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Exam 1 Question 1 Not yet answered Points out of 3.00 Flag question 0 qaid=5814726&qu 0 Question text 1 Carly Corporation issued $300,000 of 30-year, 8% bonds at 106 on January 1, 2016. Interest is payable semiannually on June 30th and December 31st. The straight-line method of amortization is to be used. After 11 interest payments have been made, what is the carrying value of the bonds? Select one: a. $306,600 b. $311,400 c. $303,300 d. $314,700 e. $315,800 Question 2 Not yet answered Points out of 3.00 Flag question 0 Question text 1 qaid=5814727&qu 0 Exam 1 During 2015, Gum Co. introduced a new product carrying a two-year warranty against defects. Gum Co. uses the expense warranty approach. The estimated warranty costs related to dollar sales are 6%. Sales and actual warranty expenditures for the years ended December 31, 2015 and 2016 are as follows: What amount should Gum report as warranty expense on its 2015 income statement? Select one: a. $7,500 b. $1,500 c. $9,000 d. $14,250 e. $6,750 Question 3 Not yet answered Points out of 3.00 Flag question 0 qaid=5814728&qu 0 Question text 1 Mary Kay Company purchases an oil tanker depot on January 1, 2017. Purchase price was $600,000. After a useful life of 10 years, Mary Kay must fully dismantle the depot, removing all tanks. Cost estimate is $50,000. Present Value is $28,000 (at 6%). Straight-line depreciation is used. Assume no salvage value. For 2017, Depreciation Expense and Interest Expense, respectively, are: Select one: Exam 1 a. $60,000, $5,000 b. $60,000, $3,000 c. $60,000, $1,680 d. $62,800, $3,000 e. $62,800, $1,680 Question 4 Not yet answered Points out of 3.00 Flag question 0 qaid=5814729&qu 0 Question text 1 On November 1, 2008, Mason Corp. sold $800,000 of its ten-year, 8% term bonds dated September 1, 2008. The bonds were sold to yield 10%, with total proceeds of $700,000 plus accrued interest. Interest is paid every March 1 and September 1. What amount should Mason report for interest payable in its December 31, 2008 balance sheet? Select one: a. $17,500 b. $16,000 c. $11,667 d. $10,667 e. $21,333 Question 5 Exam 1 Not yet answered Points out of 3.00 Flag question 0 qaid=5814730&qu 0 Question text 1 For the issuer of a ten-year bond, the carrying value using the effective interest method would increase each year if the bond were sold at: Select one: a. A discount or a premium b. A discount, but not a premium c. A premium, but not a discount d. Neither a discount nor a premium Question 6 Not yet answered Points out of 3.00 Flag question 0 qaid=5814731&qu 0 Question text 1 How would the amortization of Premium on Bonds Payable affect the Carrying Value of the Bond and Net Income, respectively? Select one: a. Increase, Decrease b. Increase, Increase Exam 1 c. Decrease, Decrease d. Decrease, Increase e. No Effect, Increase Question 7 Not yet answered Points out of 3.00 Flag question 0 qaid=5814732&qu 0 Question text 1 What must be true for short-term debt to be shown as long-term debt? Select one: a. The ability to refinance, but not the intent. b. The intent to refinance, but not the ability. c. Both the ability to refinance and the intent. d. Neither the ability to refinance nor the intent. Question 8 Not yet answered Points out of 3.00 Flag question 0 Question text qaid=5814733&qu 0 Exam 1 1 Kaselitz Corp. issued a $100,000, 9%, 5-year bond on 1/1/16. Interest is paid each June 30 and December 31. The bond sold for $104,055 to yield 8%. The effective interest method is used. Cash interest paid to the bondholders on 6/30/17 is: Select one: a. $4,500 b. $4,000 c. $4,162 d. $9,000 e. $8.000 Question 9 Not yet answered Points out of 3.00 Flag question 0 qaid=5814734&qu 0 Question text 1 THE DATA FOR THIS QUESTION ARE THE SAME DATA AS THE PREVIOUS QUESTION Kaselitz Corp. issued a $100,000, 9%, 5-year bond on 1/1/16. Interest is paid each June 30 and December 31. The bond sold for $104,055 to yield 8%. The effective interest method is used. The Unamortized Premium on Bonds Payable at 12/31/16 is Select one: a. $3,366 Exam 1 b. $3,244 c. $3,717 d. $3,379 e. $3,244 Question 10 Not yet answered Points out of 3.00 Flag question 0 qaid=5814735&qu 0 Question text 1 The Winkel Company had Retained Earnings of $10,000 on 1/1/15. The only paid-in capital account existing was due to Common Stock issued. The company properly recorded these transactions in 2015: 1. 10% Stock dividend (Total Market Value of dividend $1,500, Par Value $1,000) 2. Purchase of Treasury Stock for $4,000 above Par 3. Net Income $3,800 Winkel 12/31/15 Retained Earnings is: Select one: a. $12,800 b. $12,300 c. $13,800 d. $16,300 e. $9,800 Exam 1 Question 11 Not yet answered Points out of 3.00 Flag question 0 qaid=5814736&qu 0 Question text 1 Which of the following is a characteristic of the sales warranty approach, but not the expense warranty approach? Select one: a. Estimated liability under warranties b. Warranty expense c. Prepaid Warranty Expense d. Warranty revenue Question 12 Not yet answered Points out of 3.00 Flag question 0 qaid=5814737&qu 0 Question text 1 Which accounts are closed at the end of an accounting period? Select one: Exam 1 a. Both Premium on Bonds Payable and Treasury Stock b. Premium on Bonds Payable, but not Treasury Stock c. Treasury Stock, but not Premium on Bonds Payable d. Neither Premium on Bonds Payable nor Treasury Stock Question 13 Not yet answered Points out of 3.00 Flag question 0 qaid=5814738&qu 0 Question text 1 Landon Corporation issued 2,000 shares of $5 par value common stock and 400 shares of $40 par value preferred stock for a lump sum of $72,000 cash. What is the total credit to Additional Paid-in-Capital accounts when the market value of the common shares is $30 each and market value of the preferred shares is $50 each? (Round to nearest dollar) Select one: a. $44,000 b. $46,000 c. $54,000 d. $26,000 e. $18,000 Question 14 Not yet answered Points out of 3.00 Exam 1 Flag question 0 qaid=5814739&qu 0 Question text 1 The Leverenz Company issued 10,000 shares of $10 par common stock. Sale price was $25 per share. Leverenz then: 1. Purchased 2,000 shares at $35 per share. 2. Resold 800 of the shares at $38 per share. 3. Resold 500 of the shares at $30 per share. No other stock transactions occurred. Retained Earnings was $20,000 prior to these transactions. What is the combined effect of Transactions #1 through #3 on Net Income and Total Stockholders' Equity, respectively? Select one: a. $0, $0 b. $0, $24,600 decrease c. $100 decrease, $24,600 decrease d. $100 increase, $45,400 increase e. $100 increase, $24,500 decrease Question 15 Not yet answered Points out of 3.00 Flag question 0 qaid=5814740&qu 0 Exam 1 Question text 1 Treasury stock was acquired for cash at more than its par value, and then subsequently sold for an amount more than the acquisition price. There were no other Treasury Stock transactions in the history of the company. Assuming that the cost method of accounting for treasury stock transactions is used, what is the effect of the Purchase of Treasury Stock and the Sale of Treasury Stock, respectively, on Retained Earnings? Select one: a. No Effect, No Effect b. No Effect, Increase c. Decrease, Increase d. Decrease, No Effect e. No Effect, Decrease Question 16 Not yet answered Points out of 3.00 Flag question 0 qaid=5814741&qu 0 Question text 1 Piano Corporation has a current ratio of 2:1. Piano declares a cash dividend. How will the journal entry to record the declaration affect the Current Ratio and Stockholders' Equity, respectively? Select one: a. Increase, No Effect b. Decrease, No Effect c. Increase, Increase d. No Effect, Decrease Exam 1 e. Decrease, Decrease Question 17 Not yet answered Points out of 3.00 Flag question 0 qaid=5814742&qu 0 Question text 1 Which of the following dividend types does not reduce total stockholders' equity? Select one: a. Cash dividends b. Stock dividends c. Property dividends d. Liquidating dividends Question 18 Not yet answered Points out of 3.00 Flag question 0 qaid=5814743&qu 0 Question text 1 How does the declaration of a cash dividend that is ENTIRELY liquidating affect Retained Earnings and Current Liabilities, respectively? Exam 1 Select one: a. No effect, No effect b. Increase, Decrease c. Decrease, Increase d. Decrease, No effect e. No effect, Increase Question 19 Not yet answered Points out of 3.00 Flag question 0 qaid=5814744&qu 0 Question text 1 The Borio Company had an asset with an $8 book value and a $7 market value; it decided to distribute the asset as a property dividend. Journal entries were made to adjust the property to market value and declare the dividend. Indicate the combined effect on the Net Income and Retained Earnings, respectively: Select one: a. Decrease, Decrease b. No Effect, Decrease c. No Effect, Increase d. Decrease, Increase e. Increase, Decrease Question 20 Not yet answered Exam 1 Points out of 3.00 Flag question 0 qaid=5814745&qu 0 Question text 1 Puppy Company includes one coupon in each bag of dog food it sells. In return for 3 coupons, customers receive a toy dog that the company purchases for $1.20 each. Puppy Company's experience indicates that 50% of the coupons will be redeemed. Information for 2012 is as follows: The amount of estimated liability for premiums on the 12/31/12 balance sheet is: Select one: a. $6,000 b. $8,000 c. $18,000 d. $35,000 e. $48,000 Question 21 Not yet answered Points out of 3.00 Flag question 0 qaid=5814746&qu 0 Exam 1 Question text 1 Lott Co. has outstanding 20,000 shares of 8% preferred stock with a $10 par value and 100,000 shares of $3 par value common stock. Dividends have been paid every year except last year and the current year. If the preferred stock is cumulative and fully participating and $131,000 is distributed, the common stockholders will receive: Select one: a. $63,333 b. $51,000 c. $69,000 d. $78,600 e. $83,400 Question 22 Not yet answered Points out of 3.00 Flag question 0 qaid=5814747&qu 0 Question text 1 Fuller Food Company distributes coupons which may be presented (on or before a stated expiration date) to grocers. The grocers are reimbursed when they send the coupons to Fuller. In Fuller's experience, 50% of such coupons are redeemed, and generally one month elapses between the date a grocer receives a coupon from a consumer and the date Fuller receives it. During 2012 Fuller issued two separate series of coupons as follows: The December 31, 2012 balance sheet should indicate a liability for unredeemed coupons of Exam 1 Select one: a. $0 b. $60,000 c. $124,000 d. $360,000 e. $684,000 Question 23 Not yet answered Points out of 3.00 Flag question 0 qaid=5814748&qu 0 Question text 1 What effect will the acquisition of treasury stock have on stockholders' equity and earnings per share, respectively? Select one: a. Decrease and no effect b. Increase and no effect c. Decrease and increase d. Increase and decrease e. Decrease and decrease Question 24 Not yet answered Points out of 3.00 Exam 1 Flag question 0 qaid=5814749&qu 0 Question text 1 A company grants its executives stock options as a form of compensation. The company correctly determines the fair value of the options. During the expected period of benefit, how does the annual recognition of compensation expense affect Net Income and Paid-In-Capital, respectively? Select one: a. No Effect, Increase b. No Effect, No Effect c. Decrease, Increase d. Decrease, Decrease e. Decrease, No Effect Question 25 Not yet answered Points out of 3.00 Flag question 0 qaid=5814750&qu 0 Question text 1 Contingent share agreements based simply on time passing will Select one: a. Always decrease DEPS Exam 1 b. Always increase DEPS c. Increase the DEPS numerator d. Decrease the DEPS denominator Question 26 Not yet answered Points out of 3.00 Flag question 0 qaid=5814751&qu 0 Question text 1 Loredo Company's net income for 2017 is $50,000. The only potentially dilutive securities outstanding were 1,000 options, each exercisable for one share at $6. None have been exercised, and 10,000 shares of common were outstanding during 2017. The average market price of Loredo's stock during 2017 was $10. The 1,000 options were issued on March 1, 2017. DEPS for 2017 is: Select one: a. $4.84 b. $4.55 c. $4.72 d. $4.95 e. $4.87 Question 27 Not yet answered Points out of 3.00 Exam 1 Flag question 0 qaid=5814752&qu 0 Question text 1 Given the following for the Austin Company: The following Capital Structure items existed for the entire year: 1. 6%, Cumulative Preferred Stock (Total par $200,000), Convertible to 20,000 common shares. 2. Stock Options to purchase 12,000 Common Shares at $31 per share. In the computation of Diluted EPS, the numerator is: Select one: a. $283,200 b. $296,400 c. $291,600 d. $288,000 e. $300,000 Question 28 Not yet answered Points out of 3.00 Flag question 0 qaid=5814753&qu 0 Exam 1 Question text 1 Anti-dilutive securities Select one: a. should be included in the computation of diluted earnings per share but not basic earnings per share. b. are those whose inclusion in earnings per share computations would cause basic earnings per share to exceed diluted earnings per share. c. include stock options and warrants whose exercise price is less than the average market price of common stock. d. should always be ignored in the computation of diluted EPS. Question 29 Not yet answered Points out of 3.00 Flag question 0 qaid=5814754&qu 0 Question text 1 On January 1, 2010, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 2020, but were callable at 103 any time after December 31, 2013. Interest was payable semiannually on July 1 and January 1. After 5 years, on July 1, 2015, Fox called all of the bonds and retired them. Bond premium was properly amortized on a straight-line basis over 10 years. Before income taxes, Fox's gain or loss in 2015 on this early extinguishment of debt was Select one: a. $10,000 gain b. $12,000 loss Exam 1 c. $8,000 gain d. $10,000 loss e. $24,000 loss Question 30 Not yet answered Points out of 3.00 Flag question 0 qaid=5814755&qu 0 Question text 1 A liability for compensated absences (such as vacations) that employees will be paid should: Select one: a. Be accrued following the employee's retirement b. Be accrued during the period when earned by the employees c. Be accrued during the period when the compensated time is expected to be used by employees d. Be accrued when the employee begins vacation time Question 31 Not yet answered Points out of 3.00 Flag question 0 Question text qaid=5814756&qu 0 Exam 1 1 The Edmonton Company is issuing $50,000 face value, 10% bonds with detachable stock warrants. The value of the bonds without the warrants is $40,000 and the value of the warrants is unknown. The bonds with the warrants sold for $55,000. The journal entry to record the sale will include: Select one: a. A debit to Discount on Bonds Payable for $6,000 b. A debit to Discount on Bonds Payable for $15,000 c. A credit to Premium on Bonds Payable for $5,000 d. A credit to Paid-in-Capital Stock Warrants for $10,000 e. A credit to Paid-in-Capital Stock Warrants for $15,000 Question 32 Not yet answered Points out of 3.00 Flag question 0 qaid=5814757&qu 0 Question text 1 BRB Company issues common shares and pays stock issue costs. The stock issue costs will affect what account? Select one: a. Common Stock b. Stock Issue Costs (an asset) c. Stock Issue Cost Expense d. Paid-in-Capital Question 33 Exam 1 Not yet answered Points out of 3.00 Flag question 0 qaid=5814758&qu 0 Question text 1 Case Corporation issues $100,000, 10%, five-year bonds at 96. The total interest expense over the life of the bonds is: Select one: a. $56,000 b. $44,000 c. $50,000 d. $54,000 e. $46,000 Question 34 Not yet answered Points out of 3.00 Flag question 0 Question text 1 Given: qaid=5814759&qu 0 Exam 1 For EPS, the weighted average number of shares is: Select one: a. 447 b. 473 c. 428 d. 443 e. 383 Question 35 Not yet answered Points out of 3.00 Flag question 0 qaid=5814760&qu 0 Question text 1 What is the most likely effect of a stock split on the par value per share and Additional Paid-inCapital, respectively? Select one: a. Decrease, Increase b. Decrease, No Effect c. Increase, Increase d. No Effect, No Effect e. No Effect, Increase Exam 1