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1) Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the...

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Accounting

1) Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non-cash assets, having a book value of $74,000, for $93,000. Which of the following is true of the journal entries?

A. Non-cash assets will be credited for $74,000.

B. Non-cash assets will be credited for $93,000.

C. Cash will be credited for $74,000.

D. Cash will be credited by $19,000.

2) Sean's gross pay for this month is

$ 9 comma 150$9,150.

His gross year-to-date pay, prior to this month, totaled

$ 110 comma 500$110,500.

Sean's rate for federal income tax is

2828%.

His voluntary deductions total

$ 1 comma 100$1,100.

What is Sean's net pay? (Assume an OASDI rate of

6.26.2%,

applicable on the first

$ 117 comma 000$117,000

earnings, and a Medicare rate of

1.451.45%,

applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest cent.)

A. $4,952.32

B. $6,052.32

C. $6,588.00

D. $5,488.00

3) If bonds with a face value of $201,000 are issued at 105, the amount of cash proceeds is ________. (Round your answer to the nearest dollar.)

A. $210,945

B. $191,429

C. $201,000

D. $211,050

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