Please show calculations for each question

1. Greeson Corp. signed a three-month, zero-interest-bearing note on December 1, 2014 for the purchase of $250,000 of inventory. The face value of the note was $253,900. Assuming Greeson used a Discount on Note Payable account to initially record the note and that the discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2014 will include a

a. debit to Discount on Note Payable for $1,300.

b. debit to Interest Expense for $2,600.

c. credit to Discount on Note Payable for $1,300.

d. credit to Interest Expense for $2,600.

2. Roxy Co., which has a taxable payroll of $600,000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the companys state rate has been reduced to 3%. What is the total amount of federal and state unemployment tax for Roxy Co.?

a. $60,200

b. $49,200

c. $22,800

d. $16,800

3. Presented below is information available for Marley Company.

Current Assets

Cash $ 4,000

Short-term investments 55,000

Accounts receivable 51,000

Inventory 110,000

Prepaid expenses 30,000

Total current assets $250,000

Total current liabilities are $100,000. The acid-test ratio for Marley is:

a. 2.20 to 1

b. 2.50 to 1

c. 1.30 to 1

d. 1.10 to 1

4. A company buys an oil rig for $1,500,000 on January 1, 2014. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $400,000 (present value at 10% is $154,220). 10% is an appropriate interest rate for this company. What expense should be recorded for 2014 as a result of these events?

a. Depreciation expense of $190,000

b. Depreciation expense of $165,422 and interest expense of $15,422

c. Depreciation expense of $150,000 and interest expense of $40,000

d. Depreciation expense of $215,422 and interest expense of $15,422

5. Palmer Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Palmer Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2014, the company sold 675,000 boxes of Frosted Flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Palmer Company $4 each, how much liability for outstanding premiums should be recorded at the end of 2014?

a. $270,000

b. $50,000

c. $75,000

d. $138,000