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Indicate whether the statement is true or false
TRUE
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On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.)
A. Debit Cash $4,575; credit Interest Revenue $75; credit Notes Receivable $4,500. B. Debit Notes Payable $4,500; debit Interest Expense $75; credit Cash $4,575. C. Debit Cash $4,575; credit Interest Revenue $75; credit Notes Payable $4,500. D. Debit Notes Payable $4,500; credit Interest Expense $75, credit Cash $4,425. E. Debit Notes Payable $4,500; debit Interest Expense $112; credit Cash $4,612.
Tangshan Mining is considering issuing long-term debt. The debt would have a 30 year maturity and a 12 percent coupon rate and make semiannual coupon payments
In order to sell the issue, the bonds must be underpriced at a discount of 2.5 percent of face value. In addition, the firm would have to pay flotation costs of 2.5 percent of face value. The firm's tax rate is 33 percent. Given this information, the after-tax cost of debt for Tangshan Mining would be ________. A) 6.38% B) 12.76% C) 4.98% D) 8.48%
An accountant who is being sued by a third person for malpractice based on fraud will be able to avoid liability if the accountant can show: A) contributory negligence on the part of the plaintiff
B) that an exculpatory clause applies. C) that the plaintiff did not rely on the false statement. D) the absence of privity of contract.
Which of the following best describes a giveaway hook?
a. Refers to content written with the intent to be helpful to the target audience. b. Refutes some accepted belief. c. Is designed to show that the content will entertain. d. Promises something for free. e. Offers a claim about something of interest