Question :
87.All of the following examples of intangible assets, except
a.
goodwill.
b.
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87.All of the following are examples of intangible assets, except
a.
goodwill.
b.
trademarks.
c.
franchises.
d.
coal mines.
88.A company should classify land held for a planned manufacturing facility as
a.
a current asset.
b.
an intangible asset.
c.
an investment.
d.
property, plant, and equipment.
89.Which of the following should be classified as an intangible asset?
a.
Franchises
b.
Accounts receivable
c.
Land held for future use
d.
Accumulated depreciation
90.A corporation’s stockholders’ equity section of the balance sheet may contain all but which of the following?
a.
Additional paid-in capital
b.
Common stock
c.
T. McDonald, capital
d.
Retained earnings
91.The owner’s capital for a sole proprietorship is similar in nature to which of the following for corporations?
a.
Dividends
b.
Stockholders’ equity
c.
Common stock
d.
Retained earnings
92.Use this information to answer the following question.
J. & B. Auto Parts, Inc.
Balance Sheet
December 31, 20×7
Assets
Cash
$50,000
Short-term investments
40,000
Notes receivable (due in ten months)
30,000
Accounts receivable
20,000
Merchandise inventory
70,000
Land held for future use
80,000
Land
90,000
Building
$100,000
Less accumulated depreciation
20,000
80,000
Trademark
70,000
Total assets
$530,000
Liabilities
Notes payable (due in six months)
$50,000
Accounts payabe
20,000
Salaries payable
10,000
Mortgage payable (due in seven years)
90,000
Total liabilities
$170,000
Stockholder’s Equity
Common stock
$300,000
Retained earnings
60,000
Total stockholder’s equity
360,000
Total liabilities and stockholder’s equity
$530,000
The total dollar amount of assets to be classified as current assets is
a.
$160,000.
b.
$210,000.
c.
$260,000.
d.
$180,000.
93.Use this information to answer the following question.
J. & B. Auto Parts, Inc.
Balance Sheet
December 31, 20×7
Assets
Cash
$ 60,000
Short-term investments
40,000
Notes receivable (due in ten months)
30,000
Accounts receivable
20,000
Merchandise inventory
70,000
Land held for future use
90,000
Land
90,000
Building
$100,000
Less accumulated depreciation
20,000
80,000
Trademark
70,000
Total assets
$550,000
Liabilities
Notes payable (due in six months)
$ 50,000
Accounts payable
20,000
Salaries payable
10,000
Mortgage payable (due in seven years)
100,000
Total liabilities
$180,000
Stockholders’ Equity
Common stock
$310,000
Retained earnings
60,000
Total stockholders’ equity
370,000
Total liabilities and stockholders’ equity
$550,000
The total dollar amount of assets to be classified as investments is
a.
$0.
b.
$110,000.
c.
$90,000.
d.
$190,000.
94.Use this information to answer the following question.
J. & B. Auto Parts, Inc.
Balance Sheet
December 31, 20×7
Assets
Cash
$ 70,000
Short-term investments
40,000
Notes receivable (due in ten months)
30,000
Accounts receivable
20,000
Merchandise inventory
70,000
Land held for future use
80,000
Land
80,000
Building
$100,000
Less accumulated depreciation
20,000
80,000
Trademark
70,000
Total assets
$540,000
Liabilities
Notes payable (due in six months)
$ 50,000
Accounts payable
20,000
Salaries payable
10,000
Mortgage payable (due in seven years)
90,000
Total liabilities
$170,000
Stockholders’ Equity
Common stock
$310,000
Retained earnings
60,000
Total stockholders’ equity
370,000
Total liabilities and stockholders’ equity
$540,000
The total dollar amount of assets to be classified as property, plant, and equipment is
a.
$180,000.
b.
$230,000.
c.
$310,000.
d.
$160,000.
95.An investment is classified as short term or long term based on
a.
the dollar amount of the investment.
b.
the length of time the investor expects to hold it.
c.
whether the investment can be sold immediately.
d.
the length of time it has been held.
96.Which of the following appears on the balance sheet?
a.
Net sales
b.
Income taxes
c.
Interest income
d.
Merchandise inventory
