Please help answer the questions on the attached practice quiz 9 for financial accounting.

CHAPTER 9 PRACTICE QUIZ 1. Which of the following is NOT a current liability of known amount? A. Accrued interest payable B. Accounts payable C. Unemployment taxes that have not been paid D. Liability for warranty repairs 2. On April 1, Tribbiani, Inc. borrowed $25,000 on a 3-month, 8% note payable to purchase inventory. The entry to record the issuance of the note should include a credit to: A. Notes Payable for $25,000. B. Interest Payable for $6,000. C. Notes Payable for $25,600. D. Interest Payable for $1,500. 3. A $20,000, 9%, 90-day note payable was issued on December 1. If interest is paid at maturity, the adjusting entry on December 31 will include a: A. debit to Interest Expense for $450. B. debit to Interest Expense for $150. C. credit to Cash for $150. D. credit to Cash for $1,800. 4. Warranty expense should be recorded in the period that the product is: A. repaired. B. sold. C. paid for. D. used. 5. Following is a list of account balances at the end of the year: Estimated Warranty Payable Notes Payable (due in 3 annual installments) Retained Earnings Interest Payable Accounts Payable Payroll Tax Expense Unearned commissions $ 1,000 6,000 15,000 200 11,500 2,500 4,500 The correct amount of current liabilities that would be reported on the balance sheet is: A. $14,700. B. $21,700. C. $19,200. D. $18,700. 6. The proper accounting treatment for a contingent liability that is probable is that the contingent liability should be: A. recorded as an expense (or loss) and an actual liability. B. described in a note to the financial statements. C. ignored. D. recorded as an asset and an actual liability. 7. Which of the following statements about bonds is FALSE? A. Bonds represent a liability of the corporation. B. A bondholder is a creditor of the corporation. C. The carrying amount of the bond is determined by subtracting the premium from the maturity value. D. The straight-line method of amortization is the simplest method of amortizing a premium or discount. Table 9-1 The Simpson Corporation issued 8%, 10-year term bonds on January 1, 2012, with a face value of $1,000,000. Interest is payable semi-annually on June 30 and December 31. The bonds were issued for $875,378 to yield an effective annual rate of 10%. Simpson uses the straight line method of amortization. 8. Refer to Table 9-1. The journal entry to record the issuance of the bonds will include a: A. credit to Bonds Payable for $875, 378. B. debit to Cash for $1,000,000. C. debit to Discount on Bonds Payable for $124,622. D. debit to Interest Payable $124,622. 9. Refer to Table 9-1. What amount of discount (rounded) should be amortized for the first interest period? A. $14,985 B. $ 6,231 C. $ 4,985 D. $ 3,769 Table 9-2 LeBlanc Co. has a monthly payroll of $150,000. Income taxes withheld from employees amount to $45,000. The FICA tax rate is 8% and the FUTA tax is 6.2% on the first $7,000, with 5.4% paid to the state and .8% paid to the federal government. Health insurance premiums of $6,000 were deducted from the employees' pay and will be remitted to the insurance company by LeBlanc. All wages are subject to all taxes. 10. Refer to Table 9-2. The credit to Salary Payable for the monthly payroll should be: A. $87,000. C. $150,000. B. $77,700. D. $ 86,566