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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Cash $1,500,000

Accounts Receivable 4,000,000

Trademarks 1,000,000

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

Receiving report


Acquisition order.

Remittance advice

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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Wages $30,000

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:

2014 2013

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.