Hi Experts please help me with the following questions:

1.A bank loaned Darden Company $10,000 on a 1-year, 6% note, but deducted the interest in advance. The journal entry made by Darden to record receipt of the cash would include a

a. an increase in Cash for $9,400

b. an increase in Cash for $600

c. a decrease in Notes Payable for $10,600

d. a decrease in Notes Payable for $9,400

2.Assume the current ratio is 2 to 1. Payment on accrued salaries payable would cause the current ratio to

a. increase

b. decrease

c. be unchanged since the effects offset one another

d. be unchanged since it has no impact on any current accounts

3.Assume the current ratio is 3 to 4. Purchases of inventory on account would cause the current ratio to

a. increase

b. decrease

c. be unchanged since the effects offset each other

d. be unchanged since it has no effects on any current accounts

4.Assume the current ratio is 3 to 1. Estimating the warranties expense on the period's sales would

cause the current ratio to

a. increase

b. decrease

c. be unchanged since the effects offset one another

d. be unchanged since it has no effect on any current accounts

5.The landlord records the security deposit she collects from the tenant as a(n)

a. asset

b. liability

c. contingent liability

d. contra liability

6. The current portion of long-term debt is a balance sheet item for Flavorful Products Company.

How would it most likely be classified on the balance sheet?

a. Current liability

b. Long-term liability

c. Current asset

d. Long-term liability

7. A ten-year lease obligation appears on the balance sheet of Generic Products Company. How would it most likely be classified on the balance sheet?

a. Current asset

b. Long-term liability

c. Long-term asset

d. Contra-liability

8. Rent owed to the landlord is a balance sheet item for Generic Products Company. How would it most likely be classified on the balance sheet?

a. Current liability

b. Long-term liability

c. Current asset

d. Owners' equity

9. Which of the following statements is true with respect to long-term liabilities?

a. They are obligations that will be satisfied within one year.

b. An account payable is a good example of a long-term liability because it is interest-bearing.

c. Long-term liabilities include bonds, other long-term liabilities and deferred income taxes.

d. Accrued expenses are considered to be long-term liabilities.

10. Which of the following items should not appear in the long-term liability section of the balance sheet?

a. Accrued income taxes

b. Deferred income taxes

c. Bonds payable

d. Pension obligations

11. Use the incomplete stockholders' equity section of Vargas Company's balance sheet as of

December 31, 2015, to answer the following question.

Common stock, $7 par, 100,000 shares authorized$700,000

Additional paidin capitalcommon 160,000

Retained earnings?

Treasury stock (2,000 shares at cost)(16,000)

Total stockholders' equity 974,000

What is the amount of Vargas' retained earnings?

a. $130,000

b. $ 98,000

c. $860,000

d. $114,000

12. Which of the following is false regarding the issue of stock versus the issue of bonds to raise capital?

a. The payment of dividends is at the discretion of the board of directors.

b. The payment of interest on bonds payable is required by law.

c. Interest accrues, whereas dividends do not accrue.

d. The declaration of dividends reduces the amount of income taxes the corporation must pay.

13. Which of the following is false regarding the issue of stock versus the issue of bonds to raise capital?

a. The issuance of stock decreases several important financial ratios.

b. Issuing bonds dilutes the voting power of the stockholders.

c. Corporations are not required to return the investment to the stockholders.

d. Investors expect to earn a higher rate of return on stocks than bonds.

14. If Llama Company has paid out more in dividends than it has had in net income, over the lifetime of the company, then the balances in the Stockholders' Equity should show:

a. a debit balance in the Retained Earnings account.

b. a credit balance in the Retained Earnings account.

c. a debit balance in the Common Stock account.

d. a credit balance in the Common Stock account.

15. Dali Company has 15,000 shares of stock authorized at January 1. Dali issues 4,500 shares to the stockholders during the year and then the company repurchases 1,500 shares as treasury stock. Based on this information, how many shares are outstanding at December 31?

a. 15,000

b. 18,000

c. 4,500

d. 3,000

16. Which of the following statements is true?

a. If a company reports net income on its income statement, it should report an increase in cash on its statement of cash flows.

b. If a company reports a net loss on its income statement, it should report a decrease in cash on its statement of cash flows.

c. If a company uses the accrual basis of accounting, it will improve its cash position if it reports net income for the same period.

d. If a company uses the accrual basis of accounting, its cash balance can increase even if it reports a net loss.

17. Which of the following statements is false?

a. A balance sheet reports a company's cash balance at a specific date.

b. An income statement reports the amounts of revenue and expense on an accrual basis, not the amount of cash received from revenues or paid for expenses.

c. A statement of retained earnings reports the amount of cash received from operating activities and the amount of cash paid for dividends.

d. A statement of cash flows explains the changes in cash from operating, investing, and financing activities.

18. Nordic Exports Inc. reported net income of $150,000 for 2015, but its cash balance decreased $40,000. Which financial statement should Nordic Exports' management refer to for an explanation of this situation?

a. Balance Sheet

b. Income Statement

c. Statement of Retained Earnings

d. Statement of Cash Flows

19. Cuero Co. reported a net loss of $30,000 for 2015, yet its cash balance increased during the year.

Which financial statement should Cuero's management refer to for an explanation of this

situation?

a. Balance sheet

b. Income statement

c. Statement of Retained Earnings

d. Statement of Cash Flows

20. Planet & Co. reported net income for the current year. Which of the following business transactions would cause cash from operating activities to be higher than the amount of net income?

a. Cash dividends were paid to stockholders during the year.

b. Depreciation expense was recorded for the year.

c. A bank loan was repaid during the year.

d. Equipment was purchased for cash during the year.