Flag This Question: The Payables Turnover Ratio

Flag This Questionquestion 11ptsthe Payables Turnover Is The Number Of

Flag this Question Question 1 1 pts The payables turnover is the number of times, on average, that a company pays its accounts payable in an accounting period. Flag this Question Question 2 1 pts Vacation pay is charged properly as an expense in the month in which the employee takes a vacation. Flag this Question Question 3 1 pts The days' payable shows the maximum time a company takes to pay its accounts payable. Flag this Question Question 4 1 pts Interest on a promissory note is recognized when the note is issued. Flag this Question Question 5 1 pts If the present value of the net cash flows expected from a machine is less than its purchase price, the investment should not be made. Flag this Question Question 6 1 pts Recording estimated product warranty expense in the year of the sale best follows which of the following accounting principles? Flag this Question Question 7 1 pts Which of the following taxes is not subject to a maximum amount per employee per year? Flag this Question Question 8 1 pts Skip to question text. Use this information to answer the following question. The transactions below pertain to Dunhill Company, whose fiscal year ends April 30. April 10 Received cash for a 90-day, 12 percent, $50,000 note payable. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense. The entry to record the April 10 transaction (amounts rounded) is: Flag this Question Question 9 1 pts Which of the following most likely is an estimated liability? Flag this Question Question 10 1 pts Skip to question text. Use this information to answer the following question. Panadora Company has the following information for the pay period of January 1-15, 2014. Payment occurs on January 20. Gross payroll $32,000 Federal income taxes withheld $3,600 Social security and Medicare rate 7.65% Federal unemployment tax rate 0.8% State unemployment tax rate 5.4% The entry on January 20 would be a debit to Flag this Question Question 11 1 pts A contingent liability is best described as a(n) Flag this Question Question 12 1 pts All of the following can be employee payroll withholdings except Flag this Question Question 13 1 pts Hilda wishes to deposit an amount into her savings account that will enable her to withdraw $1,600 per year for the next four years. She should deposit an amount equal to $1,600 multiplied by the Flag this Question Question 14 1 pts Skip to question text. Second National Bank computes interest semiannually. If the annualized interest rate (APR) is currently 6 percent, the amount deposited today should be multiplied by which future value factor to calculate the amount that will accumulate by the end of 10 years? Flag this Question Question 15 1 pts To find the days' payable, Flag this Question Question 16 1 pts Skip to question text. Use this information to answer the following question. The following totals for the month of September were taken from the payroll register of Meadors Company: Salaries expense $24,000 Social security and Medicare taxes withheld 1,100 Income taxes withheld 5,000 Medical insurance deductions 500 Life insurance deductions 400 Salaries subject to federal and state unemployment taxes of 6.2 percent 8,000 The amount of liabilities relating to payroll, other than Salaries Payable, is Flag this Question Question 17 1 pts A business accepts a 12 percent, $94,000 note due in three years. Assuming simple interest, how much will the business receive when the note falls due? Flag this Question Question 18 1 pts Skip to question text. During May, Phone Mart sold 150 iPhones for $200 each. Each iPhone had cost Phone Mart $108 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, the entry to record the Product Warranty Expense is Flag this Question Question 19 1 pts Skip to question text. Use this information to answer the following question. Periods Present Value of $1 at 7 Percent Present Value of Ordinary Annuity of $1 at 7 Percent 1 0.935 0.873 1.816 2.624 What amount must be deposited today so that $1,200 may be withdrawn at the end of each year for three years, assuming an APR of 7 percent? Flag this Question Question 20 1 pts Company A’s current assets = $10,000, total assets = $26,000, current liabilities = $7,000 and total liabilities = $47,000. What is Company A’s working capital?