Question : 57. Temple Corporation purchased a piece of real estate, paying $400,000 : 1229369

 

 

57. Temple Corporation purchased a piece of real estate, paying $400,000 cash and financing $700,000 of the purchase price with a 10-year, 15% installment note. The note calls for equal monthly payments that will result in the debt being completely repaid by the end of the tenth year. In this situation: 
A. The aggregate amount of the monthly payments is $700,000.
B. Each monthly payment is greater than the amount of interest accruing each month.
C. The portion of each payment representing interest expense will increase over the 10-year period, since principal is being paid off, yet the payment amount does not decrease.
D. The portion of each monthly payment representing repayment of principal remains the same throughout the 10-year period.

 

 

58. If a bond is selling at 103, it is selling at: 
A. Maturity value and yields a 2% interest rate.
B. A discount.
C. A premium.
D. $103 per bond.

 

 

59. Which of the following payroll costs are shared equally by the employer and the employee? 
A. State unemployment taxes.
B. Workers’ compensation.
C. Social security.
D. Federal unemployment taxes.

 

 

60. Interest payable on a loan becomes a liability: 
A. When the note payable is issued.
B. As it accrues.
C. At the maturity date.
D. When the borrowed money is received.

 

 

61. An employer’s total payroll-related costs always exceed the wages and salaries earned by employees by: 
A. Amounts withheld from employees’ pay.
B. Payroll taxes and mandated programs such as workers’ compensation insurance.
C. 50%.
D. Employers’ payroll-related costs actually are less than the gross wages and salaries earned by employees, because of amounts withheld from employees’ checks.

 

 

62. Bonds, with the same face value, issued at a premium will: 
A. Have a greater maturity value than a bond issued at a discount.
B. Have a lesser maturity value than a bond issued at a discount.
C. Have the same maturity value as a bond issued at a discount.
D. Have a different maturity value than a bond issued at a discount, depending upon the interest rate and maturity date.

 

 

63. The amounts that a business withholds as taxes from an employee’s earnings: 
A. Represent payroll taxes expense to the employer.
B. Are deposited in an interest-bearing account until the employee is terminated.
C. Represent miscellaneous revenue to the employer.
D. Represent current liabilities to the employer.

 

 

64. Unearned revenue: 
A. Appears on the income statement as income.
B. Appears on the income statement as a reduction to income.
C. Appears on the income statement as a liability.
D. Appears on the balance sheet as a liability.

 

 

The average employee of Girard Corporation earns gross pay of $75,000 per year. The following table shows the relative size of various payroll amounts by expressing each as a percentage of total wages and salaries expense (gross pay):
  
In addition, Girard pays $425 per month per employee for group health insurance.

 

65. Which of the following is the largest payroll-related expense incurred by Girard? 
A. Group health insurance premiums.
B. Income taxes expense.
C. The employer’s share of social security taxes.
D. Wages and salaries expense.

 

 

66. Which of the following represents the second largest payroll related expense incurred by Girard? 
A. Group health insurance premiums.
B. Income taxes expense.
C. The employer’s share of social security taxes and Medicare taxes.
D. Wages and salaries expense.

 

 

 

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