Details of this Paper

charter oak acc101 week 10 test part 1




Question;1. A capital lease is recorded in the;accounting records of the lessee by an entry;Answer;? Question;2;2.287 out of 2.287 points;2.;Which of the following are factors in determining pension expense?;Answer;? Question;3;2.287 out of 2.287 points;3. A liability for deferred income taxes;represents;Answer;? Question;4;2.287 out of 2.287 points;4.;Which of the following is an example of a loss contingency that should;be disclosed in a footnote to a company's financial statements?;Answer;? Question;5;2.287 out of 2.287 points;5.;Day Company is a defendant in a lawsuit alleging damages of $4;billion. The litigation is expected to;continue for several years, and no reasonable estimate can be made at this time;of Day Company's ultimate financial responsibility. This situation is an example of;Answer;? Question;6;2.287 out of 2.287 points;6.;HotRock Studio issues a contract to a new recording artist to produce a;number of albums over the next five years at $1 million per album. This;situation is an example of;Answer;? Question;7;2.287 out of 2.287 points;Use the following to answer;questions 7 - 10;On November 1, Year 1, Placid Co. borrowed $100,000 from Bay;Bank and signed a 12%, six-month note payable, all due at maturity. The;interest on this loan is stated separately.;7. Refer to the above data. How much must;Placid pay Bay Bank on May 1, Year 2, when the note matures?;Answer;? Question;8;2.287 out of 2.287 points;8.;Refer to the above data. How much;interest expense will Placid recognize on this note in Year 2?;Answer;? Question;9;2.287 out of 2.287 points;9.;Refer to the above data. At December 31, Year 1, Placid Co.'s overall;liability for this loan amounts to;Answer;? Question;10;2.287 out of 2.287 points;10.;Refer to the above data. At December 31, Year 1, the adjusting entry;with respect to this note includes a;Answer;? Question;11;2.287 out of 2.287 points;Use the following to answer;questions 11 - 13;On December 1, Year 1, Newton Corporation incurs a 15-year;$300,000 mortgage liability in conjunction with the acquisition of an office;building. This mortgage is payable in monthly installments of $3,600, which;include interest computed at the rate of 12% per year. The first monthly payment is made on December;31, Year 1.;11. Refer to the above data. Compute the total;amount to be paid by Newton over the 15-year life of the mortgage.;Answer;? Question;12;2.287 out of 2.287 points;12.;Refer to the above data. How much of the first payment made on December;31, Year 1, represents interest expense?;Answer;? Question;13;2.287 out of 2.287 points;13.;Refer to the above data. The total liability related to this mortgage;reported in Newton's balance sheet at December 31, Year 1, is;Answer;? Question;14;2.287 out of 2.287 points;Use the following to answer;questions 14 - 15;Harper Co. has outstanding $100 million of 5% bonds, due in;7 years, and callable at 102. The bonds;were issued at par and are selling today at a market price of 92.;14. Refer to the above data. If Harper Co.;retires $10 million of these bonds by purchasing them from bondholders at;current market price, the company will report;Answer;? Question;15;2.287 out of 2.287 points;15.;Refer to the above data. If Harper Co. calls $10 million of these bonds;it will report;Answer


Paper#42585 | Written in 18-Jul-2015

Price : $20