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Question : 45.Design Services organized as a limited partnership, with Miko Toori : 1258256

Accounting

 

45.Design Services is organized as a limited partnership, with Miko Toori as one of its partners. Miko’s capital account began the year with a balance of $35,000. During the year, Miko’s share of the partnership income was $7,500, and Miko received $4,000 in distributions from the partnership. What is Miko’s partner return on equity?   

A.10.2%

B.22.7%

C.19.5%

D.20.4%

E.21.4%

46.The following information is available regarding Grace Smit’s capital account in Enterprise Consulting Group, a general partnership, for a recent year: 

Beginning of the year balance$22,000

Share of partnership income$8,500

Withdrawals made during the year$6,000

What is Smit’s partner return on equity during the year in question?    

A.36.6%

B.34.7%

C.10.8%

D.11.4%

E.55.7%

47.Partnership accounting does not:    

A.Use a capital account for each partner.

B.Use a withdrawals account for each partner.

C.Allocate net income to each partner according to the partnership agreement.

D.Allocate net loss to each partner according to the partnership agreement.

E.Tax the business entity.

48.Partnership accounting is the same as accounting for:   

A.A sole proprietorship.

B.A corporation.

C.A sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.

D.An S corporation.

E.A corporation, except that retained earnings is used to keep track of partners’ withdrawals.

49.Partners’ withdrawals of assets are:   

A.Credited to their withdrawals accounts.

B.Debited to their withdrawals accounts.

C.Credited to their retained earnings.

D.Debited to their retained earnings.

E.Debited to their asset accounts.

50.The withdrawals account of each partner is:   

A.Closed to that partner’s capital account with a credit.

B.Closed to that partner’s capital account with a debit.

C.A permanent account that is not closed.

D.Credited with that partner’s share of net income.

E.Debited with that partner’s share of net loss.

51.R. Stetson contributed $14,000 in cash plus office equipment valued at $7,000 to the SJ Partnership. The journal entry to record the transaction for the partnership is:    

A.Debit Cash $14,000; debit Office Equipment $7,000; credit R Stetson, Capital $21,000.

B.Debit Cash $14,000; debit Office Equipment $7,000; credit SJ Partnership, Capital $21,000.

C.Debit SJ Partnership $21,000; credit R. Stetson, Capital $21,000.

D.Debit R. Stetson, Capital $21,000; credit SJ Partnership, Capital $21,000.

E.Debit Cash $14,000; debit Office Equipment $7,000; credit Common Stock $21,000.

52.T. Andrews contributed $14,000 in to the T & B Partnership. The journal entry to record the transaction for the partnership is:    

A.Debit Cash $14,000; credit T & B Partnership, Capital $14,000.

B.Debit Cash $14,000; credit T. Andrews, Capital $14,000.

C.Debit T & B Partnership $14,000; credit T. Andrews, Capital $14,000.

D.Debit T. Andrews, Capital $14,000; credit T & B Partnership, Capital $14,000.

E.Debit Cash $14,000; credit Common Stock $14,000.

53.Forman and Berry are forming a partnership. Forman will invest a building that currently is being used by another business owned by Forman. The building has a market value of $80,000. Also, the partnership will assume responsibility for a $20,000 note secured by a mortgage on that building. Berry will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Forman’s Capital account are:    

A.Building, $80,000 and Forman, Capital $80,000.

B.Building, $60,000 and Forman, Capital $60,000.

C.Building, $60,000 and Forman, Capital $50,000.

D.Building, $80,000 and Forman, Capital $60,000.

E.Building, $60,000 and Forman, Capital $80,000.

54.Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $180,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Smart is investing $120,000 cash. The balance of Maxwell’s Capital account will be:   

A.$180,000.

B.$124,000.

C.$56,000.

D.$64,000.

E.$60,000.

 

 

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July 1, 2023
    

 

101. On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is: 

A. Debit Bond Interest Expense $14,000; credit Cash $14,000.

B. Debit Bond Interest Expense $28,000; credit Cash $28,000.

C. Debit Bond Interest Expense $14,200; credit Cash $14,000; credit Discount on Bonds Payable $200.

D. Debit Bond Interest Expense $13,800; debit Discount on Bonds Payable $200; credit Cash $14,000.

E. Debit Bond Interest Expense $14,000; debit Discount on Bonds Payable $200; credit Cash $14,200.

102. A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is: 

A. $3,294.70.

B. $3,500.00.

C. $3,705.30.

D. $7,000.00.

E. $7,410.60.

103. The effective interest amortization method: 

A. Allocates bond interest expense over the bond's life using a changing interest rate.

B. Allocates bond interest expense over the bond's life using a constant interest rate.

C. Allocates a decreasing amount of interest over the life of a discounted bond.

D. Allocates bond interest expense using the current market rate for each interest period.

E. Is not allowed by the FASB.

104. A company issued 7%, 5-year bonds with a par value of $100,000. The market rate when the bonds were issued was 7.5%. The company received $97,947 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: 

A. $3,500.00.

B. $3,673.01.

C. $3,705.30.

D. $7,000.00.

E. $7,346.03.

105. The market value of a bond is equal to: 

A. The present value of all future cash payments provided by a bond.

B. The present value of all future interest payments provided by a bond.

C. The present value of the principal for an interest-bearing bond.

D. The future value of all future cash payments provided by a bond.

E. The future value of all future interest payments provided by a bond.

106. The Premium on Bonds Payable account is a(n): 

A. Revenue account.

B. Adjunct or accretion liability account.

C. Contra revenue account.

D. Contra asset account.

E. Contra liability account.

107. Adidas issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adidas received $206,948 in cash proceeds. Which of the following statements is True? 

A. Adidas must pay $200,000 at maturity and no interest payments.

B. Adidas must pay $206,948 at maturity and no interest payments.

C. Adidas must pay $200,000 at maturity plus 20 interest payments of $8,000 each.

D. Adidas must pay $206,948 at maturity plus 20 interest payments of $8,000 each.

E. Adidas must pay $200,000 at maturity plus 20 interest payments of $7,500 each.

108. A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a: 

A. Credit to Interest Income.

B. Credit to Premium on Bonds Payable.

C. Credit to Discount on Bonds Payable.

D. Debit to Premium on Bonds Payable.

E. Debit to Discount on Bonds Payable.

109. If an issuer sells bonds at a date other than an interest payment date: 

A. This means the bonds sell at a premium.

B. This means the bonds sell at a discount.

C. The issuing company will report a loss on the sale of the bonds.

D. The issuing company will report a gain on the sale of the bonds.

E. The buyers normally pay the issuer the purchase price plus any interest accrued since the prior interest payment date.

110. A company issues at par 9% bonds with a par value of $100,000 on April 1, which is 4 months after the most recent interest date. The cash received for accrued interest on April 1 by the bond issuer is: 

A. $750.

B. $5,250.

C. $1,500.

D. $3,000.

E. $6,000.

 

default image
July 1, 2023
    

 

101. On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is: 

A. Debit Bond Interest Expense $14,000; credit Cash $14,000.

B. Debit Bond Interest Expense $28,000; credit Cash $28,000.

C. Debit Bond Interest Expense $14,200; credit Cash $14,000; credit Discount on Bonds Payable $200.

D. Debit Bond Interest Expense $13,800; debit Discount on Bonds Payable $200; credit Cash $14,000.

E. Debit Bond Interest Expense $14,000; debit Discount on Bonds Payable $200; credit Cash $14,200.

102. A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is: 

A. $3,294.70.

B. $3,500.00.

C. $3,705.30.

D. $7,000.00.

E. $7,410.60.

103. The effective interest amortization method: 

A. Allocates bond interest expense over the bond's life using a changing interest rate.

B. Allocates bond interest expense over the bond's life using a constant interest rate.

C. Allocates a decreasing amount of interest over the life of a discounted bond.

D. Allocates bond interest expense using the current market rate for each interest period.

E. Is not allowed by the FASB.

104. A company issued 7%, 5-year bonds with a par value of $100,000. The market rate when the bonds were issued was 7.5%. The company received $97,947 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: 

A. $3,500.00.

B. $3,673.01.

C. $3,705.30.

D. $7,000.00.

E. $7,346.03.

105. The market value of a bond is equal to: 

A. The present value of all future cash payments provided by a bond.

B. The present value of all future interest payments provided by a bond.

C. The present value of the principal for an interest-bearing bond.

D. The future value of all future cash payments provided by a bond.

E. The future value of all future interest payments provided by a bond.

106. The Premium on Bonds Payable account is a(n): 

A. Revenue account.

B. Adjunct or accretion liability account.

C. Contra revenue account.

D. Contra asset account.

E. Contra liability account.

107. Adidas issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adidas received $206,948 in cash proceeds. Which of the following statements is True? 

A. Adidas must pay $200,000 at maturity and no interest payments.

B. Adidas must pay $206,948 at maturity and no interest payments.

C. Adidas must pay $200,000 at maturity plus 20 interest payments of $8,000 each.

D. Adidas must pay $206,948 at maturity plus 20 interest payments of $8,000 each.

E. Adidas must pay $200,000 at maturity plus 20 interest payments of $7,500 each.

108. A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a: 

A. Credit to Interest Income.

B. Credit to Premium on Bonds Payable.

C. Credit to Discount on Bonds Payable.

D. Debit to Premium on Bonds Payable.

E. Debit to Discount on Bonds Payable.

109. If an issuer sells bonds at a date other than an interest payment date: 

A. This means the bonds sell at a premium.

B. This means the bonds sell at a discount.

C. The issuing company will report a loss on the sale of the bonds.

D. The issuing company will report a gain on the sale of the bonds.

E. The buyers normally pay the issuer the purchase price plus any interest accrued since the prior interest payment date.

110. A company issues at par 9% bonds with a par value of $100,000 on April 1, which is 4 months after the most recent interest date. The cash received for accrued interest on April 1 by the bond issuer is: 

A. $750.

B. $5,250.

C. $1,500.

D. $3,000.

E. $6,000.

 

default image
July 1, 2023
    

 

101. On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is: 

A. Debit Bond Interest Expense $14,000; credit Cash $14,000.

B. Debit Bond Interest Expense $28,000; credit Cash $28,000.

C. Debit Bond Interest Expense $14,200; credit Cash $14,000; credit Discount on Bonds Payable $200.

D. Debit Bond Interest Expense $13,800; debit Discount on Bonds Payable $200; credit Cash $14,000.

E. Debit Bond Interest Expense $14,000; debit Discount on Bonds Payable $200; credit Cash $14,200.

102. A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is: 

A. $3,294.70.

B. $3,500.00.

C. $3,705.30.

D. $7,000.00.

E. $7,410.60.

103. The effective interest amortization method: 

A. Allocates bond interest expense over the bond's life using a changing interest rate.

B. Allocates bond interest expense over the bond's life using a constant interest rate.

C. Allocates a decreasing amount of interest over the life of a discounted bond.

D. Allocates bond interest expense using the current market rate for each interest period.

E. Is not allowed by the FASB.

104. A company issued 7%, 5-year bonds with a par value of $100,000. The market rate when the bonds were issued was 7.5%. The company received $97,947 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: 

A. $3,500.00.

B. $3,673.01.

C. $3,705.30.

D. $7,000.00.

E. $7,346.03.

105. The market value of a bond is equal to: 

A. The present value of all future cash payments provided by a bond.

B. The present value of all future interest payments provided by a bond.

C. The present value of the principal for an interest-bearing bond.

D. The future value of all future cash payments provided by a bond.

E. The future value of all future interest payments provided by a bond.

106. The Premium on Bonds Payable account is a(n): 

A. Revenue account.

B. Adjunct or accretion liability account.

C. Contra revenue account.

D. Contra asset account.

E. Contra liability account.

107. Adidas issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adidas received $206,948 in cash proceeds. Which of the following statements is True? 

A. Adidas must pay $200,000 at maturity and no interest payments.

B. Adidas must pay $206,948 at maturity and no interest payments.

C. Adidas must pay $200,000 at maturity plus 20 interest payments of $8,000 each.

D. Adidas must pay $206,948 at maturity plus 20 interest payments of $8,000 each.

E. Adidas must pay $200,000 at maturity plus 20 interest payments of $7,500 each.

108. A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a: 

A. Credit to Interest Income.

B. Credit to Premium on Bonds Payable.

C. Credit to Discount on Bonds Payable.

D. Debit to Premium on Bonds Payable.

E. Debit to Discount on Bonds Payable.

109. If an issuer sells bonds at a date other than an interest payment date: 

A. This means the bonds sell at a premium.

B. This means the bonds sell at a discount.

C. The issuing company will report a loss on the sale of the bonds.

D. The issuing company will report a gain on the sale of the bonds.

E. The buyers normally pay the issuer the purchase price plus any interest accrued since the prior interest payment date.

110. A company issues at par 9% bonds with a par value of $100,000 on April 1, which is 4 months after the most recent interest date. The cash received for accrued interest on April 1 by the bond issuer is: 

A. $750.

B. $5,250.

C. $1,500.

D. $3,000.

E. $6,000.

 

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