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17. Short-term obligations can be reported as long-term liabilities if: 18. Gain contingencies usually are recognized in a company's income statement when: 19. Funzy Cereal includes one coupon in each package of Wheaton that it sells and offers a toy car in exchange for $1.00 and three coupons. The cars cost Funzy $1.50 each. Experience indicates that 40% of the coupons eventually will be redeemed. During the last month of 2013, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2013, income statement? 20. Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate. Required: 1. Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate. 21. For trading securities. when are unrealized holding gains and losses arc included in earnings? 22. Holding gains and losses on trading securities are included in earnings because: 23. In the statement of cash flows, inflows and outflows of cash from buying and selling trading securities typically are considered: 24. The fair value of debt securities not regularly traded can be most reasonably approximated by: 25. Hawk Corporation purchased 10,000 shares of Diamond Corporation stock in 2010 for $50 per share and classified the investment as securities available for sale. Diamond's market value was $60 per share on December 31, 2011, and $65 on December 31, 2012. During 2013, Hawk sold all of its Diamond stock at $70 per share. In its 2013 income statement, Hawk would report a gain of: 17. Short-term obligations can be reported as long-term liabilities if: 18. Gain contingencies usually are recognized in a company's income statement when: 19. Funzy Cereal includes one coupon in each package of Wheaton that it sells and offers a toy car in exchange for $1.00 and three coupons. The cars cost Funzy $1.50 each. Experience indicates that 40% of the coupons eventually will be redeemed. During the last month of 2013, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2013, income statement? 20. Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate. Required: 1. Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate. 21. For trading securities. when are unrealized holding gains and losses arc included in earnings? 22. Holding gains and losses on trading securities are included in earnings because: 23. In the statement of cash flows, inflows and outflows of cash from buying and selling trading securities typically are considered: 24. The fair value of debt securities not regularly traded can be most reasonably approximated by: 25. Hawk Corporation purchased 10,000 shares of Diamond Corporation stock in 2010 for $50 per share and classified the investment as securities available for sale. Diamond's market value was $60 per share on December 31, 2011, and $65 on December 31, 2012. During 2013, Hawk sold all of its Diamond stock at $70 per share. In its 2013 income statement, Hawk would report a gain of
