Reference no: EM132824066
Questions -
Q1) On May 1, 20X1, Zoey purchased $8,000 of inventory by issuing a $8,500 six-month noninterest- bearing note. What is the effective interest rate for this short-term lending arrangement? Round to two decimal places.
a) 6.25%
b) 12.50%
c) 5.88%
d) 11.76%
Q2) On November 1, ABC Inc. borrowed $230,000 cash from a local bank under a short-term line of credit and issued a four-month, 12% promissory note. Interest is due at maturity. ABC Inc.'s accounting year-end is December 31. The journal entry ABC Inc. will record on the note's maturity date would include a:
a) CR to Cash for $230,000.
b) DR to Interest Expense for $27,600.
c) DR to Interest Expense for $9,200.
d) DR to Interest Expense for $4,600.
Q3) In October of 2022, a supply chain partner notified that management of Classen Toys that a product poses a potential health hazard. Shortly thereafter, legal counsel notified Classen Toys that a product recall would be 55 to 65 percent likely and would be estimated to cost the company $2.7 million, which is material to the current period's earnings. How should Classen Toys account for this event and report to stakeholders?
a) Recognize a liability and provide a disclosure note.
b) Recognize a liability, but no disclosure note required.
c) Disclosure note only.
d) No disclosure is required.
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