Accounting

Accounting

Question: Corporation income statements may be the same as the income statements for unincorporated companies except for:
A
gross profit.

B
income tax expense.

C
operating income.

D
net sales.

Note: Not available
1. Report
Question: The return on common stockholders equity is defined as:
A
Net income divided by total assets.

B
Cash dividends divided by average common stock holders equity.

C
Income available to common stockholders divided by average common stockholders equity.

D
None.

Note: Not available
1. Report
Question: In reporting discontinued operations, the income statement should show in a special section:
A
gains and losses on the disposal of the discontinued segment.

B
gains and losses from operational of the discontinued segment.

C
Both

D
None

Note: Not available
1. Report
Question: The Rand Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all times, the income statement should show income before extraordinary items and extraordinary items, respectively, of:
A
$325,000 and $100,000

B
$325,000 and $75,000

C
$300,000 and $100,000

D
$300,000 and $75,000

Note: Not available
1. Report
Question: The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490,000. If Nadeen has 100,000 shares of common stock outstanding throughout the year, earning per share is:
A
$7.00

B
$4.90

C
$2.10

D
None

Note: Not available
1. Report
Question: The term used for bonds that are unsecured is:
A
callable bonds.

B
indenture bonds.

C
debenture bonds.

D
bearer bonds.

Note: Not available
1. Report
Question: karson Inc. issues 10-years bonds with maturity value of $200,000. If the bonds are issued at a premium, this indicates that:
A
the contractual interest rate exceeds the market interest rate.

B
the market interest rate exceeds the contractual interest rate.

C
the contractual interest rate and the market interest rate are the same.

D
no relationship exists between the two rates.

Note: Not available
1. Report
Question: On January 1, Hurley Corporation issues $500,000, 5-years,12% bonds at 96 with interest payable on July 1 and January 1. The entry on July 1 to record payment of bond interest and the amortization of bond discount using the straight-line method will include a:
A
debit to Interest Expense $30,000.

B
debit it Interest Expense $60,000.

C
credit to Discount on Bonds Payable $4,000.

D
credit ti Discount on Bonds Payable $2000.

Note: Not available
1. Report
Question: For the bonds issued in question 3, above, what is the carrying value of the bonds at the third interest period?
A
$486,000

B
$488,000

C
$472,000

D
$464,000

Note: Not available
1. Report
Question: When the interest payments dates of a bond are May 1 and November 1, and a bond issue is sold on June 1, the amount of cash received by the issue will be:
A
decreased by accrued interest from June 1 to November 1.

B
decreased by accrued interest from May 1 to June 1.

C
increased by accrued interest from May 1 to June 1.

D
increased by accrued interest from June 1 to November 1.

Note: Not available
1. Report

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Question: Corporation income statements may be the same as the income statements for unincorporated companies except for:

Question: The return on common stockholders equity is defined as:

Question: In reporting discontinued operations, the income statement should show in a special section:

Question: The Rand Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all times, the income statement should show income before extraordinary items and extraordinary items, respectively, of:

Question: The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490,000. If Nadeen has 100,000 shares of common stock outstanding throughout the year, earning per share is:

Question: The term used for bonds that are unsecured is:

Question: karson Inc. issues 10-years bonds with maturity value of $200,000. If the bonds are issued at a premium, this indicates that:

Question: On January 1, Hurley Corporation issues $500,000, 5-years,12% bonds at 96 with interest payable on July 1 and January 1. The entry on July 1 to record payment of bond interest and the amortization of bond discount using the straight-line method will include a:

Question: For the bonds issued in question 3, above, what is the carrying value of the bonds at the third interest period?

Question: When the interest payments dates of a bond are May 1 and November 1, and a bond issue is sold on June 1, the amount of cash received by the issue will be: