1) Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the...
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Accounting
1) Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non-cash assets, having a book value of $74,000, for $93,000. Which of the following is true of the journal entries?
A. Non-cash assets will be credited for $74,000.
B. Non-cash assets will be credited for $93,000.
C. Cash will be credited for $74,000.
D. Cash will be credited by $19,000.
2) Sean'sgross pay for this month is
$ 9 comma 150$9,150.
His gross year-to-date pay, prior to this month, totaled
$ 110 comma 500$110,500.
Sean's rate for federal income tax is
2828%.
His voluntary deductions total
$ 1 comma 100$1,100.
What is Sean's net pay? (Assume an OASDI rate of
6.26.2%,
applicable on the first
$ 117 comma 000$117,000
earnings, and a Medicare rate of
1.451.45%,
applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest cent.)
A. $4,952.32
B. $6,052.32
C. $6,588.00
D. $5,488.00
3) If bonds with a face value of $201,000 are issued at 105, the amount of cash proceeds is ________. (Round your answer to the nearest dollar.)
A. $210,945
B. $191,429
C. $201,000
D. $211,050
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