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Take Test: Assessment - Phase 2 Test Information Description Instructions Please select the best answer to each question. Multiple Attempts This test allows multiple attempts. Force Completion This test can be saved and resumed later. Question Completion Status: Save All Answers Close Window QUESTION 1 Save and Submit 4 points Save Answer Sean Corp. issued a $10,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the first interest period and was this bond issued at a discount or premium? a. $800 Premium b. $800 Discount c. $1,000 Discount d. $1,000 Premium QUESTION 2 4 points Save Answer Which of the following statements is correct? a. The market rate of interest refers to the interest rate that the bond-issuing company must pay to be competitive with other issuers. b. If the face rate of interest on a bond is not equal to the market rate of interest, then the company desiring to issue the bonds must reprint its bond certificates. c. There are almost always small dierences between the face rate and the market rate when bonds are issued. d. The market rate of interest has no bearing on the selling price of the bonds. QUESTION 3 The Gross Profit ratio is a. Solvency Analysis; Net Income/Cost of Goods Sold b. Profitability Analysis; Net Income/Net sales c. Profitability Analysis; Gross Profit/Net Sales d. Profitability Analysis; Gross Profit/Cost of Goods Sold 4 points Save Answer QUESTION 4 4 points Save Answer Zahn Company reported net earnings of $10,000, declared and paid cash dividends on its common stock in the amount of $40,000 during the year, and sold 3,000 shares of $2 par value common stock for $15 per share during the year. What effects would these transactions have on the stockholders' equity accounts shown below? Retained Earnings Common Stock a. increase increase b. increase decrease c. decrease increase d. decrease decrease QUESTION 5 4 points Save Answer Buchanan Company (Questions 5-7) Selected financial data for Buchanan Company is below: Cash Accounts receivable Inventory Net plant and equipment Current liabilities Long Term Debt Common stock $1.00 Par Issued and Outstanding Retained earnings Buchanan 's 20X1 income statement reported: Revenue Cost of goods sold Gross margin Depreciation expense Net income 12/31/X0 12/31/X1 $24,000 $20,000 10,000 4,000 16,000 18,000 5,000 3,000 13,000 22,000 6,000 10,000 5,000 5,000 31,000 8,000 $162,000 150,000 $ 12,000 2,000 $ 10,000 (NOTE: NOTE: NO EQUIPMENT SOLD IN 20X1 20X1) What is the net cash flow from Operating Activities for 20X1? a. Decrease of $25,000 b. Increase of $25,000. c. Decrease of $5,000. d. Increase of $21,000 QUESTION 6 What is the net cash flow from Investing Activities for 20X1? a. Decrease of $5,000 b. Decrease of $3,000. c. Increase of $2,000. d. No eect or zero. 4 points Save Answer QUESTION 7 4 points Save Answer 4 points Save Answer What is the net cash flow from Financing Activities for 20X1? a. Decrease of $25,000 b. Decrease of $29,000. c. Increase of $25,000. d. Increase of $28,000 QUESTION 8 Which of the following is a noncash item reported on the statement of cash flows? a. Depreciation Expense b. Revenue c. Accounts Receivable. d. Accounts Payable QUESTION 9 4 points Save Answer You have just been oered a job to open a new Starbucks on campus. Which of the following internal control procedures would you implement to safeguard your assets? a. Proper authorization b. Segregation of duties c. Independent verification d. Safeguarding assets e. All of the above QUESTION 10 4 points Save Answer Best Media Group (Questions 10-15) Best Media Group purchased TV's at the beginning of January 20X0 for $30,000. The machines have an estimated residual value of $5,000 and an estimated life of 5 years or 20,000 hours of operation. Best Media Group is considering alternative depreciation methods for the TV's. Using the straight line method what is depreciation expense for 20X1? a. $1,800 b. $3,000 c. $4,000 d. $5,000 QUESTION 11 4 points Using the straight line method what is Accumulated Depreciation as of 12/31/X1? a. $10,000 b. $20,000 Save Answer c. $25,000 d. $30,000 QUESTION 12 4 points Save Answer Using the straight line method, if the asset was sold for $15,000 on 12/31/X1, what would be the gain or loss on the sale? a. Gain of $5,000 b. Loss of $7,000 c. Gain of $2,000 d. Loss of $5,000 QUESTION 13 4 points Save Answer Using the double declining balance method what is depreciation expense for 20X1? a. $7,000 b. $7,200 c. $8,000 d. $12,000 QUESTION 14 4 points Save Answer Using the double declining balance method what is Accumulated Depreciation as of 12/31/X1? a. $7,200 b. $12,000 c. $13,600 d. $19,200 QUESTION 15 4 points Save Answer Using the double declining balance method what is Book Value as of 12/31/X1? a. $7,200 b. $9,800 c. $10,800 d. $12,000 QUESTION 16 4 points Save Answer B&B purchased heating, cooling & solar equipment on 1/1/X0. The following are items related to the equipment: Purchase Price $15,000 Taxeson the Equipment $1,000 Installation $1,500 Annual Insurance Transportation Prepaid Expenses Legal Fees to Install Interest Expense $1,000 $1,000 $2,000 $1,500 $ 500 What is the amount B&B should capitalize as an asset for the equipment at 1/1/X0? a. $18,500 b. $19,000 c. $20,000 d. $22,500 QUESTION 17 4 points Save Answer If Cuban Group sold shirts on account to Academy for $10,000 and the cost to manufacture the shirts was $3,000, what would be the journal entry to record the sale? a. Accounts Receivable 7,000 Sales 7,000 b. Accounts Receivable Sales Accounts Payable Cash c. Cash Expense 10,000 7,000 7,000 10,000 d. Accounts Receivable Sales Cost of Goods Sold Inventory 10,000 10,000 10,000 10,000 3,000 3,000 QUESTION 18 4 points Save Answer Which of the following statements is true true? If a company a. reports net income on its income statement, it should report an increase in cash on its statement of cash flows. b. reports a net loss on its income statement, it should report a decrease in cash on its statement of cash flows. c. uses the accrual basis of accounting, it will improve its cash position if it reports net income for the same period. d. uses the accrual basis of accounting, its cash balance can increase even if it reports a net loss. QUESTION 19 Cash flows from acquiring and selling products are classified as a. operating activities. b. investing activities. 4 points Save Answer c. financing activities. d. distribution activities. QUESTION 20 4 points Save Answer 4 points Save Answer Which of the following is not an operating activity? a. Cash collections from credit customers. b. Cash payments for operating expenses. c. Cash receipts for interest earned. d. Cash payments for dividends to stockholders. QUESTION 21 Upon review of Evan's Statement of Cash Flows, the following was noted: Cash flows from operating activities $ 75,000 Cash flows from financing activities 125,000 Cash flows from investing activities (135,000) From this information, the most likely explanation is that Evan is a. using cash from operations and selling long-term assets to pay back debt. b. using cash from operations and borrowing to purchase long-term assets. c. using its profits to expand growth. d. using cash from investors to provide for operations. QUESTION 22 4 points Save Answer Gerald's Department Store. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales Purchases Inventory (Beginning) Inventory (Ending) Purchase returns and allowances Purchase discounts Transportation-in Sales discounts Sales returns and allowances $175,000 90,000 23,000 17,000 3,000 7,000 4,000 8,000 5,000 Gerald's' cost of goods purchased is: a. $ 84,000 b. $ 90,000 c. $ 103,000 d. $ 117,000 QUESTION 23 4 points Save Answer Silverstone Corp. sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10; credit terms were 1/10, n/30. Which one of the following statements is true? a. The customer can take a $10 discount if the invoice is paid on June 30 b. The customer should pay $1,000 if the invoice is paid on July 9 c. The customer must pay a $10 penalty if payment is made after July 9. d. The customer must pay $1,010 if payment is made after June 20. QUESTION 24 4 points Save Answer Garfunkel counted its ending inventory as $178,000 at year-end, January 31, 20X0. Upon review of the records, it was noted that the following items were in transit during the count: 1- $2,000 of goods shipped by a supplier to Garfunkel sent FOB destination on January 31 were received February 5, and were not counted by Garfunkel. 2-$5,000 of goods shipped by a supplier to Garfunkel sent FOB shipping point on January 30 were received February 2, and were not counted by Garfunkel. 3-$6,000 of goods shipped by Garfunkel to a customer FOB shipping point on January 31 was received by the customer February 3, and was counted by Garfunkel. The correct inventory balance at January 31 is: a. $178,000 b. $177,000 c. $174,000 d. $172,000 QUESTION 25 4 points Save Answer The Home Goods Store held inventory items at the end of 20X0. Which items should Home Goods include as part of its total inventory cost? a. Freight incurred in shipping goods to customers. b. Annual income taxes paid for operations. c. Cost of storing inventory before it is sold. d. Cost of salaries of clerks that sell the items in the cafeteria. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit