I need an EXPERT's help with an Accounting Quiz. Please check the attached document for details
ACCT 202 Quiz 1 Professor Brian Lazarus,MBA,CPA,CGMA 100 points. Each question is worth 4 points Deadline: 11.59 pm EST September 25 Please answer in the Answer Sheet provided at the end of the Question booklet THROUGH Quiz 1 Assignment link in Blackboard. Submit the Answer Sheet only . Do NOT submit the entire Question Booklet. If you do so, you will have a 5 point deduction. Note that some questions require you to submit supporting computations to show how you arrived at the Fnal answer. All questions do not require submission of supporting computations. Submission of computations is an integral part of this quiz. ±ailure to submit these computations will result in signiFcant loss of points. 1) On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. How will this information be shown on the balance sheet dated December 31, 2015? A) $15,000 shown as current liability only B) $5,000 shown as current liability; $15,000 shown as long-term liability C) $5,000 shown as current liability; $10,000 shown as long-term liability D) the entire $15,000 shown as long-term liability 2) On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. Each yearly installment will include both principal repayment of $5,000 and interest payment for the preceding one-year period. On March 1, 2016: A) Vinnie must accrue $5,000 of Interest Expense. B) Vinnie must accrue for the coming $5,000 as current portion of principal payment. C) Vinnie must pay out $750 of Interest Expense to the note holder. D) Vinnie will receive $5,000 as an installment payment. 3) On March 1, 2015, Vinnie Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 principal installments on March 1 of each year, beginning March 1, 2016. Which of the following entries needs to be made at March 1, 2015? A) Long-Term Notes Payable 5,000 Cash 5,000 B) Current Portion of Long-Term Notes Payable 15,000 Long-Term Notes Payable 15,000 C)
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Posted 09 Dec 2017 03:12 PM
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