81. Bonds that give the issuer an option of retiring them prior to the date of maturity are: A. DebenturesB. Serial bondsC. Sinking fund bondsD. Registered bondsE. Callable bonds     82. 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 […]

  111. The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows:   Standard Costs Fixed overhead (based on 10,000 hours)3 hours @ $.80 per hour Variable overhead3 hours @ $2 per hour Actual Costs      Total variable cost, $18,000       Total fixed cost, $8,000  The amount of the factory overhead volume variance is:  A. $2,000 favorable B. $2,000 […]

    111. Which one of the following is not a characteristic generally evaluated in ratio analysis? A. liquidityB. profitabilityC. solvencyD. marketability   112. Short-term creditors are typically most interested in assessing A. marketability.B. profitability.C. operating results.D. solvency.   113. A common measure of liquidity is A. ratio of net sales to assets.B. dividends per share of common stock.C. receivable turnover.D. profit margin.   114. In 2012 Robert Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000. They had […]

  82.The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. If Burkett Corporation is able to achieve the budgeted level of sales, its margin of safety in dollars would be:  A.$172,420. B.$150,000. C.$262,500. D.$275,862. E.$310,115. 83.In cost-volume-profit analysis, the unit contribution margin is:     A.Sales price per unit less cost of goods sold per unit. B.Sales price per unit […]

    41. The U.S. government will pay  Abbott Company $2,500,000 each six months, equal to 2.5% of the $100 million face amount of the treasury bonds (5% annual coupon rate, paid in two installments each year), and will repay the $100 million at the end of five years. At the time Abbott Company purchases the bonds, the market prices these bonds to yield Abbott Company […]

    106. After preparing a bank reconciliation, a check outstanding for the payment of advertising would be recorded with a: a. Debit to Advertising Expense. b. Debit to Cash. c. Credit to Advertising Expense. d. No entry is needed.     107. The following data were obtained from the bank statement and from the process of reconciling it: Bank service charges = $ 20 […]

    61. Mentoring and coaching are two types of _____ that are used to develop employees.  A. interpersonal relationships B. formal education programs C. assessment exercises D. job experiences Employees can also develop skills and increase their knowledge about the company and its customers by interacting with a more experienced organization member.     62. A mentor is an:  A. employee’s peer who provides feedback and coaching. B. employee’s manager who provides […]

  179. Prepare the following journal entries and calculations:  (a) A patent that was acquired for $410,000 at the beginning of the current year expires in 15 years and is expected to have value for 4 years. Present the adjusting entry to amortize the patent for the current year. (b) Mineral rights on an ore deposit estimated at 4,000,000 tons of ore were acquired for $2,800,000.  […]

  11) Refer to Table 11-15. What is the amount of the CPP deduction if the basic exemption is included in the calculation? A) $0 B) $49.56 C) $52.89 D) $46.23   12) Refer to Table 11-15. What is the correct journal entry to record the employer’s share of the withholdings? A) Employee benefits expense 91.23               CPP payable   49.56             EI payable […]

    81. Gage Company reports the following information for its first year of operations:  Units produced this year 7,000 units Units sold this year 6,500 units Direct materials $22 per unit Direct labor $30 per unit Variable overhead ? in total Fixed overhead $56,000 in total   If the company’s cost per unit of finished goods using variable costing is $63, what is total […]