Here is an intermediate accounting assignment. Please complete ASAP. Should take about 30 minutes.

QUESTION 1 Which of the following statements regarding the gross and net methods for recording trade accounts payable is true? 1 . The net method overstates accounts payable at the end of the accounting period. 2 . The net method is more widely used in practice than is the gross method. 3 . The gross method more accurately measures liquidity. 4 . The net method highlights management inefficiency because purchase discounts lost are recorded whenever an invoice is paid after the cash discount period has expired. 1 points QUESTION 2 Which of the following dividends are not considered current liabilities when declared? 1 property . dividends 2 stock . dividends 3 script . dividends 4 cash dividends . 1 points QUESTION 3 Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and the amount reasonably estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate Vest 1 . Accumulate Vest no no 2 . Accumulate No 3 . Yes Accumulate Yes Vest Vest No 1 points QUESTION 4 According to FASB Statement No. 43, which of the following is not a condition suggesting that an accrual for vacation pay be made? the obligation must relate to rights that vest the payment of compensation is probable the obligation must relate to employee services already rendered the amount can be reasonably estimated 1 points QUESTION 5 Smilely Company provides a bonus compensation plan under which key employees receive bonuses equal to 2% of Smilely's income above $300,000 after deducting deducting the bonus but before deducting income tax. If income before income tax and the bonus is $500,000 and the income tax rate is 30%, the bonuses should total: 1 . Between 3800 and 3899 2 . Between 3900 and 3999 3 . Between 4000 and 4099 4 . Between 4100 and 4199 1 points QUESTION 6 T The Maxwell Company closed its books annually on December 31, while the city in which it is located has a fiscal year beginning on April 1 and ending on March 31. Taxes on property are assessed on April 1 of each year. Property taxes in the amount of $200,000 and $216,000 were assessed on April 1, year 1 and year 2, respectively. For the year ended December 31, year 2, the Maxwell Company would report property tax expense of: 1 $200,000 . 2 $216,000 . 3 $218,000 . 4 $212,000 . 1 points QUESTION 7 The Toy Company includes three coupons in each package of crackers it sells. In exchange for 20 coupons, a customer will receive a cheese plate. Toy estimates that 30% of the coupons will be redeemed. In the current year, Toy sold 4,000,000 boxes of crackers and purchased 150,000 cheese plates at $2.50 each. During the year, 970,000 coupons were redeemed. What amount should Toy report as estimated premium claims outstanding at December 31, of the current year? 1 $121,2 . 50 2 $328,7 . 50 3 . $450,0 00 4 $500,0 . 00 1 points QUESTION 8 Train Company estimates its annual warranty expense as 4% of annual net sales. The following information relates to the calendar year 2014: Net Sales Estimated Liability under Warranties: January 1, 2014 December 31, 2014, after year-end adjustment $3,000,000 100,000 80,000 Warranty expenditures for repairs were made during 2014. The amount of warranty expense for 2014 is 1 $80,00 . 0 2 $120,0 . 00 3 $140,0 . 00 4 $240,0 . 00 1 points QUESTION 9 Train Company estimates its annual warranty expense as 4% of annual net sales. The following information relates to the calendar year 2014: Net Sales $3,000,000 Estimated Liability under Warranties: January 1, 2014 100,000 December 31, 2014, after year-end adjustment 80,000 The warranty expense was accrued by year-end. The amount of total expenditures for warranty costs for 2014 is: 1 $80,00 . 0 2 $120,0 . 00 3 . $140,0 00 4 $240,0 . 00 1 points QUESTION 10 Existing claims related to product warranties and litigation as of December 31, of the current year, indicate that it is probable that a liability has been incurred. However, as of December 31, of the current year, the amount of the obligation cannot be reasonably estimated. Based on the above facts, an estimated loss contingency should be 1 accrued . 2 disclosed but not accrued . 3 neither accrued nor disclosed . 4 classified as an appropriation of . retained earnings. 1 points QUESTION 11 Existing claims related to product warranties and litigation as of December 31, of the current year, indicate that it is probable that a liability has been incurred. However, as of December 31, of the current year, the exact amount of the obligation cannot be reasonably estimated but a range of possible amounts has been determined. Based on these facts, an estimated loss contingency should be accrued disclosed but not accrued neither accrued nor disclosed classified as an appropriation of retained earnings. 1 points QUESTION 12 The Value Plus Company is affected by the following contingencies at the end of the current year: 1. Value Plus' legal counsel has concluded that it is probable that the company will be required to pay damages of $600,000 in a lawsuit. 2. Expropriation of Value Plus' foreign assets, valued at $4,000,000, appears reasonably possible. 3. Value Plus' controller estimates that $40,000 of the company's receivables are likely to be uncollectible, and will require Value Plus to honor the amounts. 4. It appears remotely possible that a major customer will be unable to repay a note to Value Plus for $200,000. What total amount should Value Plus journalize regarding loss contingencies in the current year? 1 . $640,000 2 . $4,600,0 00 3 . $4,640,0 00 4 . $4,840,0 00 1 points QUESTION 13 In considering contingencies, IFRS and GAAP define the term "probable" as A . B . C . D . IFRS - likely; GAAP - likely IFRS - likely; GAAP - more likely than not IFRS - more likely than not; GAAP - likely IFRS - more likely than not; GAAP - more likely than not 1 points QUESTION 14 When selecting within a range of outcome estimates for probable contingencies, the requirements of IFRS and GAAP, respectively, are to accrue what amount in the range? IFRS GAAP I. minimum minimum II. midpoint minimum III. minimum midpoint IV. midpoint midpoint A. I. B. II. C.III. D.IV