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The Crafter Company had the following assets and liabilities as of December 31, 2012:

Cash $28,000
Accounts receivable 15,000
Inventory 20,000
Equipment 50,000
Current portion of long-term debt 10,000
Accounts payable 2,000
Long-term debt 25,000

Determine the quick ratio for the end of the year (rounded to one decimal point). Answer
b 3.6
c 3.3
d 2.3
Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was Answer
a 6.25%
b 10.00%
c 10.26%
d 9.75%
Which of the following statements concerning taxation is accurate? Answer
a Corporations pay federal income taxes but not state income taxes.
b Corporations pay federal and state income taxes.
c Only the owners must pay taxes on corporate income.
d Corporations pay income taxes but their owners do not.

The following totals for the month of April were taken from the payroll register of Magnum Company.
Salaries $12,000
FICA taxes withheld 550
Income taxes withheld 2,500
Medical insurance deductions 450
Federal Unemployment Taxes 32
State Unemployment Taxes 216
The journal entry to record the monthly payroll on April 30 would include a Answer
a credit to Salaries Payable for $8,500
b debit to Salaries Expense for $8,252
c debit to Salaries Payable for $8,500
d debit to Salaries Payable for $8,252

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