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Effective interest: Carrying amount $95,000; yield 9%. Annual interest expense is:

Gross profit method: Beg inv $30,000; Purchases $100,000; Sales $200,000; gross profit rate 40%. Estimated ending inventory is:

Which cost should be capitalized for a machine?

If gross pay is $5,000, FICA (7.65%) $382.50, FIT $600, SIT $200, net pay is:

Which is true about contingent liabilities?

Net credit sales $600,000; average A/R $75,000. A/R turnover and days’ sales in receivables are:

Bank reconciliation: Bank balance $12,800; deposits in transit $1,500; outstanding checks $2,200; bank error adds $300. Adjusted bank balance is:

Which entry records the write-off under the allowance method?

On a bank reconciliation, a customer’s NSF check is treated as:

A 90-day, 12% note for $10,000. Simple interest at maturity is approximately: