I need help in this test. The due date is for tomorrow. The questions are attached.

BOZ Co. has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory follows: Estimated selling price $508,000 Estimated cost of disposal 20,000 Normal profit margin 60,000 Current replacement cost 455,000 BOZ records losses that result from applying the lower-of-cost-or-market (LCM) rule. At its yearend, what should be the net carrying value of BOZ's inventory? 500,000 $488,000 $455,00 0 None of the above is correct Question 3 The amount of interest to capitalize during the construction of a qualified asset is the lower of specific interest or avoidable interest lower of avoidable or actual interest lower of specific or actual interest higher of specific or avoidable interest Question 4 Which of the following has no effect on comprehensive income? Unrealized gains and losses on held-to-maturity investments Unrealized gains and losses on available-for-sale investments Unrealized gains and losses on trading securities Realized gains and losses on available-for-sale securities that were held in previous periods Question 5 Given the following information about Ultra Inc.'s portfolio of investments: Fair Fair Cost Value 12/31/04 Held-to-maturity securities Security J 2005 Purchases 2005 Sales $128,000 Trading equity securities Security K Security A $700,000 100,000 $725,000 110,000 Available-for-sale equity securities Security S Security L 400,000 100,000 380,000 95,000 $130,000 $150,000 What is the carrying amount of Security J at December 31, 2005? $125,000 $128,000 $130,000 $131,000 Question 6 The journal entry in the seller's books to record an account deemed uncollectible in a factoring agreement with recourse would include a debit to Bad Debt Expense debit to Accounts Receivable None of the above Question 7 705,000 500,000 Assume that Security J is a debt security that was purchased at a premium. The premium amortization for 2005 was $3,000. All declines in fair value are considered temporary. debit to Allowance for Uncollectible Accounts Value 12/31/05 102,000 The journal entry in the buyer's books to record the honoring by the seller of an account deemed uncollectible in a factoring agreement with recourse would include a debit to Bad Debt Expense debit to Allowance for Uncollectible Accounts debit to Cash debit to Loss on Factoring Agreement Question 8 Which of the following would not be classified as an operating asset (PP&E)? Construction in progress Land held as an investment Land improvements Coal mine Question 9 Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building X belonging to Good Co. Building X has an appraised value of $4,512,000, a cost of $9,030,000, and accumulated depreciation of $4,752,000. The correct amount of cash was also paid. Assume depreciation has already been updated. How much gain or loss did Good record, assuming no commercial substance? 0 gain/loss 234,000 gain 48,600 gain None of the above Question 10 Which of the following is not an equity security? Common stock Warrants Call Options Redeemable preferred stock with a mandatory redemption period 14040 biscayne blvd apt 1008 north Miami 33181 Question 11 Interest received from available-for-sale debt securities should be reported as an unrealized holding gainincome an unrealized holding gainequity other revenue on the income statement a reclassification adjustment on the statement of comprehensive income Question 12 Information regarding Stone Co.'s portfolio of available-for-sale securities is as follows: Aggregate cost as of 12/31/05 $170,000 Unrealized gains as of 12/31/05 4,000 Unrealized losses as of 12/31/05 26,000 Net realized gains during 2005 30,000 At December 31, 2004, Stone reported an unrealized holding loss from available-for-sale securities of $1,500 on the statement of stockholders' equity. What amount should Stone report on its December 31, 2005, balance sheet as an unrealized holding loss? $26,000 $22,000 $20,500 None of the above Question 13 Bubba Co.'s beginning inventory at January 1 was understated by $100,000, and its ending inventory was overstated by $120,000. Bubba's cost of sales for the year would be understated by $100,000 Question 14 The Bubba Company uses the gross profit method to estimate inventory and cost of goods sold for interim reporting understated by $220,000 purposes. The average gross profit rate is 25 percent of sales. The following data relate to the month of May: overstated by $220,000 Inventory cost, May 1 $30,000 Purchases during the month at cost 80,400 Sales 100,800 Sales returns 3,600 overstated by $100,000 Using the data above, what is the estimated ending inventory at May 31? $24,300 $25,200 $34,800 $37,500 Question 15 The Big Bubba Company began operations on January 1, 2004 and used the FIFO method to assign cost to its inventory. Management is considering a change to the LIFO method. Given the following information: a change to the LIFO method in 2005 would result in net income for 2005 of Final inventory FIFO LIFO Net income (per FIFO) 2004 $24,000 20,000 $12,000 2005 $27,000 21,000 $17,000 Based on the above information, a change to the LIFO method in 2005 would result in net income for 2005 of $11,000 $15,000 $17,000 $23,000 Question 16 Given the following information for Small Bubba Co. for 2015: Merchandise purchased for resale $600,000 Freight-in 20,000 Freight-out 10,000 Purchase returns 4,000 The company's 2015 inventoriable cost is $600,000 $606,000 $616,000 $626,000 Question 17 . J & J exchanged an asset with a book value of $10,000 and paid $1,000 in cash for a another asset from W & W Company with a book value of $10,300. The fair value of the given asset was $9,500 and the new asset was $10,500. Calculate the gain or loss to be recognized by J & J. Assume commercial substance. $10,500 $9,500 $11,500 None of the above Question 18 Which of the following statements concerning exchanges of like kind assets without commercial substance is not true? Always recognize losses Gains are not recognized if cash is paid Losses are recognized if cash is paid Gains are never recognized Question 19 J & J trades an asset that had a book value of $18,000 for another asset with a fair market value of $20,000. Assume lack of commercial substance. J & J pays $500 in cash. J & J's asset has a fair market value of $19,500. J & J would record the cost of the new asset at? $21,500 $18,500 $19,500 $20,000 Question 20 A loss on the sale of an operating asset results if the proceeds from the sale are less than the book value of the asset exceed the book value of the asset are less than the fair market value of the asset exceed the fair market value of the asset Question 21 During periods of inflation which of the following will yield the highest cost of sales average cost LIFO FIFO Gross profit method Question 22 Which of the following is considered an advantage to using he first-in, first-out method higher net income with inflation lower income tax with inflation higher cash flows from operation with inflation a closer match between earnings and current cost income Question 23 Which of the following will not be a result of a LIFO liquidation? The value of ending inventory will decline Net income will be higher The ending inventory will exceed beginning inventory None of the above would result from LIFO liquidation Question 24 Which statement about dollar-value LIFO is false? it assumes that inventory is a quantity of value rather than a quantity of physical goods it measures increases and decreases in inventory in dollar amounts rather than in the number of objects it helps companies avoid some of the problems associated with traditional LIFO none of the statements are false Question 25 J & J began using the dollar-value LIFO method in 2015 when its ending inventory was recorded at $50,000. The 2016 ending inventory at year-end prices was $54,000. Calculate the increase or decrease of inventory for 2016 in real terms assuming 106 percent is the price index $7,240 increase $3,773 increase $943 increase $1,000 increase Question 26 Regarding debt securities, amortized cost is the acquisition cost adjusted for the amortization of discounts or premiums acquisition cost adjusted for the changes in fair value fair value adjusted for the amortization of discounts or premiums maturity value adjusted for the amortization of discounts or premiums question 27 The journal entry to record an increase in the fair value of an available-for-sale security would include a debit to AdjustmentAvailable-for-Sale Securities and a credit to Unrealized Holding GainEquity Unrealized Holding GainEquity and a credit to AdjustmentAvailable-for-Sale Securities AdjustmentAvailable-for-Sale Securities and a credit to Unrealized Holding GainIncome Unrealized Holding GainIncome and a credit to AdjustmentAvailable-for-Sale Securities Question 28 On May 1, 2015, J & J purchased bonds issued by W & W Company. The bonds have a face value of $100,000, pay interest annually at 6 percent on November 1 and May 1, and mature in five years from the date of purchase. J & J purchased the bonds for $106,000. J & J's accounting fiscal year ends on December 31. Assume the J & J uses the straight-line method of amortization andthe bonds are classified as Held to Maturity. What is the amount of interest income reported on the 2015 income statement? $6000 $3000 $3,200 $2,400 Question 29 On May 1, 2015, J & J purchased bonds issued by W & W Company. The bonds have a face value of $100,000, pay interest annually at 6 percent on November 1 and May 1, and mature in five years from the date of purchase. J & J purchased the bonds for $106,000. J & J's accounting fiscal year ends on December 31. Assume the J & J uses the straight-line method of amortization and the bonds are classified as Held to Maturity. What is the amortized cost at December 31, 2015? $100,000 $105,200 $104,800 $106,000 Question 30 The following information is available for J & J's investment in equity securities for 2015: Net income (including appropriate investment income) Unrealized holding gainequity, January 1, 2015 Unrealized gain on available-for-sale securities during 2015 Reclassification adjustment for realized gain on the sale of available-for-sale securities Unrealized holding lossincome What is the accumulated other comprehensive income at December 31, 2015? $800,000 50,000 20,000 8,000 10,000 $70,000 $50,000 $30,000 None of the above