How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Neo Your Own Question

Neo
Neo, Tutor
Category: Homework
Satisfied Customers: 12044
Experience:  BS Accounting
Type Your Homework Question Here...
Neo is online now
A new question is answered every 9 seconds

Accounting Principles covers chapter 15-17 of book,Accounting

Resolved Question:

Accounting Principles covers chapter 15-17 of book
Accounting Principles, 8th edition, Weygandt

7. Which of the following accurately describes a debenture?
a. a legal contract between the bond issuer and the bondholders
b. a type of bond issued in the names and address of the bondholders.
c. a type of bond which requires the bond issuer to create a sinking fund of assets set aside at a specified amounts and dates to repay the bonds.
d. a type fo bond which is not collateralized but backed only by the issuer's general credit standing.
e. a type fo bond that can be exchanged for a fixed number of shares of the issuing corporation's common stock.

10. 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 intrest 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

 

12. At acquisition, debt securities are:

a. recorder at their cost, plus total interest that will be paid over the life of the security.

b. recordered at the amount of interest that will be paid over the life of the security.

c. recorded at cost

d. not recorded, because no interest is due yet.

e. recorded at the amount of dividend income to eb received.

 

13. Equtiy securities are:

A. Recorded at cost to aquire them plus accrued intrest.

b. Recorded at cost to aquire them plus dividends earned.

c. Recorded at cost.

d. Not recorded until dividends are received.

e. Not recorded until interest is received

 

14. A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal:

a. $37,800.

b. $38,325.

c. $40,000

d. $40,525

e. $43,200

 

15. Accounting for long-term investments in equity securities with controlling influence uses the:

a. controlling method

b. equity method with consolidation

c. investor method

d. investment method

e. consolidated method

 

18. Investments can be classified as:

a. trading securities

b. Held-to-maturity debt securities

c. Available-for-sale debt securities

d. Available-for -sale equity securities

e. all of the above

 

19. A decrease in the fair market value of a security that has not yet been realized through an actual sale of the security is called a(n)

 

20. Morgan Company purchased 2,000 shares of Asta's common stock for $143,000 as a long-term investment. This investment is considered available-for sale. The par value of the stock was $1 per share. Morgan paid $375 in commissions on the transaction. The entry to record the transaction would include a:

a. Credit to common stock for $2,000

b. Credit to common stock for $143,000

c. credit to common stock for $143,375

d. debit to long-term investments for $143,000

e. debit to long-term investments for $143,375

 

21. If a company owns more then 20% of the stock of another company and the stock is being held as a long-term investment, which method would the investor normally use to account for this investment?

A. equity method

b. market value method

c. historical cost method

d. straight line method

e. effective method

 

22. Chung owns 40%of lu's common stock. Lu pays $97,000 in total cash dividends to its shareholders Chung's entry to record this transaction should include a:

a. debit to dividends for $97,000

b. debit to dividends for $38,000

c. debit to long-term investments for $97,000

d. credit to long-term investments for $38,000
e. credit to cash for $97,000

24. The appropriate section in the statement of cash flows for reporting the cash payment of wages is:

a. operating activities

b. financing activities

c. investing activities

d. schedule of non cash investing or financing activity

e. None of these. This is not reported on the statement of cash flows

 

25. Cash flows from interest received are reported in the statement of cash flows as part of:

a. operating activities

b. financing activities

c. investing activities

d. non cash activities

e. none of these. This is not reported in the statement of cash flows

 

26. The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is :

a. operating activities

b. financing activities

c. investing activities

d. Schedule of noncash investing or financing activity

e. none of these. This is not reported on the statement of cash flows.

 

27. The reporting of net cash provided or used by operating activities that lists the major items of operating cash receipts from customers, and subtracts the major items of operating cash disbursements, such as cash paid for merchandise, is referred to as the:

a. Direct method of reporting net cash provided or used by operating activites

b. cash basis of accouintion

c. classified statement of cash flows

d. indirect method of reporting net cash provided or used by operating activities

e. net method of reporting cash flows from operating activities

 

28. A statement of cash flows should reconcile the differences between the beginning and ending balances of:

A. net income

b. equity

c. cash and cash equivalents

d. working capital

e. cash, cash equivalents, and short-term investments

 

29. use the following information to calculate cash paid for wages and salaries:

 

Salaries expense $168,000

Salaries payable, January 1 $6,400

Salaries payable, December 31 $10,600

 

  1. $157,400
  2. $163,800
  3. $168,000
  4. $172,200
  5. $174,400

 

31. A company's inventory balance at 12/31/07 was $200,000 and was $188,000 at 12/31/08. Its accounts payable balance at 12/31/07 was $80,000 and was $84,000 at 12/31/08, and its cost of goods sold for 2008 was $720,000. The company's total amount of cash payments for merchandise in 2008 equals:

a. $704,000

b. $712,000

c. $720,000

d. $728,000

e. $736,000

 

32. A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000 . 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 decreased $6,200; accounts payable increased $3,400. calculate the net cash provided or used by operating activities.

a. $139,000

b. $141,000

c. $145,000

d. $155,000

e. $167,000

 

33. Investing activities include the:

a. purchase of plant assets

b. lending and collecting on notes receivable\

c. sale of short-term investments other than cash equivalents

d. sale of plant assets

e. all of the above

 

 

 

Submitted: 5 years ago.
Category: Homework
Expert:  Neo replied 5 years ago.
Good day!

Welcome to JustAnswer!

7. a. a legal contract between the bond issuer and the bondholders

10. a. $3,294.70

12. c. recorded at cost

13. c. Recorded at cost.

14. c. $40,000

15. b. equity method with consolidation

18. e. all of the above

19. Unrealized Gains (Loss)

20. e. debit to long-term investments for $143,375

21. c. historical cost method

22. d. credit to long-term investments for $38,800
Expert:  Neo replied 5 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Neo, Tutor
Category: Homework
Satisfied Customers: 12044
Experience: BS Accounting
Neo and 4 other Homework Specialists are ready to help you
Customer: replied 5 years ago.
Whats time limit on giving money I need to wednesday next week.
Expert:  Neo replied 5 years ago.
Good day!

There's no time limit. You can come back anytime and accept the answers.

Thank you so much! :)

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience