Accounting Exam 4 Final Quiz With 100% Correct Answers.

How much interest expense should be accrued on a $8,000 note payable carrying interest at 6% if the note has been outstanding for 3 months with no payments made? A. $300 B. $120 C. $480 D. $40 {Ans: B. $120}Which of the following is NOT normally a feature of Preferred Stock? A. Voting rights B. Preferred rights to divdends (before Common stock) C. Preferred rights to liquidation proceeds (before Common stock) D. Callable or Convertible {Ans: A. Voting rights}Given the same figures as in Question 3 and knowing that the employer must match FICA and Medicare and is responsible for workers compensation premiums of 5% of gross pay but no other responsibilities, how much is the company's total expense for Rob's two weeks of pay? A. $1206.50 B. $1130.33 C. $950.00 D. $1126.50 {Ans: D. $1126.50}RRR Corporation has $1,000,000 of no par cumulative preferred stock promising dividends at 5%. they also have $1,000,000 of common stock (no par). They have not paid any dividends last year or so far this year. At the end of this year, the directors declare $120,000 total dividends to be paid out. How much of the dividends will be allowed to go