Clicker Assignment: Ch. 8 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class!

1. Smithson Co. signed a $30,000, 5% four-month note payable on October 1, 2018.

1. What is the amount of interest expense that must be recognized at December 31, 2018 when Smithson prepares financial statements?

2. What is total amount (principal and all interest expense) that will be repaid at maturity?

2. Robert Smith earns $2,000 in gross pay. He has $150 in federal withholding, $50 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record his payroll on the accounting equation.

Assets	Liabilities	Stockholders Equity

3. The March 25 cash register readings for Cooley Grocery reflect cash sales of $10,000 and sales taxes of $600 (sales tax rate of 6%). Record on the accounting equation.

Assets	Liabilities	Stockholders Equity

4. Answer the following related to bond prices:
   1. If the market rate = contract rate, the bond is sold at ______________

2. If the market rate > contract rate, the bond is sold at _______________

3. If the market rate < contract rate, the bond is sold at _______________

5. What is the transaction to record the issuance/sale of $300,000 ten-year, 6% bonds issued at face value?

Assets	Liabilities	Stockholders Equity

6. Johnson & Johnson issues/sells 2,000 shares of $1 par value common stock for cash at $10 per share. What is the transaction to record the issuance of stock?

Assets	Liabilities	Stockholders Equity

7. ABC Co. declares a $25,000 dividend on January 15, 2018 to shareholders of record on January 30, 2018. The dividend will be paid on February 15, 2018.

1. What is the transaction on January 15?

Assets	Liabilities	Stockholders Equity

2. What is the transaction on January 30?

Assets	Liabilities	Stockholders Equity

3. What is the transaction on February 15?

Assets	Liabilities	Stockholders Equity

8. What is total stockholders equity based on the following account balances:

Common Stock $700,000

Paid-in-Capital in Excess of Par - CS 50,000

Retained Earnings 75,000

Treasury Stock 35,000

please answer all of the questions