81) A bond was issued at a discount. The journal entry to record the semiannual interest payment would include a: A) debit to interest expense and a credit to discount on bonds payable and a credit to cash. B) debit to interest expense and a debit to discount on bonds payable and a credit to cash. C) debit to interest expense and a debit […]

  81) The Book Company had the following adjustments at December 31, the end of the accounting period: A.The Book Company uses straight-line depreciation for its equipment. The amount of depreciation to be recorded for the equipment is $10,500. B.Accrued interest of $2,000 on a note receivable will be received in January. C.On November 1, The Book Company paid for five months of rent in […]

    61. Department S had no work in process at the beginning of the period. 12,000 units of direct materials were added during the period at a cost of $84,000, 9,000 units were completed during the period, and 3,000 units were 30% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. Direct […]

  167. Beachside Realty rents condominiums and furnishings.  It’s adjusted trial balance at December 31, 2011, is as follows:      Debit Balances Credit Balances Cash   1,500   Accounts Receivable 2,000   Interest Receivable 100   Prepaid Insurance 1,600   Notes Receivable (long-term) 2,800   Equipment 15,000   Accumulated Depreciation   1,500 Accounts Payable   1,400 Accrued Expenses Payable   2,920 Income Taxes Payable   […]

  106. A company’s income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company’s current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used […]

    136. A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:A. $8,924.B. $9,700.C. $10,000.D. $9,800.E. $8,724.   137. A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, […]

    61.Presentation training techniques are most effective for:    A.developing specific skills or dealing with interpersonal issues on the job.   B.conveying new facts and different philosophies.   C.applying learned capabilities on the job.   D.sharing ideas and experiences and getting to know one’s strengths and weaknesses.   E.enhancing communication and developing a peer network.     62._____ is an example of a presentation training […]

  Answer the following questions using the information below:   Branded Shoe Company manufactures only one type of shoe and has two divisions, the Stitching Division and the Polishing  Division. The Stitching Division manufactures shoes for the Polishing Division, which completes the shoe and sells it to retailers. The Stitching Division “sells”shoes  to the Polishing Division. The market price for the Polishing Division to purchase […]

  Multiple Choice Questions  60.Damaged and obsolete goods that can be sold:    A.Are never counted as inventory. B.Are included in inventory at their full cost. C.Are included in inventory at their net realizable value. D.Should be disposed of immediately. E.Are assigned a value of zero. 61.Merchandise inventory includes:    A.All goods owned by a company and held for sale. B.All goods in transit. C.All goods on […]

  35) A large hotel chain is currently expanding and has decided to decorate all new hotels using the rustic style. Black Forrest Incorporated is invited to submit a bid to the hotel chain. What is the lowest price per unit Black Forrest should bid on this long-term order? A) $126 B) $144 C) $180 D) $270   36) Zephram Corporation has a plant capacity […]