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ACC201 Principles of Financial Accounting ? wk4assgn1solution

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Chapter 7 ? Accounting for Liabilities;PROBLEM 7-19;a. (1) Cash paid for interest: $60,000 x 6% x 4/12 = $1,200;(2) Interest Expense: $60,000 x 6% x 4/12 = $1,200;$50,000 x 6% x 2/12 = 500;Total Interest Expense $1,700;(3) Warranty Expense: $310,000 x 1% = $3,100;b.;Interest Payable;Sales Tax Payable;6.1 500 2.2 21,700;Bal. 500 4.3 (19,600);Bal. 2,100;1$50,000 x 6% x 2/12 = $500 2$310,000 x 7% = $21,700;3$280,000 x 7% = $19,600;Warranty Payable;Notes Payable;3.4? 3,100;7. (2,400);1. 60,000;5. (60,000);Bal. 700 6. 50,000;Bal. 50,000;4$310,000 x 1% =

 

Paper#20492 | Written in 18-Jul-2015

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