Chapter 9,10,11,12

debit to cash for $261

a company receives $261 of which $21 is for sales tax. the journal entry to record the sale would include a

a amortized over its useful life or 20 years , which is shorter

a patent should be

common stock 30000 and paid in capital in excess of par value 12,000

alt corp. issues 3000 shares of $10 par value common stock at $14 per share. when the transaction is recorded credits are made to

300000 X 1.0225

bonds with a face value of 300,000 and a quoted price of 102 1/4 have a selling price of

cash inflow and cash outflow must be reported separately

if a company has both an inflow and outflow of cash related to property, plant, and equipment the ______ in the investing activities section

paid in capital in excess of par value will be credited for 120,000

if norben company issues 4000 shares of $5 par value common stock for 140000, the account

discount

if the market interest rate for a bond is higher than the stated interest rate, the bond will sell at

a discount

if the market interest rate for bond is higher than the stated interest rate, the bond will sell at

an estimate of a plant asset's value at the end of its useful life

in computing depreciation, salvage value is

separated schedule or note to the financial statements

in preparing a statement of cash flows, a conversion of bonds into common stock will be reported in a

collecting cash on loans made

investing activities include

authorized stock

the amount of stock that may be issued according to the corporation's charter is referred to as the

asset's cost less accumulated depreciation

the book value of an asset is equal to the

cash flows from operating activities

the category that is generally considered to be the best measure of a company ability to continue as a going concern is

cash flows from investing activities

the category that is generally considered to be the best measure of a company's ability to continue as a going concern

controller

the chief accounting officer in a company is known as the

decreasing depreciation expense each period

the declining balance method of depreciation produce

double declining balance method

which of the following depreciation methods best applies to those that generate greater revenue earlier in their useful lives

units of production method

which of the following depreciation methods best fit those assets that tend to wear out before they become obsolete

if the asset is not fully depreciated, a gain on the disposal of an asset for no proceeds

which of the following is a correct statement regarding the disposal of an asset for no proceeds

a lawsuit judgement to be decided on january 10 2015

which of the following is not a current liability on december 31, 2014

a lawsuit judgment to be decided on january 10 2018

which of the following is not a current liability on december 31, 2017

determine the net cash provided by operating activities

which of the following is the first step in preparing the statement of cash flows

units of activity

which of the following methods of computing depreciation is production based

declining-balance

which of the following methods will result in the highest depreciation in the first year

dividends payable

which of the following most likely would be classified as a current liability

the company converts bonds into common stock

which of the following would not create a cash flow

debit to discount on bonds payable for 120000

yank corporation issues 4000, 10 year , 8% , $1000 bonds dated january 1, 2014 at 97. the journal entry to record the insurance will show

on the declaration date

A corporation records a dividend related liability

operating activities

cash receipts from interest and dividend are classified as

Expenses

cost that do not extend the assets capacity or its useful life, but merely maintain the asset or restore it to working order are recorded as

common stock 400000 (80000x5)

holden packing corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $ 8 per share and 20000 shares of 6% $10 par preferred stock for par. at year end

cash 300000 notes payable 300000

moss county bank agrees to lend the sadowski brick company 300,000 on jan 1. sadowski brick company signs a 300,000, 6% , 9 month note. the entry madde by sadowski brick company on jan 1 to record the proceeds and issuance of the note is

net increase (decrease) in cash

of the items below, the one that appears first of on the statement of cash flows is

124000-10000/ 24000 = 4.75 > 4.75 x 9100= 43,225

on january 10 2010, maxim corporation acquired equipment 124000. the estimated life of the equipment is 3 years or 24000 hours. the estimated residual value is 10000. what is the depreciation for 2010, id baldwin corp uses the asset 9100 hours and uses the units of production method of depreciation ?

260000- 20000 / 5 = 48000x2 = 96000

on january 2, 2010, KJ corporation acquired equipment for 260000. the estimated life of the equipment is 5 years or 40000 hours. the estimated residual value is 20000. what is the book value of the asset on december 31 2011 if KJ corporation uses the straigh- line method of depreciation ?

cash receipts from sales activities

on the statement of cash flows, the cash flows from operating activities section would include

250000/10 = 25000

the following data is available for BOX corporation at december 21, 2014 common stock, par $ 10 (authorized 30000 shares) 250000 treasury stock (at cost $15 per share) 1,200 based on the data, how many shares of common stock are issued

operation, investing, and financing

the order of presentation of activities on the statement of cash flow is

amortization expense

the portion of the cost of natural resources that is consumed in a particular period is called

market price

the present value of a bond also known as its

market price

the present value of bond id also known as its

provide information about the cash receipts and cash payments during a period

the primary purpose of the statement of cash flows is to

summarizes the operating, financing, and investing activities of an entity

the statement of cash flows

less taxes in early years of the assets use as compared to later years.

using an accelerated depreciation method (DDB) will cause a profitable company to incur

common stock + retained earnings + treasury stock

what is the total stockholders equity based on the following account balances common stock - 750000 paid in capital in excess of par - 50000 retained in earnings - 175000 treasury stock - 25000

sale price exceeds the book value of asset sold

when an asset is sold , a gain occurs when the

the book value is equal to the residual value, and the asset has reached the end of its estimated useful life.

when asset is fully depreciated

Cash paid (loaned) to a borrower as a loan

which of the following activities would be classifies as an investing activity