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Purdue MGMT 200 Final Exam Questions and Answers Rated A+ Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woodcrest record? ✔✔Debit Cash, $50,000; Credit Notes Payabl ...

Purdue MGMT 200 Final Exam Questions and Answers Rated A+ Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woodcrest record? ✔✔Debit Cash, $50,000; Credit Notes Payable, $50,000. We record interest expense in the period in which we pay it, rather than in the period we incur it ✔✔False. Interest expense is recorded in the period incurred, not in the period in which we pay it. On November 1, 2018, Knomark, Inc. signed a $100,000, 6%, six‐month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. Knomark should report interest payable at December 31, 2018, in the amount of ✔✔[($100,000 × 6%) × 2/12] = $1,000 On September 1, 2018, ATI Corporation signed a $100,000, 9%, six‐month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2019. ATI should report interest payable at December 31, 2018, in the amount of: ✔✔[($100,000 × 9%) × 4/12] = $3,000 On November 1, 2018, Boiler Bakery signed a $200,000, 6%, six‐month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. Boiler Bakery records the appropriate adjusting entry for the note on December 31, 2018. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2019? ✔✔$200,000 + [$200,000 × 6% × 6/12] = $206,000 A contingency is best described as a(n) ✔✔potential liability If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible, a contingent liability should be must be probable ✔✔Disclosed, but not reported as a liability Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $100,000 to $200,000, with all amounts

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