Problem 9-2 Problem 9-4 Problem 10-3 Problem 10-4 Click the Assignment Files tab to submit your assignment. ================================================= ACC 422 Week 4 CPA Practice Exam
Problem 9-2 Problem 9-4 Problem 10-3 Problem 10-4 Click the Assignment Files tab to submit your assignment. ================================================= ACC 422 Week 4 CPA Practice Exam
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1. On September 30, World Co. borrowed $ 1,000,000 on a 9 % note payable. World paid the first of four quarterly payments of $ 264,200 when due on December 30. In its December 31, balance sheet, what amount should World report as note payable?
2. Gain contingencies are usually recognized in the income statement when
3. For a bond issue which sells for less than its par value, the market rate of interest is
4. In December year 1, Mill Co. began including one coupon in each package of candy that it sells and offering a toy in exchange for 50 cents and five coupons. The toys cost Mill 80 cents each. Eventually 60 % of the coupons will be redeemed. During December, Mill sold 110,000 packages of candy and no coupons were redeemed. In its December 31, year 1 balance sheet, what amount should Mill report as estimated liability for coupons?