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1.Trading securities are at reported on the balance sheet at amortized cost.

True or False?

Answer _______

2.Warranty expense estimates are higher than warranty returns in a given year.This will result in a deferred tax asset.

True or False?

Answer _______

3.An increase in bonds payable is reported in the financing section of the indirect method statement of cash flows.

True or False?

Answer _______

4.A change in accounting estimate should be accounted for in current and future periods.

True or False?

Answer _______

5.Interest revenue on municipal bonds results in a permanent tax difference.

True or False?

Answer _______

6.A component of net periodic postretirement benefit cost is service cost.

True or False?

Answer _______

7.Retained Earnings is increased by the distribution of dividends.

True or False?

Answer _______

8.A change in the useful life of a fixed asset is a change in accounting estimate.

True or False?

Answer _______

9. During the current year, Mapor Co. purchased bonds issued by Healor Co.Mapor Co. prepares its statement of cash flows using the indirect method. In which section of the statement should Mapor Co. report the purchase?

a.Investing activities.

b.Supplemental disclosures.

c.Operating activities.

d.Financing activities.

Answer _______

10.Short-term liabilities typically include:

a.Salaries Payable

b.Unearned Revenue

c.Both A and B

d.Mortgage Payable

Answer ______

11.Techner Company is a defendant in a current lawsuit that it estimates a $850,000 probable loss.The loss contingency should be:

a.Disclosed and accrued as a liability

b.Disclosed but not accrued as liability

c.Not Disclosed, but accrued as a liability

d.Not Disclosed and not accrued as a liability

Answer _______

12.If the market rate is lower than the stated rate, bonds will be issued at

a.Discount

b.Premium

c.Par Value

d.Yield

Answer _______

13.A company issued 4%, 20-year bonds with a face amount of $60 million. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. Calculate the issue price of the bonds.Show your work and rounding may impact results.

A)

$60,000,000

B)

$46,131,324

C)

$18,393,600

D)

None of the above

Answer _______

14.A company repurchases its own stock.What impact will this have on stockholders' equity and earnings per share?

a.Decrease and no effect

b.Increase and no effect

c.Decrease and increase

d.Increase and decrease

Answer _______

15)Carter Company has the following items: repurchased shares, $120,000; common stock, $825,000; deferred income taxes, $185,000, retained earnings, $430,000, and paid in capital in excess of par $200,000. What total amount should Carter Company report as stockholders' equity?

A)$1,270,000

B)$1,760,000

C)$1,575,000

D)$1,335,000

E)none of the above

Answer _______

16.In 2020 Wright Corporation had revenues of $525,000, expenses of $150,000, and declared dividends of $85,000. What is the impact to Retained Earnings?

A)increase of $290,000

B)increase of $460,000

C)decrease of $290,000

D)decrease of $460,000

E)none of the above

Answer _______

17)Bonds will sell for a ________ when the stated rate of interest exceeds their market rate.

a.Discount

b.Premium

c.Par Value

d.Yield

Answer _______

18.Starland Company's 2020 financial statements contain the following selected data:

Income Taxes$25,000

Interest Expense$20,000

Net Income$55,000

Starland's times interest earned for 2020 is:

A)

4.0 times

B)

5.0 times.

C)

2.20 times.

D)

2.75 times.

Answer _______

19.Cash is $475,000, Accounts Payable is $100,000, Accounts Receivable is $150,000, Wages Payable is $225,000, Bonds Payable is $700,000, Inventory is $750,000. What is working capital?

A)

$150,000

B)

$1,050,00

C)

$300,000

D) None of the above

Answer _______

20.Cash is $475,000, Accounts Payable is $100,000, Accounts Receivable is $175,000, Wages Payable is $225,000, Bonds Payable is $217,000, Inventory is $650,000.What is acid-test (quick) ratio?

A)

2.0

B)

3.0

C)

4.0

D)

None of the above

Answer _______

21).On January 1, 2020, Burke Company issued 15-year, $1,500,000 face value, 5% bonds, at par.Each $1,000 bond is convertible into 30 shares of Burke common stock.Burke's net income in 2020 was $142,000, and its tax rate was 30%.The company had 50,000 shares of common stock outstanding throughout 2020.None of the bonds were converted in 2020.What is the diluted earnings per share for 2020?Round to nearest cent.

A)

$2.05

B)

$2.84

C)

$1.49

D)

None of the above

Answer _______

22). In analyzing a company's financial statements, which financial statement would a potential investor primarily use to assess the company's profitability?

a.Balance sheet.

b.Statement of retained earnings.

c.Income statement.

d.Statement of cash flows.

Answer _______

23.) Required:Calculate cash flow from operations using the indirect method and the following data:

Net Income was$57,000

Accounts receivable decreased by $12,000

Inventory increased by $9,000

Proceeds from issuing long term debts was $25,000

Accounts Payable increased $4,500

Equipment Purchases were $95,000

Depreciation and amortization expense was $21,000

Prepaid expenses decreased $5,000

a.$90,500

b.$100,500

c.$20,500

d.None of the above

Answer _______

24.On January 1, Year 1, Nano Company as lessee signed a five-year noncancelable equipment lease with annual payments of $100,000 beginning December 31, Year 1.Nano Company treated this transaction as a capital lease.The five lease payments have a present value of $389,000 at January 1, Year 1, based on interest of 10%.What amount should Nano Company report as interest expense for the year ended December 31, Year 1?

a.$38,900

b.$27,900

c.$24,200

d.None of the above

Answer _______

25.Calculate pension expense using the following amounts.

Service Cost$506,000

Excess Amortization of Deferred Loss$115,000

Amortization of Prior Service Cost$17,000

Interest on Projected Benefit Obligation$987,000

Return on Plan Assets$422,000

a.$1,061,000

b.$2,047,000

c.$1,203,000

d.None of the above

Answer _______