000
United Way Payable $1,000
Cash $55,000
Employer Payroll Taxes required by law: ✔Correct Answer-FICA
Unemployment Taxes
Journal entry to record Payroll Tax Expense: ✔Correct Answer-Payroll Tax Expense $690
FICA Payable $600
Unemployment Tax Payable $90
Recording Notes Payable: ✔Correct Answer-Cash $69,000
Notes Payable $69,000
Calculating Interest on Notes/Bonds Payable: ✔Correct Answer-I=Prt
Recording Interest accrued: ✔Correct Answer-Interest Expense $69
Interest Payable $69
Recording interest paid: ✔Correct Answer-Interest Payable $600
Interest Expense $90
Cash $690
Recording Note Paid: ✔Correct Answer-Cash $6900
Notes Payable $69000
Recording Sales Tax Payable: ✔Correct Answer-Cash $69
Sales Tax Payable $9
Sales Revenue $60
, Recording Unearned Revenue ✔Correct Answer-Cash $69
Unearned Revenue $69
Recording revenue Earned: ✔Correct Answer-Unearned Revenue $69
Service Revenue $69
Bonds ✔Correct Answer-Financial Instruments hat outline the future payments a company
promises to make in exchange for receiving a sum of money.
Face Value ✔Correct Answer-the amount payable on a bonds maturity date
Maturity Date ✔Correct Answer-The day you may exchange a bond for cash
Stated Interest Rate ✔Correct Answer-C'mon MAN!
Bond Premium ✔Correct Answer-Excess of the bond's issue price over its face value
Bond Discount ✔Correct Answer-Bond issued at less than its face value
Why do bondholders pay premiums and discounts on bonds? ✔Correct Answer-They believe
the bond will be successful, so they would pay a premium.
Bondholders offer discounts if they are trying to issue bonds.
Recording Bongs Issued at Premiums: ✔Correct Answer-Cash $690
Bonds Payable $600
Premium on Bonds Payable $90
Recording bonds at discounts: ✔Correct Answer-Cash $600
Discount on Bonds Payable $90
Bonds Payable $690
Reporting interest earned on Bonds ✔Correct Answer-Interest Expense $69
Interest Payable $69
effective interest method concept ✔Correct Answer-Superior method of accounting for bonds
because it correctly calculates interest expense my multiplying the true cost of borrowing times
the amount actually owed to investors.
Calculate the interest expense for several years using the effective interest method for a bond
premium ✔Correct Answer-I=Prt
Interest Expense $5,900
Prenium on Bonds Payable $1,000
Cash $6900
Answers |Actual Complete Exam |Already Graded A+
current liablities ✔Correct Answer-Short term obligations that will be paid in cash within12
months, or the next operating cycle.(whichever is longer)
Payroll deductions required by law: ✔Correct Answer-FICA
Federal Income Tax
Journal entry to record Salaries and wages Expense including payroll deductions: ✔Correct
Answer-Salaries and Wages Expense $69,000
Withheld Income Tax Payable $9,000
FICA Payable $3,000
United Way Payable $1,000
Cash $55,000
Employer Payroll Taxes required by law: ✔Correct Answer-FICA
Unemployment Taxes
Journal entry to record Payroll Tax Expense: ✔Correct Answer-Payroll Tax Expense $690
FICA Payable $600
Unemployment Tax Payable $90
Recording Notes Payable: ✔Correct Answer-Cash $69,000
Notes Payable $69,000
Calculating Interest on Notes/Bonds Payable: ✔Correct Answer-I=Prt
Recording Interest accrued: ✔Correct Answer-Interest Expense $69
Interest Payable $69
Recording interest paid: ✔Correct Answer-Interest Payable $600
Interest Expense $90
Cash $690
Recording Note Paid: ✔Correct Answer-Cash $6900
Notes Payable $69000
Recording Sales Tax Payable: ✔Correct Answer-Cash $69
Sales Tax Payable $9
Sales Revenue $60
, Recording Unearned Revenue ✔Correct Answer-Cash $69
Unearned Revenue $69
Recording revenue Earned: ✔Correct Answer-Unearned Revenue $69
Service Revenue $69
Bonds ✔Correct Answer-Financial Instruments hat outline the future payments a company
promises to make in exchange for receiving a sum of money.
Face Value ✔Correct Answer-the amount payable on a bonds maturity date
Maturity Date ✔Correct Answer-The day you may exchange a bond for cash
Stated Interest Rate ✔Correct Answer-C'mon MAN!
Bond Premium ✔Correct Answer-Excess of the bond's issue price over its face value
Bond Discount ✔Correct Answer-Bond issued at less than its face value
Why do bondholders pay premiums and discounts on bonds? ✔Correct Answer-They believe
the bond will be successful, so they would pay a premium.
Bondholders offer discounts if they are trying to issue bonds.
Recording Bongs Issued at Premiums: ✔Correct Answer-Cash $690
Bonds Payable $600
Premium on Bonds Payable $90
Recording bonds at discounts: ✔Correct Answer-Cash $600
Discount on Bonds Payable $90
Bonds Payable $690
Reporting interest earned on Bonds ✔Correct Answer-Interest Expense $69
Interest Payable $69
effective interest method concept ✔Correct Answer-Superior method of accounting for bonds
because it correctly calculates interest expense my multiplying the true cost of borrowing times
the amount actually owed to investors.
Calculate the interest expense for several years using the effective interest method for a bond
premium ✔Correct Answer-I=Prt
Interest Expense $5,900
Prenium on Bonds Payable $1,000
Cash $6900
