Posted: June 15th, 2022

Utah State University – College of Eastern Utah Utah State University – College of Eastern Utah Which of the following items does not qualify as a contingent liability

Which of the following items does not qualify as a contingent liability?Loaning cash to a different get together who might not be capable of repayUnresolved environmental harm claims introduced by the governmentNone of theseBeing named as a defendant in a lawsuitOn July 1, 20X1, a firm borrows $100,000 on a 5% observe, due in a single yr. Assume accrued curiosity was recorded on December 31. What accounts can be impacted at the time of compensation of the observe and curiosity on June 30 20X2?Curiosity expense by 5,000Curiosity payable, by 2,500Notes payable by 105,000Money by 100,000The start guarantee liability was $25,000. Gross sales of $5,000000 had been made, and a couple of% of gross sales is the estimated guarantee value. The ending steadiness of guarantee liability was $35,000(credit score). How a lot warrant work was carried out?110,00010,00090,000100,000NoneLeonard recorded gross pay of $250,000. That is topic to employee’s portion of social safety and Medicare taxes of $16,750. Unemployment taxes of $three,000, and federal tax withholding of $46,000. How a lot is payroll tax expense?16,75019,75036,5000Leonard recorded gross pay of $250,000. That is topic to employee’s portion of social safety and Medicare taxes of $16,750. Unemployment taxes of $three,000, and federal tax withholding of $46,000. How a lot is salaries payable?None266,750315,750250,000253,000Sylvan firm had gross sales of $1,500,000. Estimated guarantee prices are 1% of gross sales. Work carried out below warranties throughout the interval really value $eight,750. The entry to document the guarantee liability contains:A debit to guarantee expense for $15,000A debit to guarantee expense for six,250A debit to guarantee expenseA debit to guarantee expenseNone of theseWalban division retailer data all gross sales at quantities the contains eight% gross sales tax. Throughout November complete recorded gross sales had been $706,320. What portion of these gross sales must be recorded as a tax liability?None of these056,505.6052,320654,000Federal revenue taxes ought to not be withheld fromOvertime wagesWages in extra of the social safety baseA retiring employee’s final paycheckAmounts paid to impartial contractorsnoneLeonard recorded gross pay of $250,000. That is topic to employee’s portion of social safety and Medicare taxes of $16,750. Unemployment taxes of $three,000, and federal tax withholding of $46,000. How a lot is the employer’s complete liability for this payroll?269,750223,750266,750250,000On April 1, 20X6, Owen issued $100,000 of 12%, 10-year bonds. The bonds had been issued at par + accrued curiosity, are dated January 1, 20X6, and pay curiosity on July and January 1. The entry to document the issuance of the bonds will embody:A debit to money of 103,000A credit score to bonds payable of 103,000A credit score to curiosity revenue of three,000None of theseA credit score to money of 100,000Ace retired a $10,000 bond by paying $11,000 money. The cost included accrued curiosity of $250. At the date of retirement, the unamortized low cost on the bonds was $400. How a lot is the loss on retirement?None of these03501,150750On June 1, Sao company issued $300,000 of 9%, 5-yr bonds. The bonds had been issued at 97, pay curiosity on January 1 and June1. The entry to document issuance of the bonds contains:A credit score to bonds payable of $291,000A credit score to money of 300,000A debit to low cost on notes payable of 9,000A credit score to curiosity payable of 9,000On January 1, 20X1, Perkins issued $100,000 face, eight%, 5-yr bonds at $92,278. The bonds pay curiosity yearly and had been priced to yield 10%. Utilizing the efficient curiosity technique, how a lot is curiosity expense for 20X1?eight,0009,227.809,544.409,258.50None of the aboveWhich of the following statements about bonds is true?As soon as excellent, bonds might not be purchased or soldBonds should be issued at face valueInterest is not accrued on bonds excellent at yr endAll bonds have a face valueNone of theseHutton Company issued $100,000 of 7%, 15-year bonds on June 1, 20X6(dated April 1 20X6) at 101 plus accrued curiosity, which is is paid on April 1 and October 1. The right entry to document issuance of the bonds contains a debit to money for:102,167101,000101,167100,000None of the aboveGaines initially issued 15,000 shares of $10 par worth frequent inventory at $15 per share. Throughout the present yr, 1000 of these shares had been reacquired for $20 every. The right entry to document the re-acquisition contains:A debit to retained earnings for five,000A debit to treasury inventory for 15,000A debit to treasury inventory for 10,000A debit to treasury inventory for 20,000None of the above

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