Accounting questions

I need questions I attached answered. There aren’t very many of them to work though. I just don’t have enough time and want to make sure these answers are accurate. Thank you/

1.

When merchandise is sold for $500 plus 5% sales tax, the Sales account should be credited for $525. (True or false)

1. The interest on a 6%, 60-day note for $5,000 is $300. True or false?

1. On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $70,000. What is the amount of the gain or loss on this transaction?

a.

Cannot be determined

b.

No gain or loss

c.

Gain of $40,000

d.

Gain of $70,000

1. On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $10,000. What is the amount of the gain or loss on this transaction?

a.

Gain of $10,000

b.

Loss of $20,000

c.

No gain or loss

d.

Cannot be determined

1. The maturity value of a $15,000, 60-day, 5% note payable is:

a.

$15,750

b.

$750

c.

$15,125

d.

$125