Question : 81.Refer to the information above. Assume that in its financial : 1237684

Accounting

81.Refer to the information above. Assume that in its financial statements, Victor uses straight-line depreciation and rounds depreciation for fractional years to the nearest whole month. Depreciation recognized on this equipment in 2014 and 2015 will be:

A. $23,333 in 2014 and $35,000 in 2015.

B. $40,000 in 2014 and $30,000 in 2015.

C. $20,000 in 2014 and $35,000 in 2015.

D. $26,250 in 2014 and $35,000 in 2015.

($160,000 – $20,000)/4 = $35,000 × 9/12 = $26,250 for 2014 and $35,000 for 2015

82.Refer to the information above. Assume that in its financial statements, Victor uses straight-line depreciation and the half-year convention. Depreciation recognized on this equipment in 2014 and 2015 will be:

A. $40,000 in 2014 and $30,000 in 2015.

B. $23,333 in 2014 and $30,000 in 2015.

C. $17,500 in 2014 and $35,000 in 2015.

D. $20,000 in 2014 and $35,000 in 2015.

($160,000 – $20,000)/4 = $35,000/2 = $17,500 for 2014 and $35,000 for 2015

83.Refer to the information above. If Victor uses straight-line depreciation with the half-year convention, the book value of the equipment at December 31, 2015 will be:

A. $90,000.

B. $107,500.

C. $106,667.

D. $105,000.

$160,000 – $17,500 – $35,000 = $107,500

On April 30, 2014, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.

84.Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2014 and 2015 will be:

A. $7,500 in 2014 and $11,000 in 2015.

B. $6,000 in 2014 and $12,000 in 2015.

C. $5,000 in 2014 and $10,000 in 2015.

D. $5,500 in 2014 and $11,000 in 2015.

($88,000 – $8,000)/8 = $10,000/2 = $5,000 in 2014 and $10,000 in 2015

85.Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expense recognized on this machinery in 2014 and 2015 will be:

A. $2,333 in 2014 and $7,000 in 2015.

B. $5,833 in 2014 and $10,000 in 2015.

C. $6,667 in 2014 and $10,000 in 2015.

D. $10,000 in 2014 and $10,000 in 2015.

($88,000 – $8,000) = $80,000/8 = $10,000 × 8/12 = $6,667 in 2014 and $10,000 in 2015

86.Refer to the information above. Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in 2014 and 2015 will be:

A. $11,000 in 2014 and $19,250 in 2015.

B. $22,000 in 2014 and $12,571 in 2015.

C. $22,000 in 2014 and $7,857 in 2015.

D. $11,000 in 2014 and $22,000 in 2015.

$88,000 × 2/8 = $22,000/2 = $11,000 in 2014 and $77,000 × 2/8 = $19,250 in 2015

87.Refer to the information above. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2014 and 2015 will be:

A. $8,250 in 2014 and $14,953 in 2015.

B. $16,500 in 2014 and $12,964 in 2015.

C. $16,500 in 2014 and $16,500 in 2015.

D. $15,000 in 2014 and $11,786 in 2015.

($88,000 × 1.5/8) = $16,500/2 = $8,250 in 2014 and ($88,000 – $8,250) × 1.5/8 = $14,953 in 2015

88.Refer to the information above. In the year 2020, Tilton Products sells this machinery for $4,500. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $8,000. This sale results in:

A. A $3,500 loss in both the company’s financial statements and income tax return.

B. No gain or loss in either the financial statements or income tax return.

C. A $3,500 loss in the financial statements; a $3,500 gain in the income tax return.

D. A $3,500 loss in the financial statements, but no gain or loss in the income tax return.

$8,000 – $4,500 = $3,500

89.An accelerated depreciation method:

A. Results in reporting higher earnings every year.

B. Depreciates an asset over a shorter life than does the straight-line method.

C. Recognizes more depreciation expense in the early years of an asset’s useful life and less in the later years.

D. Is required for assets that become technologically obsolete before they physically wear out.

90.Accelerated depreciation methods are used primarily in:

A. Income tax returns.

B. The financial statements of small businesses.

C. The financial statements of publicly owned corporations.

D. Companies with computer-based accounting systems.

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July 1, 2023

2.3 The Circular Flows

1) ________ the owners of the factors of production, while ________ what amounts of those factors to hire.

A) Households are; firms determine

B) Households are; the government determines

C) The government is; firms determine

D) Firms are; households determine

E) Firms are; the government determines

2) What two groups of decision makers are represented in the basic circular flow model?

A) governments and financial institutions

B) lenders and borrowers

C) wholesalers and retailers

D) bankers and regulators

E) households and firms

3) Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

A) requires a physical location for buyers and sellers to get together.

B) is any arrangement that brings buyers and sellers together.

C) must include a written contract between buyers and sellers.

D) is only a place to purchase groceries.

E) must have many buyers and only one seller, who is willing to sell to all the buyers.

4) The decisions of firms and households are

A) coordinated by markets.

B) made independently of one another.

C) controlled by but not totally coordinated by the government.

D) unexplainable by the circular flow model.

E) coordinated by but not totally controlled by the government.

5) The circular flow model is used to show the

A) flow of renewable natural resources.

B) recycling process of production materials.

C) expansions and contractions of economic activity.

D) flow of expenditures and incomes in the economy.

E) flow of supply and the flow of demand.

6) The circular flow model shows the

A) distribution of income and consumption goods across income levels.

B) combinations of the factors of production needed to produce goods and services.

C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions.

D) flow of natural resources from firms to the private market to government and back to firms.

E) distribution of income to the different factors of production.

7) The circular flow model shows the flow of

A) expenditure and income throughout the economy.

B) only money throughout the economy.

C) only funds in stock and bond markets.

D) only tax payments and government expenditures.

E) goods markets and factor markets as they move through the economy.

8) In the circular flow model, there are two types of markets: the ________ market and the ________ market.

A) producers; consumers

B) households; firms

C) service; goods

D) goods; factor

E) supply; demand

9) In the circular flow model, consumption goods are bought and sold in the

A) goods market.

B) financial market.

C) factor markets.

D) government market.

E) monetary flows.

10) In the circular flow model, which of the following is on the buying side in the goods market?

i.firms

ii.households

iii.federal, state, and local governments

A) i only

B) ii only

C) iii only

D) i and ii

E) ii and iii

July 1, 2023

111. A company issues at par 9% bonds with a par value of $100,000 on April 1. The bonds pay interest semi-annually on January 1 and July 1. The cash received on July 1 by the bond holder(s) is:

A. $1,500.

B. $3,000.

C. $4,500.

D. $6,000.

E. $7,500.

112. A company issued 5-year, 7% bonds with a par value of $100,000. The market rate when the bonds were issued was 6.5%. The company received $101,137 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is:

A. $3,386.30.

B. $3,500.00.

C. $3,613,70.

D. $6,633.70.

E. $7,000.00.

113. A company issued 5-year, 7% bonds with a par value of $100,000. The market rate when the bonds were issued was 6.5%. The company received $101,137 cash for the bonds. Using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is:

A. $3,500.00.

B. $7,000.00.

C. $3,286.95.

D. $6,573.90.

E. $1,750.00.

114. A company may retire bonds by:

A. Exercising a call option.

B. The holders converting them to stock.

C. Purchasing the bonds on the open market.

D. Paying them off at maturity.

E. All of these.

115. Bonds that give the issuer an option of retiring them before they mature are:

A. Debentures.

B. Serial bonds.

C. Sinking fund bonds.

D. Registered bonds.

E. Callable bonds.

116. A company has bonds outstanding with a par value of $100,000. The unamortized discount on these bonds is $4,500. The company retired these bonds by buying them on the open market at 97. What is the gain or loss on this retirement?

A. $0 gain or loss.

B. $1,500 gain.

C. $1,500 loss.

D. $3,000 gain.

E. $3,000 loss.

117. A company has bonds outstanding with a par value of $100,000. The unamortized premium on these bonds is $2,700. If the company retired these bonds at a call price of 99, the gain or loss on this retirement is:

A. $1,000 gain.

B. $1,000 loss.

C. $2,700 loss.

D. $2,700 gain.

E. $3,700 gain.

118. A company retires its bonds at 105. The face value is $100,000 and the carrying value of the bonds at the retirement date is $103,745. The issuer's journal entry to record the retirement will include a:

A. Debit to Premium on Bonds.

B. Credit to Premium on Bonds.

C. Debit to Discount on Bonds.

D. Credit to Gain on Bond Retirement.

E. Credit to Bonds Payable.

119. A corporation issued 8% bonds with a par value of $1,000,000, receiving a $20,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 99 and retired it. The gain or loss on this retirement is:

A. $0.

B. $10,000 gain.

C. $10,000 loss.

D. $22,000 gain.

E. $22,000 loss.

120. On October 1, a $30,000, 6%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest be paid at the end of each year on September 30. The present value of an annuity factor for 3 years at 6% is 2.6730. The payment will be:

A. $10,000.00.

B. $11,223.34.

C. $10,800.00.

D. $10,400.00.

E. $1,223.34.

July 1, 2023

2.3 The Circular Flows

1) ________ the owners of the factors of production, while ________ what amounts of those factors to hire.

A) Households are; firms determine

B) Households are; the government determines

C) The government is; firms determine

D) Firms are; households determine

E) Firms are; the government determines

2) What two groups of decision makers are represented in the basic circular flow model?

A) governments and financial institutions

B) lenders and borrowers

C) wholesalers and retailers

D) bankers and regulators

E) households and firms

3) Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

A) requires a physical location for buyers and sellers to get together.

B) is any arrangement that brings buyers and sellers together.

C) must include a written contract between buyers and sellers.

D) is only a place to purchase groceries.

E) must have many buyers and only one seller, who is willing to sell to all the buyers.

4) The decisions of firms and households are

A) coordinated by markets.

B) made independently of one another.

C) controlled by but not totally coordinated by the government.

D) unexplainable by the circular flow model.

E) coordinated by but not totally controlled by the government.

5) The circular flow model is used to show the

A) flow of renewable natural resources.

B) recycling process of production materials.

C) expansions and contractions of economic activity.

D) flow of expenditures and incomes in the economy.

E) flow of supply and the flow of demand.

6) The circular flow model shows the

A) distribution of income and consumption goods across income levels.

B) combinations of the factors of production needed to produce goods and services.

C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions.

D) flow of natural resources from firms to the private market to government and back to firms.

E) distribution of income to the different factors of production.

7) The circular flow model shows the flow of

A) expenditure and income throughout the economy.

B) only money throughout the economy.

C) only funds in stock and bond markets.

D) only tax payments and government expenditures.

E) goods markets and factor markets as they move through the economy.

8) In the circular flow model, there are two types of markets: the ________ market and the ________ market.

A) producers; consumers

B) households; firms

C) service; goods

D) goods; factor

E) supply; demand

9) In the circular flow model, consumption goods are bought and sold in the

A) goods market.

B) financial market.

C) factor markets.

D) government market.

E) monetary flows.

10) In the circular flow model, which of the following is on the buying side in the goods market?

i.firms

ii.households

iii.federal, state, and local governments

A) i only

B) ii only

C) iii only

D) i and ii

E) ii and iii

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Question : 81.Refer to the information above. Assume that in its financial : 1237684

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