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You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: (Round answers to 0 decimal places, e.g. 125.) 1. If cash is borrowed on a $83,760, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31? Interest expense $ 2. The cash register total including sales taxes is $44,100, and the sales tax rate is 5%. What is the sales taxes payable? Sales taxes payable $ 3. If $56,040 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92813155

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