Archives: Quiz
Accounting Chapter 12 Use The Following Company Information Calculate
12-121 177. Use the following income statement and information about selected current assets and current liabilities for Kimberline Industries to calculate the net cash provided or used by operating activities using the indirect method. KIMBERLINE INDUSTRIES Income Statement For Year […]
Accounting Chapter 12 Payment Bonds Maturity 100000 Purchase Land 200000
Payment of bonds at maturity 100,000 Purchase of land 200,000 Issuance of common stock 300,000 Increase in merchandise inventory 35,400 Decrease in accounts receivable 28,800 Increase in accounts payable 23,700 Payment of cash dividends 32,000 A. $(168,000). B. $200,000. C. […]
Accounting Chapter 12 Which The Following Transactions Events Should
132. When analyzing the changes on a spreadsheet used to prepare a statement of cash flows, the cash flows from operating activities generally affect: A. Net income, current assets, and current liabilities. B. Noncurrent assets. C. Noncurrent liability and equity […]
Accounting Chapter 12 Machine With Cost 130000 And Accumulated
Difficulty: 2 Medium Learning Objective: 12-P2 Compute cash flows from operating activities using the indirect method. Topic: Applying the Indirect Method of Reporting 111. A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 […]
Accounting Chapter 12 The Cash Flow Total Assets Ratio
85. The cash flow on total assets ratio is calculated by: A. Dividing cash flows from operations by average total assets. B. Dividing total cash flows by average total assets. C. Dividing average total assets by cash flows from investing […]
Accounting Chapter 12 The Statement Cash Flows Reports Assets
Blooms: Remember Difficulty: 1 Easy Learning Objective: 12-P4 Appendix 12A-Illustrate use of a spreadsheet to prepare a statement of cash flows. Topic: Spreadsheet Preparation of the Statement of Cash Flows 51. FALSE On a spreadsheet used to prepare the operating […]
Accounting Chapter 12 Cash Flow Analysis25cash Flow Amounts And Their
12-1 Chapter 12 Reporting and Analyzing Cash Flows Answer Key True / False Questions 1. The purpose of the statement of cash flows is to report cash receipts (inflows) and cash payments (outflows) during a period. 2. TRUE AACSB: Communication […]
Accounting Chapter 11 Record The Following Transactions Naches Corporation
11-153 226. A company had the following stockholders’ equity on January 1: Common Stock – $1 par value; 1,000,000 shares authorized, 350,000 shares issued and outstanding $350,000 Paid-in capital in excess of par value, common stock 700,000 Retained earnings 364,000 […]
Accounting Chapter 11 Closed The 72000 Credit Balance Dec
214. A corporation had the following stock outstanding when the company’s board of directors declared a $75,000 cash dividend in the current year: Preferred stock, $40 par, 6%, 12,500 shares issued $500,000 Common stock, $10 par, 70,000 shares issued 700,000 […]
Accounting Chapter 11 The Yearend Market Price The Stock 15
11-121 193. Slate Corporation had the following balances in its stockholders’ equity accounts at December 31, 2016: Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued $200,000 Paid-in Capital in Excess of Par Value, Common 250,000 Retained Earnings 500,000 […]
Accounting Chapter 11 Druffle Industries Has 5000 Shares 100
170. A. $4,525,000. B. $5,059,000. C. $4,369,000. D. $4,609,000. E. $4,447,000. Beginning Retained Earnings $3,703,000 Prior period adjustment, net of income tax benefit 78,000 Net Income 1,011,000 Less Dividends declared (267,000) Ending Retained Earnings $4,525,000 In the current year, Jacksonville […]
Accounting Chapter 11 Corporations May Buy Back Their Own
149. Corporations may buy back their own stock for any of the following reasons except to: A. Avoid a hostile take-over. B. Have shares available for a merger or acquisition. C. Have shares available for employee compensation. D. Maintain market […]
Accounting Chapter 11 The Date The Directors Vote Declare
Learning Objective: 11-P1 Record the issuance of corporate stock. Topic: Common Stock 120. The date the directors vote to declare and pay a dividend is called the: A. Date of stockholders’ meeting. B. Date of declaration. C. Date of record. […]
Accounting Chapter 11 Company Has Earnings Per Share Net
AICPA: BB Industry AICPA: FN Risk Analysis Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 11-A2 Compute price-earnings ratio and describe its use in analysis. Topic: Price-Earnings Ratio 94. A company has earnings per share net income of […]
Accounting Chapter 11 The Costs Bringing Corporation Into Existence
54. TRUE A large stock dividend only occurs when a distribution of more than 50% of previously outstanding shares is issued. AACSB: Communication AICPA: BB Industry AICPA: BB Resource Management Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: […]
Accounting Chapter 11 A corporation is a legal entity separate from its owners
Chapter 11 Stockholders’ Equity: Paid-In Capital Answer Key True / False Questions 1. FALSE AACSB: Reflective Thinking AICPA BB: Legal AICPA FN: Measurement Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 11-01 Explain the advantages and disadvantages of […]
Accounting Chapter 10 January Year Cleaver Company Borrowed 85000
Premium amortized: $100,000 – $86,491.60 = $13,508.40 Unamortized premium: ($2,162,290 – $2,000,000) – $13,508.40 = $148,781.60 Carrying value: $2,000,000 + $148,781.60 = $2,148,781.60 12/31 Cash payment: $2,000,000 * 10% * ½ year = $100,000.00 Interest expense: $2,148,781.60 * 8% * […]
Accounting Chapter 10 Strider Corporation Issued 14 5year Bonds
190. A company issues 6%, 5 year bonds with a par value of $800,000 and semiannual interest payments. On the issue date, the annual market rate of interest is 8%. Compute the issue (selling) price of the bonds. The following […]
Accounting Chapter 10 January Hay mark Corporation Leased Truck Agreeing
163. A lease is a contractual agreement between a lessor (asset owner) and a lessee (asset renter or tenant) that grants the lessee the right to use the asset for a period of time in return for cash rent payments. […]
Accounting Chapter 10 January Company Issues Bonds Dated January
141. On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The […]
Accounting Chapter 10 Issuer Sells Bonds Date Other Than
Difficulty: 2 Medium Learning Objective: 10-P3 Compute and record amortization of bond premium using straight-line method. Topic: Issuing Bonds at a Premium 119. If an issuer sells bonds at a date other than an interest payment date: A. This means […]
Accounting Chapter 10 collateral agreements for a note or bond can
89. Which of the following statements is true? A. Interest on bonds is tax deductible. B. Interest on bonds is not tax deductible. C. Dividends to stockholders are tax deductible. D. Bonds do not have to be repaid. E. Bonds […]
Accounting Chapter 10 Sinking Fund Bonds Require The Issuer
Learning Objective: 10-P1 Prepare entries to record bond issuance and interest expense. Topic: Issuing Bonds at Par 52. FALSE The carrying (book) value of a bond payable is the par value of the bonds plus any discount or minus any […]
Accounting Chapter 10 The legal contract between the issuing corporation
Chapter 10 Reporting and Analyzing Long-Term Liabilities Answer Key True / False Questions 1. TRUE The legal contract between the issuing corporation and the bondholders is called the bond indenture. AACSB: Communication AICPA: BB Legal AICPA: FN Measurement Accessibility: Keyboard […]
Accounting Appendix D Sharon And Nancy Formed Partnership Making
144. The Redtail Partnership agrees to dissolve. The cash balance after selling all assets and paying all liabilities is $56,000. The final capital account balances are: Paulson, $33,000; Gray, $27,000; and Chang, ($4,000). Chang agrees to pay $4,000 cash from […]
Accounting Appendix D Determine Each Partners Share The Net Income
123. Cinema Products LP is organized as a limited partnership that sells movie props. Information related to the capital balances is given below. Compute the partnership return on equity. Turner Kelly Total Capital balance, beginning of year 890,000 570,000 1,460,000 […]
Accounting Appendix D Barber And Atkins Are Partners Accounting
97. Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber’s beginning partnership capital balance for the current year is $285,000, and Atkins’ beginning partnership capital balance for the current year is $370,000. […]
Accounting Appendix D Wright Bell And Edison Are Partners
75. Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership’s capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not […]
Accounting Appendix D Partners Withdrawals Assets Are Credited Their
49. Partners’ withdrawals of assets are: AACSB: Communication AICPA: BB Industry AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: D-P1 Prepare entries for partnership formation. Topic: Organizing a Partnership 50. The withdrawals account of each […]
Accounting Appendix D Partnership Capital Deficiency Exists When Least One
Appendix D Reporting and Analyzing Partnerships Answer Key True / False Questions 1. A partnership has a limited life. 2. FALSE AACSB: Communication AICPA: BB Legal AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: D-C1 […]
Accounting Appendix C Rainier Importers Purchases Automotive Parts From
191. Draft Co. purchased 14,000 shares of Hamburg Corporation’s 40,000 shares of common stock on January 1. This represented 35% of Hamburg’s outstanding shares and gave Draft Co. significant influence over Hamburg’s management and operations. On October 11, Hamburg declared […]
Accounting Appendix C Weston Should report Its December 31 Year Balance
179. On October 31, Augustas Co. received cash dividends of $0.15 per share from its investment in Lamb Corp.’s common stock. Augustas owned 1,200 shares of Lamb Corp.’s stock on October 31. The investment is considered available–for-sale. Prepare the investor’s […]
Accounting Appendix C Company Had Net Income 350000 Year
Topic: Basics of Investments 154. What is comprehensive income and how is it usually reported in the financial statements? AACSB: Analytical Thinking AICPA: BB Industry AICPA: FN Measurement Blooms: Understand Difficulty: 2 Medium Learning Objective: C-C2 Describe how to report […]
Accounting Appendix C the stock is classified as available-for-sale securities
127. On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 1,500,000 yen. The exchange rate was $0.00837 per yen on the date of sale. On December 31, when Higgins […]
Accounting Appendix C Canberry Corporation Had Net Income 80000
94. Canberry Corporation had net income of $80,000, beginning total assets of $640,000 and ending total assets of $580,000. Its return on total assets is: AACSB: Analytical Thinking AICPA: BB Industry AICPA: FN Risk Analysis Accessibility: Keyboard Navigation Blooms: Apply […]
Accounting Appendix C Long term Investments Are Current Assets Include
58. Maroon Company sold supplies in the amount of €15,000 (euros) to a French company when the exchange rate was $1.15 per euro. At the time of payment, the exchange rate decreased to $1.12. Maroon must record a loss of […]
Accounting Appendix C A company holds $40,000 of 7% bonds as a held-to-maturity
Appendix C Investments and International Operations Answer Key True / False Questions 1. Long-term investments are usually held as an investment of cash for use in current operations. 2. TRUE AACSB: Communication AICPA: BB Resource Management AICPA: FN Measurement Accessibility: […]
Accounting Appendix B To calculate present value of an amount, two factors
76. Present Value of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 0.9151 0.8890 0.8638 0.8396 0.8163 0.7938 0.7722 0.7513 0.7118 4 0.8885 0.8548 0.8227 0.7921 0.7629 0.7350 0.7084 0.6830 0.6355 5 0.8626 0.8219 0.7835 0.7473 […]
Accounting Appendix B How Much Will The Company Have Accumulated
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B Protocol Company has acquired equipment from
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B The Factor The Present Value Table When
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B how long will it take her to reach her retirement
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B what amount can you borrow if you can make six future
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B how much must she invest today
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B She started with $28,225,and earned interest at 10%
Future Value of an Annuity of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 4 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 5 5.3091 5.4163 […]
Accounting Appendix B The present value of 1 formula is often useful
Appendix B Applying Present and Future Values Answer Key True / False Questions 1. Present Value of 1 Periods 3% 4% 5% 6% 7% 8% 9% 10% 12% 3 0.9151 0.8890 0.8638 0.8396 0.8163 0.7938 0.7722 0.7513 0.7118 4 0.8885 […]
Accounting Chapter 9 Prepare The Journal Entry Record Ransom Company’s
203. Apr. 30 Cash 48,000 Unearned Ticket Revenue 48,000 Aug. 14 Unearned Ticket Revenue 4,000 Ticket Revenue 4,000 Star Recreation receives $48,000 cash in advance ticket sales for 12 home games. Record the advance ticket sales on April 30. Record […]
Accounting Chapter 9 Santa Barbara Express Has Sales Employees
187. A company has three employees. Total salaries for the month of January were $8,000. The federal income tax rate for all employees is 15%. The FICA—social security tax rate is 6.2% of the first $118,500 of earnings each calendar […]
Accounting Chapter 9 Classify Each The Following Items Either
9-101 Short Answer Questions AICPA: BB Industry AICPA: FN Measurement Blooms: Remember Difficulty: 1 Easy Learning Objective: 09-C1 Describe current and long-term liabilities and their characteristics. Learning Objective: 09-C2 Identify and describe known current liabilities. Learning Objective: 09-C3 Explain how […]
Accounting Chapter 9 Company Has Advance Subscription Sales Totaling
AICPA: BB Industry AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 09-P4 Account for estimated liabilities, including warranties and bonuses. Topic: Estimated Liabilities 138. A. Debit Warranty Expense $17,800; credit Estimated Warranty Liability $17,800. B. […]