ACCT 304 Week 4 Quiz
ACCT 304 Week four Quiz100% All right solutions!Grading Summary1. Query : (TCO 5) Slick's Used Vehicles sells pre-owned automobiles on an installment foundation and carries its personal notes as a result of its prospects usually can't qualify for a financial institution mortgage. Default charges are typically excessive or unpredictable. Nevertheless, within the occasion of nonpayment, Slick's can often repossess the automobiles with out loss. The income methodology Slick would use is theinstallment gross sales methodology.level of gross sales methodology.price restoration methodology.Each A and C are right.2. Query : (TCO 5) On December 15, 2011, Rigsby Gross sales Co. bought a tract of land that price $Three,600,000 for $four,500,000. Rigsby appropriately makes use of the installment sale methodology of accounting for this transaction. Phrases referred to as for a down fee of $500,000 with the steadiness in two equal annual installments, payable on December 15, 2012 and December 15, 2013. Ignore curiosity prices. Rigsby has a December 31 year-end.In 2012, Rigsby would acknowledge the realized gross revenue of$zero.$450,000.$300,000.$400,000.Three. Query : (TCO 6) Current and future worth tables of $1 at Three% are offered beneath:At the moment, Thomas deposited $100,000 in a Three-year, 12% CD that compounds quarterly. What's the maturity worth of the CD?$109,270$119,410$142,576$309,0904. Query : (TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn Three% yearly. If she repeats this for the subsequent 9 years, how a lot will she have on deposit on April 14, 2020?$20,600$20,928$23,616$24,7155. Query : (TCO 6) Micro Brewery borrows $300,000 to be paid off in Three years. The mortgage funds are semiannual, with the primary fee due in 6 months, and curiosity is at 6%. What's the quantity of every fee?$55,379$106,059$30,138$60,276