On January 1, a device via a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation cost for year 2 under the double-declining-balance method of depreciation?
IFRS Multiple Choice Question 01
As a current graduate of State University you"re aware that IFRS calls for component depreciation for plant assets. A friend has actually asked you to succinctly define what component depreciation means. Which of the adhering to correctly describes component depreciation?
Multiple Choice Questions 198
Given the adhering to account balances at year finish, compute the full intangible assets on the balance sheet of Janssen Enterprises.
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Accounts Receivable 4,000,000
Goodwill certainly 2,500,000
Research & Development Costs 2,000,000
Explanation: Intangible Assets = Goodwill certainly + Trademarks = 3,500,000
Multiple Choice Questions 146
Bonds via a confront value of $300,000 and also a quoted price of 97¼ have a selling price of
Multiple Choice Questions 188
Sparks Company kind of received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had actually a face worth of $400,000, pay interemainder yearly on December 3first, and also have actually a speak to price of 102. Sparks uses the straight-line method of amortization. What is the moving worth of the bonds on January 1, 2015?
Multiple Choice Questions
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached through which E. Corp. would certainly pay S. Lawyer a legal fee of approximately $15,000 by issuing
8,000 shares of its widespread stock (par $1). The stock trades on a daily basis and the sector price of the stock on the day the debt was settled is $1.80 per share. Given this information, the finest journal entry for E. Corp. to record for this transaction is
Multiple Choice Questions110
Logan Corporation concerns 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to document the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to
IFRS Multiple Choice Inquiry 01
Jahnke Corporation issued 8,000 shares of €2 par worth ordinary shares for €11 per share. The journal entry to document the sale will include
Multiple Choice Questions 80
Zoum Corporation had actually the complying with transactions in the time of 2014:
1. Issued $125,000 of par value prevalent stock for cash.
2. Recorded and passist wperiods cost of $60,000.
3. Acquired land by issuing prevalent stock of par worth $50,000.
4. Declared and passist a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to widespread stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash offered by financing activities?
Multiple Choice Questions176
Colie Company kind of had actually a boost in inventory of $120,000. The cost of items sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the straight strategy of reporting cash flows from operating activities, what were Colie"s cash payments to suppliers?
IFRS Multiple Choice Inquiry 04
Each of the complying with items might be classified as operating or financing activities under IFRS except
Multiple Choice Questions 165
The present assets of Orangatte Company kind of are $227,500. The present liabilities are $130,000. The current ratio expressed as a propercentage is
Multiple Choice Questions 41
All of the complying with demands about inner controls were enacted under the Sarbanes Oxley Act of 2002 except:
Explanation: Redundant controls are actually a great point bereason they assist close potential auditing loopholes.
Multiple Choice Questions 85
Which of the complying with is not an internal manage task for cash?
Multiple Choice Questions 92
Before a inspect authorization is issued, the complying with records must be in agreement, other than for the
Multiple Choice Questions 115
Mitchell Corporation bought tools on January 1, 2014 .The tools price $180,000 and also had an intended salvage worth of $30,000. The life of the devices was estimated to be 6 years. The book value of the equipment at the start of the 3rd year would be
Explanation: Depreciation would be 25K per year, hence 130K at the start of year 3.
Multiple Choice Questions 142
Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to usage for its shuttle business. The cab is meant to have a five-year useful life and also no salvage value. Throughout 2014, it retouched the cab"s paint at a cost of $1,200, reput the transmission for $3,000 (which extended its life by a secondary 2 years), and also tuned-up the motor for $150. If Brevard Corporation offers straight-line depreciation, what annual depreciation will certainly Brevard report for 2014?
Multiple Choice Questions 164
On July 1, 2014, Fleming Company type of sells machinery for $120,000. The machinery initially expense $300,000, had actually an approximated 5-year life and also an meant salvage worth of $50,000. The Accumulated Depreciation account had actually a balance of $175,000 on January 1, 2014, using the straight-line strategy. The obtain or loss on disposal is
Multiple Choice Questions 180
Multiple Choice Questions 120
The following totals for the month of April were taken from the payroll documents of Metz Company.
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FICA taxes withhosted 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal joblessness taxes 240
State joblessness taxes 1,500
The enattempt to record accrual of employer’s payroll taxes would certainly encompass a
Multiple Choice Questions 242
Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage through monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the initially payment will certainly be
Multiple Choice Inquiry 96
The following information is obtainable for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at price $15 per share) $1,200
Based on the information, exactly how many type of shares of prevalent stock are outstanding?
Multiple Choice Questions 144
Indicate the corresponding effects of the declaration of a cash dividfinish on the following balance sheet sections:
Total Assets Total Liabilities Total Stockholders" Equity
Multiple Choice Questions 102
Assume the adhering to expense of goods marketed information for a company:
If 2013 is the base year, what is the percentage boost in expense of products sold from 2013 to 2015?
Multiple Choice Questions 179
A company has actually an average inventory on hand of $75,000 and its average days in inventory are 36.5 days. What is the cost of items sold?
Multiple Choice Questions 199
The adhering to indevelopment is accessible for Patterchild Company:
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of items offered 1,500,000 840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
Multiple Choice Questions 221
All of the complying with situations below could show a company has actually a low quality of earnings except
A lack of disclosure about guaranteed payments that were stated in the MD&A of the yearly report.