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accounting mcq quiz - Rikki Company received proceeds of $188,000 on 10-year, 6% bonds issued on

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Question;Multiple Choice Question 83;Rikki Company received proceeds of $188,000 on 10-year, 6% bonds;issued on January 1, 2014. The bonds had a face value of $200,000, pay interest;semi-annually on June 30 and December 31, and have a call price of 101. Rikki uses;the straight-line method of amortization.;What is the amount of interest Rikki must pay the bondholders in 2014?;$10,800;$13,200;$12,000;$11,200;Multiple Choice Question 85;Garland Company received proceeds of $188,000 on 10-year, 6% bonds;issued on January 1, 2013. The bonds had a face value of $200,000, pay interest;semi-annually on June 30 and December 31, and have a call price of 101. Garland;uses the straight-line method of amortization.;What is the carrying value of the bonds on January 1, 2015?;$190,400;$197,350;$189,200;$200,000;Multiple Choice Question 86;Brooks Company received proceeds of $188,500 on 10-year, 8% bonds;issued on January 1, 2013. The bonds had a face value of $200,000, pay interest;semi-annually on June 30 and December 31, and have a call price of 101. Brooks;uses the straight-line method of amortization.;Brooks Company decided to redeem the bonds on January 1, 2015. What;amount of gain or loss would Brooks report on its 2015 income statement?;$9,200 gain;$11,200 gain;$11,200 loss;$9,200 loss;Multiple Choice Question 74;On January 1, 2014, Lark Corporation purchased 35% of the common;stock outstanding of Dinc Corporation for $700,000. During 2014, Dinc;Corporation reported net income of $200,000 and paid cash dividends of;$100,000. The balance of the Stock Investments?Run account on the books;of Lark Corporation at December 31, 2014 is;$735,000.;$700,000.;$665,000.;$770,000.;Multiple Choice Question 97;Agale Combines, Inc. has $40,000 of ending finished goods;inventory as of December 31, 2014. If beginning finished goods inventory was;$25,000 and cost of goods sold was $75,000, how much would Agale report for;cost of goods manufactured?;$65,000;$90,000;$15,000;$115,000;Multiple Choice Question 98;Tracey Inc. applies overhead to production at a predetermined rate;of 90% based on direct labor cost. Job No. 130, the only job still in process;at the end of August, has been charged with manufacturing overhead of $5,400.;What was the amount of direct materials charged to Job 130 assuming the balance;in Work in Process inventory is $21,000?;$4,860.;$9,600.;$6,000.;$10,740.;Multiple Choice Question 100;Stanfield Company applies overhead on the basis of 160% of direct;labor cost. Job No. 305 is charged with $140,000 of direct materials costs and;$240,000 of manufacturing overhead. The total manufacturing costs for Job No.;305 is;$780,000;$530,000;$764,000;$380,000;Multiple Choice Question 91;Lanbong Manufacturing has recently tried to improve its analysis;for its manufacturing process. Units started into production equaled 6,000 and;ending work in process equaled 400 units. Long had no beginning work in process;inventory. Conversion costs are applied equally throughout production, and;materials are applied at the beginning of the process. How much is the;materials cost per unit if ending work in process was 25% complete and total;materials costs equaled $25,260?;$4.00.;$4.21.;$4.14.;$3.95.;Multiple Choice Question 91;Brusl Co. is planning to sell 400;hair dryers and produce 380 hair dryers during March. Each hair dryer requires;500 grams of plastic and one-half hour of direct labor. Plastic costs $10 per;500 grams and employees of the company are paid $14.00 per hour. Manufacturing;overhead is applied at a rate of 110% of direct labor costs. Brusl Co. has 300;kilos of plastic in beginning inventory and wants to have 200 kilos in ending;inventory. How much is the total amount of budgeted direct labor for March?;$2,660;$5,320;$5,600;$2,800;Multiple Choice Question 93;Jared Manufacturing is planning to sell 1,200 boxes of ceramic;tile, with production estimated at 1,120 boxes during May. Each box of tile;requires 44 pounds of clay mix and a quarter hour of direct labor. Clay mix;costs $0.50 per pound and employees of the company are paid $15.00 per hour.;Manufacturing overhead is applied at a rate of 110% of direct labor costs.;Jacob has 5,200 pounds of clay mix in beginning inventory and wants to have;6,000 pounds in ending inventory.;What is the total amount to be budgeted for direct labor for the month?;$16,800;$4,200;$18,000;$4,500

 

Paper#43849 | Written in 18-Jul-2015

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