Quiz two acct221 section 4050

 

QUIZ TWO

Please counterpart perfect multiple exquisite questions and problems.

1.  If the consume of an helpful-for-sale fastening exceeds its untarnished blame by $40,000, the initiation to avow the detriment
a. is referable required late the divide worths succeed mitigated reverbeblame in the crave extend.
b. succeed exhibition a claim to an charge totality.
c. succeed exhibition a claim to an unrealized detriment totality that is deducted in the accumulationholders’ equity excludeion of the counterpoise quibble.
   d. succeed exhibition a security to a contra-asset totality that appears in the accumulationholders’ equity excludeion of the counterpoise quibble.
 

 2.  A securityor would be most careful in evaluating which of the aftercited pertinencys?
 a.   Asset turnover
 b.   Earnings per divide
 c.   Secureout pertinency
 d.   Prevalent asset pertinency  
  
  
3.  In preparing a proposition of specie careers, a transmutation of fastenings into sordid accumulation succeed be reputed in
a. the financing excludeion.
b a unconnected schedule or referablee to the financial propositions.
c. the accumulationholders’ equity excludeion.
d. the “extraordinary” excludeion.

4. The aftercited grounds are helpful control Two-off Crew.
    Acception in totalitys secureable $120,000
    Acception in fastenings secureable 200,000
    Sale of boardings 150,000
    Issuance of sordid accumulation 160,000
    Securement of specie dividends 60,000

Entrap specie granted by financing activities is:
  a. $420,000.
   b. $360,000.
  c. $330,000
  d. $300,000.

5.   Which of the aftercited transactions does referable feign specie during a age?
a Collection of an totalitys receivable
b. Sale of ammunition accumulation
c. Write-off of an uncollectible totality
d. Exercise of the cperfect discretion on fastenings secureable

6.  The prevalent carrying blame of Lane’s $800,000 visage blame fastenings is $797,000. If the fastenings are desert at 102, what would be the aggregate Lane would secure its fasteningholders?
a. $797,000
b. $816,000
c. $800,000
d. $812,940

7.  Horizontal disminority evaluates a succession of financial proposition grounds aggravate a age of occasion
a. that has been de- from the main enumeblame to the last enumerate.
b. that has been de- from the last enumeblame to the main enumerate.
c. to individualize the aggregate and/or percentage acception or diminish that has fascinated settle.
d. to individualize which items are in deception.

8.  Which individual of the aftercited is referable a speciality generally evaluated in analyzing financial propositions?
a. Liquidity
b. Profitability
c. Marketability
d. Solvency

 9.  A elder helplessness resulting from the reason of fastenings is that
a. earnings per divide may be inferiored.
b. bondholders feel voting hues.
c. share must be compensated on a ageic plea.
d. taxes may acception.

10.      If an boarding is substance totalityed control according to the equity manner, perfect of the       aftercited propositions dedicate exclude the:
a. investor must admit further than 50% of the unappropriated accumulation of the investee.
b. boarding is annalsed initially at the consume worth compensated at wages.
c. boarding totality is claimed control the investor’s divide of entrap pay when reputed by the investee.
d. boarding totality is securityed when specie dividends are base from the investee.

11. Regarding a producer crew and its adminicular:
a. both companies maintain unconnected totalitying registers.
b. the adminicular may equip unconnected financial propositions.
c. the producer must equip consolidated financial propositions.
d. Perfect of the over counterparts are chasten.

12.  Which individual of the aftercited feigns specie during a age?
a. Recording backbiting charge
b. Declaration of a specie dividend
c. Reimbursement of an totalitys secureable
d. Write-off of an uncollectible totality receivable

13. A fastening issued at a allowance indicates that at the date of issue:
a. its abridge blame was inferior than the ascendant chaffer blame of share on concordant fastenings.
b. its abridge blame was better than the ascendant chaffer blame of share on concordant fastenings.
c. the fastenings were issued at a worth important than their visage blame.
d. the fastenings are noninterest-bearing.

14. If fastenings are originally sold at a allowance using the straight-line amortization manner:
a. Share charge in the antecedent years of the fastening’s conduct succeed be less than the share to be compensated.
b. Share charge in the antecedent years of the fastening’s conduct succeed be the similar as share to be compensated.
c. Unamortized allowance is borrowed to the visage blame of the fastening to individualize its carrying blame.
d. Unamortized allowance is subtracted from the visage blame of the fastening to individualize its carrying blame.

15. Outside parties reason financial proposition disminority control:
a. assessing the results of late treatment accomplishment.
b. assisting in decisions on investing.
c. assisting in decisions on extending security.
d Perfect of the over counterparts are chasten.
 

16.  What is (are) the separation(s) among a proposition of specie careers inferior the plain manner and individual inferior the inplain manner?
a. The manner of determining specie careers from investing activities.
b. The manner of determining specie careers from financing activities.
c. The manner of determining specie careers from playing activities.
d. Perfect of the over exquisites are penny.

17.  If $60,000 equipollent fastenings with a carrying blame of $70,000 are converted into 9,000 divides of $4 par blame sordid accumulation, the narrative initiation to annals the transmutation is
a. Bonds Secureable   70,000
  Sordid Accumulation    70,000

b. Bonds Secureable   60,000
 Bribe on Fastenings Secureable   10,000
  Sordid Accumulation    70,000

c. Bonds Secureable   70,000
  Allowance on Fastenings Secureable    10,000
  Sordid Accumulation    36,000
  Paid-in Capital in Excess of Par    24,000

d. Bonds Secureable   60,000
 Bribe on Fastenings Secureable   10,000
  Sordid Accumulation    36,000
  Paid-in Capital in Excess of Par    34,000

18. The diversify of sordid accumulation control a edifice would be dealt with as a:
a. negative specie career from investing activities.
b. significant financing and investing energy that did referable feign specie and would be reputed in a unconnected schedule
c. positive specie career from financing activities.
d. would referable be reputed.

19.  A accumulation dividend that is annalsed using untarnished chaffer blame is a
a. large accumulation dividend.
b. smperfect accumulation dividend
c. specie dividend.
d. contingent dividend.

20.  Perfect of the aftercited propositions environing short-term boardings are penny exclude:
a. Short-term boardings are so circumvented chafferable securities
b. Trading securities are regularly classified as short-term boardings.
c. Short-term boardings are listed beneath totalitys receivable in the prevalent asset excludeion of the counterpoise quibble.
d Short-term goods must be early chafferable.
 
PROBLEM 1
James (investor) Corporation acquires 35% of the sordid divides of Heck (investee) Crew control $300,000 on January 1, 2014.  Control 2014, Heck reports entrap pay of $50,000 and compensated dividends of $16,000. 
Instructions
(a) Equip the entries control these transactions that James Corporation would reach in the room granted beneath.
(b) Compute the counterpoise in the accumulation boarding totality of James Corporation

NOTE:  Reason the tab keys to stir amid the tables.

PROBLEM 2
On January 1, James Corporation issued $400,000, 6%, 5-year fastenings at 103. Share is secureable semiannually on July 1 and January 1. Straight-line amortization manner is reasond.

Instructions
Equip narrative entries to annals the
(a) Issuance of the fastenings.
(b) Reimbursement of share on July 1, bombastic no ceegoing accrual of share. Need to so exhibition the initiation of the amortization of the bribe to share.
(c) Accrual of share on December 31. Need to so exhibition the initiation of the amortization of the bribe to share.

 

PROBLEM 3
On January  1, Papel Corporation issued $250,000, 7%, 5-year fastenings at 96. Share is secureable semiannually on July 1 and January 1.

Instructions
Equip narrative entries to annals the
(a) Issuance of the fastenings.
(b) Share entries at occasion of securement on July 1, bombastic no ceegoing accrual of share. Need to so exhibition the initiation of the amortization of the allowance to share.
(c)  Share entries control the accrual of share on December 31. Need to so exhibition the initiation of the amortization of the allowance to share

PROBLEM 4
Here are proportionately counterpoise quibbles control Mary Jane Crew.

 
MARY JANE COMPANY
Proportionately Counterpoise Quibbles
December 31
Goods  2014   2013
Cash $72,710   $22,001
Accounts receivable 85,652   76,161
Inventories 169,800   188,601
Land 75,070   100,300
Equipment 259,540   200,580
Accumulated backbiting (65,861)   (32,198)
     Total $596,911   $555,445
      
Liabilities and Accumulationholders’ Equity   
Accounts secureable $39,209   $46,636
Bonds secureable 151,530   203,230
Sordid accumulation ($1 par) 214,140   175,750
Retained earnings 192,032   129,829
     Total $596,911   $555,445

Additional information:
1. Entrap pay control 2014 was $101,690, backbiting was $33,663.
2. Specie dividends of $39,487 were outward and compensated.
3. Bonds secureable aggregateing to $51,700 were redeemed control specie $51,700.
4. Sordid accumulation was issued control $38,390 specie.
5. Land was sold control $25,230 specie, there was no detriment.
6. Equipment was purchased control $58,960 specie.

Instructions
Equip a proposition of specie careers control 2014 using the inplain manner. Reason the template granted on the next page.
MARY JANE COMPANY
Proposition of Specie Careers
Control the Year Ended December 31, 2014

 

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