51.Which of the following statements is true regarding the amortization of intangible assets? A.The expected residual value of most intangible assets is zero. B.The service life of an intangible asset is always equal to its legal life. C.Intangible assets with a limited useful life are not amortized. D.In recording amortization, an accumulated amortization account is always used. 52.Bricktown Exchange purchases a copyright on January […]

  78.The carrying value of a long-term note payable is computed as:    A.The future value of all remaining payments, using the market rate of interest. B.The face value of the long-term note less the total of all future interest payments. C.The present value of all remaining payments, discounted using the market rate of interest at the time of issuance. D.The present value of all remaining […]

    121. The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures.  Assume that all sales were on credit.                                                              Assets                                                   Cash and short-term investments   $  40,000 Accounts receivable (net)   25,000 Inventory   20,000 Property, plant and equipment     210,000   Total assets $295,000                                           Liabilities and Stockholders’ Equity                              […]

    51) Amortizing a bond discount will ________. A) decrease the unamortized bond discount B) increase the unamortized bond discount C) decrease the carrying value of the bond D) decrease the unamortized bond discount and decrease the carrying value of the bond 52) Amortizing a bond premium will ________. A) decrease the unamortized bond premium B) increase the unamortized bond premium C) decrease the […]

  193. The following trial balance was prepared from the general ledger of Hal’s Auto Repair.     HAL’S AUTO REPAIR Trial Balance October 31   Debit Credit Cash $    975   Accounts receivable 3,800   Supplies 500   Repair equipment 13,000   Office equipment 6,600   Accounts payable   $   4,510 Common stock   10,000 Retained earnings   13,000 Dividends 4,200   Repair fees earned […]

  159.A company estimates that overhead costs for the next year will be $7,200,000 for indirect labor, $400,000 for factory utilities, and $43,000 for depreciation on factory machinery. The company uses direct labor hours as its overhead allocation base. If 955,375 direct labor hours are planned for this next year, what is the company’s plantwide overhead rate?    160.A company estimates that overhead costs for the […]

  ESSAY. Write your answer in the space provided or on a separate sheet of paper. 119)Things are not going well for the widget industry this year. The well-known cyclical nature of widget sales is in a downturn and your plant has been ordered to cut costs by its American parent corporation. The plant manager explains that he has shown the lead by negotiating a […]

    126.On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Indigo Company on the maturity date?    A. Debit Notes Payable $4,500; debit Interest Expense $75; credit Cash $4,575.   B. Debit Notes Payable $4,500; credit Interest […]

    31.Which of the following HR practices is least likely to be effective for organizations based in collective cultures such as Japan?    A.Employee assistance programs   B.Participative management practices   C.Individual-based incentives   D.Project-based organizational structures   E.Tax structures that strengthen social responsibility     32.In _____ cultures, people are expected to look after their own interest rather than being protected by the group.    […]

  91. M.A.E. charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, M.A.E. Company’s Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should M.A.E. make at year-end?  A. No entry is needed. B. Debit Factory […]