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QUESTION

accounting questions

__b _ 4. How is treasury stock shown on the balance sheet?

a.

as an asset

b.

as a decrease in stockholders' equity

c.

as an increase in stockholders' equity

d.

treasury stock is not shown on the balance sheet

___c_ 5. The excess of sales price of treasury stock over its cost should be credited to:

a.

Treasury Stock Receivable

b.

Premium on Capital Stock

c.

Paid-In Capital from Sale of Treasury Stock

d.

Income from Sale of Treasury Stock

_a___ 6. A corporation purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized from the sale?

a.

$0

b.

$5,000

c.

$2,500

d.

$10,000

___c _ 7. A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be:

a.

160,000 shares

b.

40,000 shares

c.

120,000 shares

d.

10,000 shares

____c 8.A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $160. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately:

a.

$7

b.

$112

c.

$40

d.

$640

__d__ 9.The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared?

a.

$50,000

b.

$5,000

c.

$100,000

d.

$45,000

__c__ 11. If the market rate of interest is 8%, the price of 6% bonds paying interest annually with a face value of $100,000 will be:

a.

Equal to $100,000

b.

Greater than $100,000

c.

Less than $100,000

d.

Greater than or less than $100,000, depending on the maturity date of the bonds

___a _12.A corporation issues for cash $8,000,000 of 8%, 30-year bonds, interest payable annually. The amount received for the bonds will be:

a.

present value of 60 semiannual interest payments of $320,000, plus present value of $8,000,000 to be repaid in 30 years

b.

present value of 30 annual interest payments of $640,000

c.

present value of 30 annual interest payments of $640,000, plus present value of $8,000,000 to be repaid in 30 years

d.

present value of $8,000,000 to be repaid in 30 years, less present value of 60 semiannual interest payments of $320,000

___b_ 13.The entry to record the amortization of a discount on bonds payable is:

a.

debit Discount on Bonds Payable, credit Interest Expense

b.

debit Interest Expense, credit Discount on Bonds Payable

c.

debit Interest Expense, credit Cash

d.

debit Bonds Payable, credit Interest Expense

__c __14.When the market rate of interest was 12%, Newman Corporation issued $1,000,000, 11%, 10-year bonds that pay interest annually. The selling price of this bond issue was:

a.

$ 352,180

b.

$1,000,000

c.

$ 943,494

d.

$588,963

___d_ 15. The journal entry a company records for the issuance of bonds when the stated rate and the market rate are the same is:

a.

debit Bonds Payable, credit Cash

b.

debit Cash and Discount on Bonds Payable, credit Bonds Payable

c.

debit Cash, credit Premium on Bonds Payable and Bonds Payable

d.

debit Cash, credit Bonds Payable

__c__ 16. The journal entry a company records for the issuance of bonds when the stated rate is greater than the market rate would be:

a.

debit Bonds Payable, credit Cash

b.

debit Cash and Discount on Bonds Payable, credit Bonds Payable

c.

debit Cash, credit Premium on Bonds Payable and Bonds Payable

d.

debit Cash, credit Bonds Payable

___d 17. The Raymore Company issued 10-year bonds on January 1, 2006. The 15% bonds have a face value of $100,000 and pay interest every January 1. The bonds were sold for $116,951 based on the market interest rate of 12%. Raymore uses the effective-interest method to amortize bond discounts and premiums. On January 1, 2007, Raymore should record interest expense (round to the nearest dollar) of:

a.

$7,032

b.

$7,500

c.

$8,790

d.

$14,034

__c_ 18.One of the objectives of management accounting is to provide

a.

stockholders and potential investors with useful information for decision making

b.

banks and other creditors with information useful in making credit decisions

c.

management with information useful for planning and controlling operations

d.

the Internal Revenue Service with information about taxable income

___c_ 19.Management accounting is primarily concerned with which of the following?

a.

Following GAAP.

b.

Preparing a full set of financial statements for external users.

c.

Producing information for management.

d.

Preparing tax returns for submission to the Internal Revenue Service

__c_ 20.Mulholland Company manufactures various wooden furniture products. If the cost object is a product, such as a chair, what costs would be considered direct?

a.

manufacturing supervisor's salary

b.

depreciation on the factory building

c.

salary of the worker that glues the legs to the seat of the chair

d.

insurance on the factory

___c 21. Which of the following costs would NOT be directly traceable to the manufacture of an automobile?

a.

the cost of the engine

b.

the cost of the tires

c.

the cost of lubricants

d.

the cost of the steering column

____ 22. Which of the following costs would be classified as an indirect cost in the manufacturing of custom built dining tables?

a.

the cost of the table base

b.

the cost of the table legs

c.

the cost of the person assembling the table

d.

the cost of the rent on the manufacturing facility

___a_ 23. The wood in an oak desk is an example of which of the following?

a.

direct materials

b.

indirect materials

c.

direct labor

d.

indirect labor

__b__ 24. The grease used to maintain the production equipment in working order is an example of which of the following?

a.

direct material

b.

indirect material

c.

direct labor

d.

indirect labor

__d__25. The salaries of the production supervisors would be an example of which of the following?

a.

direct materials

b.

indirect materials

c.

direct labor

d.

indirect labor

__b__26.The wages of a production equipment operator would be classified as which of the following?

a.

direct materials

b.

direct labor

c.

manufacturing overhead

d.

selling and administrative costs

_b___ 27. Which of the following is a product cost?

a.

advertising expenditures

b.

insurance on the office buildings

c.

depreciation of the salesmen's cars

d.

depreciation of the production facilities

The Norfolk Company reported the following information at the end of the current year:

Indirect labor

$40,000

Direct materials

$50,000

Selling expenses

$15,000

Sales revenue

$200,000

Rent on factory

$25,000

Factory utilities

$10,000

Depreciation

$10,000

Direct labor

$45,000

Administrative expenses

$30,000

Property taxes on factory

$5,000

____c 28. Refer to the Norfolk Company. Calculate Manufacturing Overhead cost.

a.

$50,000

b.

$80,000

c.

$90,000

d.

$140,000

__d__ 29. Refer to the Norfolk Company. Calculate total manufacturing costs.

a.

$95,000

b.

$145,000

c.

$175,000

d.

$185,000

___a_ 30. Refer to the Norfolk Company. Calculate prime costs.

a.

$45,000

b.

$50,000

c.

$95,000

d.

$135,000

__c__ 31. Refer to the Norfolk Company. Calculate conversion costs.

a.

$90,000

b.

$130,000

c.

$135,000

d.

$140,000

__c__ 32. Refer to the Norfolk Company. Calculate period costs.

a.

$15,000

b.

$30,000

c.

$45,000

d.

$55,000

i already got the most of answer of these multitude choice besides number 22 . but i need the clear details for each one . please show me the solution of them.

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