Homework Answers
Answer 1: 205000 * 12% * 2/12=$4100 (Interest for Nov & Dec)
=B. $4100
Answer 2:160000 * 8% * 4/12=$4267 (Interest for Sep,Oct,Nov & Dec)
=C. Debit interest expense $4267
Answer 3: C. $7 million current liability and $28 million long term liability
Answer 4: Tax= 16.1 * 8/108= 1.19, For lunch = 16.1 * 100/108= 14.91
= C. $14.91 for lunch and $1.19 for sales tax
Answer 5: D. As a liability for $300000 with disclosure of the range
Answer 6: (4000000*2%) - 54000 = 26000
= C. $26000
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