Which of the following is false regarding the unemployment insurance program?

On July 9, Mifflin Company receives a $9,800, 90-day, 10% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note?

Mohr Company purchases a machine at the beginning of the year at a cost of $34,000. The machine is depreciated using the straight-line method. The machine s useful life is estimated to be 8 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is: [3 points]

On July 9, Mifflin Company receives an $9,500, 120-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? [2 points]Note: Use 360 days a year.

Giorgio Italian Market bought $4,800 worth of merchandise from Food Suppliers and signed a 90-day, 8% promissory note for the $4,800. Food Supplier’s journal entry to record the collection on the maturity date is: [2 points]Note: Use 360 days a year.

A company’s inventory records indicate the following data for the month of April:question40.png

The inventory costing method that results in the lowest taxable income in a period of rising costs is:

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. [3 points]question44.png

A company had the following purchases and sales during its first month of operations:question29.png Using the perpetual weighted average method, what is the value of cost of goods sold? [3 points]Note: Round weighted average costs per unit to 2 decimal places.

On a bank reconciliation, interest earned and received but not yet recorded by the company is: