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Question 29 11:25 points) 1 3 8 On January 1, 2012. $1,000,000, 10 year, 10% bonds, were issued for $1.000.000 Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is 9 1) $500 11 12 2) $1,000 3) $8,833 14 15 4) $10,000 17 18 Question 30 (1.25 points) Listen 20 21 P3 24 Homer Company purchased equipment for $40,000 on January 1, 2012, and will use the double-declining balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $2,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2012 will be 1) $16,000 Ple, Inc. purchases and for 240.000 th The Point 3.000 property taxes due on the land. There and meet 52.000. The had the land red for 4.000. What amount does on record the cost for the 1) 5249.000 10 T! 12 2) $249.400 15 3) $245,000 4) $240,000 12 18 20 Question 29 (1.25 points) Listen 23 24 On January 1, 2012, $1,000,000, 10 year, 10% bonds, were issued for $1,060,000 Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is 1) $500 Page 1 Question 27 (1.25 points) 1 2 Listen 5 6 A company sells a plant asset that originally cost $300,000 for $110,000 on December 31, 2012. The accumulated depreciation account had a balance of $120,000 after the current year's depreciation of $30,000 had been recorded. The company should recognize a 1 11 12 1) $70,000 gain on disposal 2) $70,000 loss on disposal 14 15 3) $80,000 loss on disposal 4) $190,000 loss on disposal 17 18 O 21 Question 28 (1.25 points) Listen -- 24 Piper, Inc. purchases land for $240,000 cash. The Piper, Inc.assumes $3,000 in property taxes due on the land. The title and attorney fees totaled $2,000. The clinic had the land graded for $4,000. What amount does Piper, Inc. record as the cost for the land? 1. Question 25 (1.25 points) ten 5 6 Carter Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $205.000 expenses of $160,000, and paid dividends of $10,000. What was Carter's net income for the year? 7 8 1) $35.000 10 11 12 2) $45,000 13 14 15 3) $25,000 6 12 18 4) $15,000 Question 26 (1.25 points) 20 21 Listen 1 23 24 If goods in transit are shipped FOB destination 1) the seller has legal title to the goods until they are delivered. 2) the hiver basilaratitles to throw untilathavate dalivered 2 3 Usten 4 5 Holt Company reported net income of $90,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by 59.000 and depreciation expense of $10,000 was recorded. Net cash provided by operating activities for the year is 8 1) $100,000 10 11 12 2) $75,000 13 14 15 3) $88,000 1 4) $70,000 16 17 18 Question 24 (1.25 points) 19 20 21 Listen 23 The accounting equation may be expressed as 24 1) Assets - Liabilities + Stockholders' Equity, 2) Assets + Liabilities - Stockholders' Equity 2 3 Question 21 (1.25 points) Listen 5 6 Stager, Inc reported net income of $100,000 for the year, During the year, accounts receivable increased by $14,000, accounts payable decreased by $6,000 and depreciation expense of $10,000 was recorded. Net cash provided by operating activities for the year is 7 8 10 11 12 1) $90,000 2) $78,000 13 14 15 3) $60,000 16 17 18 4) $70,000 20 21 Question 22 (1.25 points) ! Listen 23 24 In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is 1) deducted from net income. 1 2 3 Listen 4 5 6 Equipment with a cost of $150,000 has an estimated salvage value of $20,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours? 7 8 0 . 1) $37,800 10 11 12 2) $32,500 13 15 3) $35,000 4) $36,250 16 17 18 20 21 Question 19 (1.25 points)