Look at the screenshots below for the questions. Appreciate your help!

AutoSave OFF ACCT 202 FINAL WINTER 2021 Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments AA al Wrap Text General v Insert v Calibri (Body) v 11 Ex AP - O. x Delete v Paste BIUV DVAv E E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & nalyze Sensitivity Formatting as Table Styles Format v Filter Select Data K15 fx B D E F G H 1 K L M N 0 P Q MULTIPLE CHOICE Choose the best answer for each question. Use the dropdown to select each answer. The dropdown is in column B. There are 20 questions. Use the dropdowns to choose your answer. Use dropdown.. Select Answer: The book value of an asset is equal to the asset cost minus: A. Salvage Value B. Accumulated Depreciation C. the depreciation rate D. asset life 10 2 Select Answer: Marnie Company purchased an truck for $42,000. The truck has a life of 9 years and 11 salvage value of $6,000. The straight line depreciation would be how much per year? A. $4,000 13 B. $4,200 14 c. $2,100 15 D. $4,667 16 17 E elect Answer: Marnie Company purcased an truck for $42,000. The truck has a life of 9 years and 18 salvage value of $6,000. How much depreciation would be charged in year 1 19 under double declining balance depreciation? 20 A. $4,667 21 B. $2,100 22 C. 9,333 23 D. $4,000 24 25 elect Answer: Limbo Manufacturing has a machine that cost $22,000. The accumulated depreciation 26 is $17,000. The company sold the machine for $9,000. What was the gain or loss? 27 oss of $4,00 28 B. Gain of $4,000 29 C. No gain or loss 30 D. Loss of $13,000 31 32 5 Select Answer: If Limbo Manufacturing sells a machine for cash, what type of cash flow will result? 33 A. Operating cash flow 34 . Financing cash flow 35 C. Investing cash flow 36 D. Noncash investing and financing cash flow 37 38 6 elect Answer: Who pays unemployment taxes? 39 A. Employee only 40 B. Employer only 41 C. Both employer and employee 42 . Neither employer nor employee 43 0. INFO 1. MC Qs 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + D + 100% ReadyAutoSave OFF ACCT 202 FINAL WINTER 2021 Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments AA ab Wrap Text General v Insert v Calibri (Body) v 11 = Ex AY- O. x Delete v nalyze Paste Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Sensitivity BIUV DVAv E Formatting as Table Styles Format v DV Filter Select Data K15 X V fx A B C D E F G H K L M N 0 Q 42 D. Neither employer nor employee 43 44 elect Answer: Who pays social security and medicare taxes? 45 A. Employee only 46 B. Employer only 47 C. Both employer and employee 48 D. Neither employer nor employee 49 50 8 Select Answer: Which one of the following is not a payroll tax? 51 A. State unemployment tax 52 B. Federal unemployment tax 53 C. Match on employee medicare tax 54 D. Employee income taxes 55 56 9 Select Answer: Name a serious disadvantage to forming a partnership. 57 A. Unlimited liability for each partner 58 B. Ability to bring together the skills and resources of partners 59 C. Easy to form a partnership 60 D. Income taxes must be paid by a partnership 61 62 10 Select Answer: Carney Corp. borrowed $10,000 on a 3-month 6% note payable. How much interest 63 will Carney pay on this note? 64 A. $600 65 B. $60 66 C. $1,500 67 D. $150 68 69 11 elect Answer: Zillion Corpoation issued 100,000 shares of $1.00 par common stock at a price of 70 $5.00 per share. What account is used for the extra money received, beyond the par 71 value? 72 A. It is net income and should go to Retained Earnings 73 B. It represents a liability that the corporation must pay back 74 C. It should be reported on the income statement 75 D. It goes to the Paid in Capital in Excess of Par account and is not part of net income 76 77 12 elect Answer: A corporation purchases shares of its own stock for the purpose of rewarding 78 executives and other employees. These shares are called: 79 A. preferred stock 80 B. treasury stock 81 C. stock dividends 82 D. cash dividends 83 84 13 Select Answer: Carmen Corporation issued one million shares of $5.00 par stock. On a cash flow 0. INFO 1. MC Qs 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + + 100% ReadyAutoSave OFF ACCT 202 FINAL WINTER 2021 Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA ab Wrap Text General v Insert v Ex AY- O. x Delete v Paste BIUV VAv E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & nalyze Sensitivity Formatting as Table Styles Format v Filter Select Data K15 fx A B C D E F G H K L M N 0 Q 83 84 13 Select Answer: Carmen Corporation issued one million shares of $5.00 par stock. On a cash flow 85 statement, the cash received from this stock issuance would be considered what 86 type of cash flow? 87 A. operating cash flow 88 3. investing cash flow 89 C. financing cash flow 90 D. it would not be considered a cash flow 91 92 14 Select Answer: Carmen Corporation declared and paid a $1.50 cash dividend to common 93 stockholders. How would this cash dividend be classified on Carmen's cash flow 94 statement? 95 A. financing cash flow 96 3. investing cash flow 97 c. operating cash flow 98 D. it would not be considered a cash flow 99 100 15 Select Answer: On a cash flow statement using the Indirect Method, how would noncash expenses 101 such as depreciation, depletion and amortization be treated? 102 A. subtract depreciation from the net income figure 103 B. add back the depreciation to the net income figure 104 . subtract depreciation from the cash flows from investing 105 . subtract depreciation from cash flows from financing 106 107 16 elect Answer: Name a characteristic of preferred stock. 108 A. Only preferred stockholders are allowed to vote for the board of directors. 109 B. Preferred stockholders are required to receive a dividend every year. 110 C. Preferred stockholders receive a fixed dividend amount or percentage. 111 D. If the corporation liquidates, only the common shareholders will receive proceeds. 112 113 17 Select Answer: Donna borrowed $400,000 from Bank of America on a 6% 30-year installment loan 114 with monthly payments. How would the payment be determined? 115 A. Multiply $400,000 times the interest factor for 30 years at 6%. 116 B. Multiply $400,000 times the interest factor for 30 years at 1/2%. 117 C. Divide $400,000 by the interest factor for 30 years at 1/2%. 118 . Divide $400,000 by the interest factor for 30 years at 1%. 119 120 18 Select Answer: Which of the following depreciation methods is accelerated? 121 A. Straight line 122 B. Double Declining Balance 123 C. Units of Activity 124 D. All of these are accelerated 125 D 0. INFO 1. MC Qs 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + Ready + 100%AutoSave OFF ACCT 202 FINAL WINTER 2021 Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA ab Wrap Text General v Insert v Ex AY- O. x Delete Paste BIUV DVAv E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & nalyze Sensitivity Formatting as Table Styles Format v DV Filter Select Data K15 + X V fx A B D E F G H K L M N Q 102 A. subtract depreciation from the net income figure 103 B. add back the depreciation to the net income figure 104 C. subtract depreciation from the cash flows from investing 105 . subtract depreciation from cash flows from financing 106 107 16 Select Answer: Name a characteristic of preferred stock. 108 A. Only preferred stockholders are allowed to vote for the board of directors. 109 B. Preferred stockholders are required to receive a dividend every year. 110 C. Preferred stockholders receive a fixed dividend amount or percentage. 111 D. If the corporation liquidates, only the common shareholders will receive proceeds. 112 113 17 elect Answer: Donna borrowed $400,000 from Bank of America on a 6% 30-year installment loan 114 with monthly payments. How would the payment be determined? 115 A. Multiply $400,000 times the interest factor for 30 years at 6%. 116 B. Multiply $400,000 times the interest factor for 30 years at 1/2%. 117 C. Divide $400,000 by the interest factor for 30 years at 1/2%. 118 D. Divide $400,000 by the interest factor for 30 years at 1%. 119 120 18 Select Answer: Which of the following depreciation methods is accelerated? 121 A. Straight line 122 B. Double Declining Balance 123 C. Units of Activity 124 D. All of these are accelerated 125 126 19 Select Answer: Which of the following types of business entities is required to pay income tax? 127 A. proprietorship 128 3. partnership 129 C. corporation 130 D. None of these 131 132 20 Select Answer: How would you characterize the account Discount on Bonds Payable? 133 A. The discount on bonds payable represents extra cash received when the bonds 134 were issued. 135 B. The discount on bonds payable is considered extra future interest expense, because 136 of the cash not received at bond issuance 137 C. The discount on bonds payable has a credit balance which adds to the bond's 138 carrying value. 139 D. The discount on bonds payable represents a decrease in future interest expense. 140 141 142 143 144 0. INFO 1. MC QS 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + Ready - + 100%