# Question 1 On July 1, 200X you enter into a note payable of \$200,000 with a 5% annual interest rate

Question 1

On July 1, 200X you enter into a note payable of \$200,000 with a 5% annual interest rate. Your interest expense for 200X will be:

\$10,000.

\$2,500

\$2,000

\$5,000

Question 2

Post Company issues a 6 year, 6%, \$200,000 bond at par on July 31. The journal entry would be:

A debit to cash of \$200,000 and a credit to bonds payable of \$200,000.

A debit to bonds payable of \$200,000 and a credit to cash of \$200,000.

A debit to cash of \$200,000 and a credit to bonds receivable of \$200,000.

A debit to bonds receivable of \$200,000 and a credit to cash of \$200,000.

Question 3

Post Company issues a 6 year, 6%, \$200,000 bond at par on July 31. How much interest will be paid over the life of the bond?

\$4,000

\$6,000

\$12,000

\$72,000

Question 4

A company has current assets of \$500,000, net income of \$10,000, current liabilities of 250,000 and equity of \$250,000. What is the current ratio?

0.5

7.5

0.3

2.0

Question 5

If a company has gross salaries of \$12,000 and it withholds \$1,800 for income taxes and \$800 for FICA taxes, the journal entry to record the employee s pay should include:

Debit to salary expense for \$9,400

Debit to salary payable for \$9,400

Credit to salary payable for \$9,400

Credit to cash for \$12,000

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