Please help with these questions they are for my accounting test. Thank you!!

Question: 1. The reason investors buy bonds is to _______. a) exercise voting rights in a company b) own controlling interest in the company c) receive dividend payments d) earn interest 2. The following information is from the balance sheet of Tutor Corporations as of December 31, 2015. Preferred Stock, $100 par ($360,000) Paid - in Capital in Excess of Par - preferred ($30,000) Common stock, $1 par ($122,000) Paid - in capital excess of par- common ($316,000) Retained earnings ($91,900) Total Stockholders' Equity ($919,900) What was the total paid - in capital as of December 31, 2015? a) $828,000 b) $676,000 c) $798,000 d) $919,900 3. A certain contingent liability was evaluated at year - end, and considered to have a remote possibility of becoming an actual liability. If the accountant decided not to report it on the balance sheet or in the notes to the financial statement, what effect would this have on the financial reporting of the company? a) the information about the transaction would be inadequately disclosed in the notes b) the liabilities on the balance sheet would be understated c) there would be no effect d) the net income of the company would be understated 4.The net income of Vista Camera Services is $29,000. The beginning and ending stockholders' equity balances were $34,000 and $55,000, respectively. The company issued no common stock. Calculate the amount of dividends. a) $18,000 b) $60,000 c) $8,000 d) $5,000 5.Steve, an employee of Panache Inc., had gross salary for May of $15,000. The entire amount is under the OASDI limit of $110,100, and thus subject yo FICA. He is also subject to federal income tax at a rate of 20%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA OASDI tax of 4.2% and FICA - medicare tax of 1.45%) a) debit to Cash for $11,153 b) debit to Employee income tax payable of $11,153 c) debit to FICA tax payable of $11,153 d) credit to Cash for $11,153 6. The principal amount is $92,000, the stated rate is 10%, and the term of the bond is 8 years. The bond pays interest semiannually. At the time of the issue, the market rate is 8%. What is the present value of the bond at the market rate? a) $48,999 b) $53,599 c) $95,128 d) $102,727 7. In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A: a supplier invoice, a bill of lading, and the supplier's financial statements B:a purchase order, a journal entry, and a price catalog C: a journal entry, a supplier invoice, and a description of the goods being purchased D: a receiving report, and invoice, and a purchase order 8. Revival Corporation's annual report is follows: Net income: March 31, 2014: $358,000 March 31, 2015: $438,500 Preferred Dividends: March 31, 2014: 0 March 31, 2015: 0 Total Stockholder's Equity: March 31, 2014: $4,350,000 March 31, 2015: $5,262,000 Stockholders' Equity attributable to Preferred: March 31, 2014: (blank) March 31, 2015: (blank) Stock: March 31, 2014: 0 March 31, 2015: 0 Number of Common Shares outstanding March 31, 2014: 291,000 March 31, 2015: 200,000 Based on the information provided, find the rate of return on common stockholders' equity on March 31, 2015 A: 90.82% B: 9.12% C: 8.33% D: 8.23% 9. Saran Digital Inc. starts the year with $3,200 in its Estimated Warranty Payable account. During the year, there was $230,000 of sales and $4,800 of warranty repair payments. Saran Digital estimates warranty expense at 2% of sales. Ar the end of the year, what is the balance in the Estimated Warranty Payable account? A: $4,800 credit B: $3,200 debit C: $4,600 debit D: #3,000 credit 10. Which of the following best describes restrictions on cash dividends and treasury stock purchases? A: restrictions on cash payments that are made to ensure higher reported profits B: limits that are established to boost sales revenues C: limits required by lenders or creditors to ensure that the company maintains adequate levels of equity D; restrictions on payments made by the shareholders to lower federal income tax expense 11. On November 1, 2015, EZ Products borrowed $52,000 on a 7%, 8 - year note with annual installment payments of $4,160 plus interest due on November 1 of each succeeding year .On November 1, 2016, what will the balance be in the Long - Term Notes Payable account? A: $43,680 B: $52,000 C: $47,840 D $4,160 12. Which of the following statements is true? A: No journal entries are needed to either appropriate or restrict retained earnings B: Appropriations of retained earnings require journal entries, but restriction on retained earnings do not. C: Restriction on retained earnings must be journalized, but appropriations do not need to be journalized. D: Both appropriations and restrictions of retained earnings require journal entries. 13. A business purchases equipment by paying $5,307 in cash and issuing a note payable of $17,553. Which of the following occurs? A: Cash is credited for $5,307, Equipment is debited for $22,860, and Notes Payable is credited for $17,553. B: Cash is debited for $5,307, Equipment is debited for $17,553, and Notes Payable is credited for $22,860. C: Cash is debited for $5,307, Equipment is credited for $17,55, and Notes Payable is debited for $12,246 D: Cash is credited for $5,307, Equipment is credited for $22,860, and Notes Payable is debited for $17,553. 14. A $40,000 four - month 6.5% not payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? A: a debit to Interest payable for $217 B: a credit to Cash for $40,000 C: a debit to Interest expense for $217 D: a credit to Note payable for $40,867 15. What is the effect of the adjusting entry for Depreciation Expense? A: It decreases total liabilities and increases total expenses. B: It increases total assets and increases total expenses C: It increases total liabilities and increases total expenses D: It decreases total assets and increases total expenses 16. Peace of Mind provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Peace of Mind has collected $900 from cash-paying customers. Peace of Mind's remaining customers owe the business $1,300. How much service revenue would Peace of Mind have for the year under the a. cash basis? b. accrual basis? A: Under the cash basis, Peace of Mind will record $________ of service revenue for the year B: Under the accrual basis, Peace of Mind will record $_________ of service revenue for the year