Acc 557 week 7 chapter 9 & 10 quiz (3 sets) (updated one)

Week 7 Quiz: Chapters 09 & 10

 

 

Multiple Choice Question 74

 

All of the following factors in computing depreciation are estimates except

 

 

 

 

 

 

Multiple Choice Question 210

 

During 2013, Stein Corporation reported net sales of $3,500,000 and net income of $2,100,000. Stein also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Stein’s asset turnover ratio is

 

 

 

 

 

Multiple Choice Question 174

 

In January of the current year, Allegro Co. purchased the Exbar Mine at a cost of $25,000,000. The mine was estimated to contain 1,000,000 tons of the ore have a residual value of $2,500,000 after mining operations are completed. During the year, 315,000 tons of ore were removed from the mine. At year-end, the book value of the mine is

 

 

 

 

 

Multiple Choice Question 66

 

Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

 

 

 

 

 

Multiple Choice Question 139

 

Each of the following is used in computing revised annual depreciation for a change in estimate except

 

 

 

 

 

Multiple Choice Question 151

 

If a plant asset is sold before it is fully depreciated,

 

 

 

 

 

Multiple Choice Question 224

 

Depreciable cost is the

 

 

 

 

 

Multiple Choice Question 124

 

Each of the following is correct regarding bonds except they are

 

 

 

 

Multiple Choice Question 78

 

On October 1, Steve’s Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Steve’s Carpet Service to record payment of the note and accrued interest on January 1 is

[removed]

         
         
         
         

 

[removed]

         
         
         
         

 

[removed]

         
         
         

 

[removed]

         
         
         
         

 

IFRS Multiple Choice Question 326

 

When current liabilities are presented under IFRS, they are generally shown

 

 

 

 

Multiple Choice Question 178

 

When bonds are converted into common stock,

 

 

 

 

Multiple Choice Question 130

 

Which of the following is not an advantage of issuing bonds instead of common stock?

 

 

 

 

Multiple Choice Question 173

 

A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a

 

 

[removed]

loss on bond redemption of $12,000.

 

[removed]

loss on bond redemption of $18,000.

 

Multiple Choice Question 73

 

Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?

[removed]

Interest Payable

 

12,000

   

           Cash

     

12,000

         

 

[removed]

Interest Payable

 

12,000

   

           Interest Expense

     

12,000

         

 

[removed]

         
         
         

 

 

Multiple Choice Question 242

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On the date of issue, Chudzick Corporation sells $5 million of 5-year bonds at 97. The entry to record the sale will include the following debits and credits:

 

Bonds Payable

 

Discount on Bonds Payable

 

[removed]

$5,000,000 Cr.

 

$1,250,000 Dr.

 

 

 

 

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