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1. (TCO C) The cost of an intangible asset includes all of
1. (TCO C) The cost of an intangible asset includes all of the following except (Points: 5) purchase price. legal fees. other incidental expenses. all of these are included. 2. (TCO C) Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to (Points: 5) patents, and amortized over the legal life of the patent. legal fees, and amortized over five years or less. expenses of the period. patents, and amortized over the remaining useful life of the patent. 3. (TCO C) Purchased goodwill should (Points: 5) be written off as soon as possible against retained earnings. be written off as soon as possible as an extraordinary item. be written off by systematic charges as a regular operating expense over the period benefited. not be amortized. 4. (TCO C) Lynne Corporation acquired a patent on May 1, 2010. Lynne paid cash of $20,000 to the seller. Legal fees of $800 were paid related to the acquisition. What amount should be debited to the patent account? (Points: 5) $800 $19,200 $20,000 $20,800 5. (TCO C) Floyd Company purchases Haeger Company for $800,000 cash on January 1, 2011. The book value of Haeger Company’s net assets, as reflected on its December 31, 2010 balance sheet, is $620,000. An analysis by Floyd on December 31, 2010 indicates that the fair value of Haeger’s tangible assets exceeded the book value by $60,000, and the fair value of identifiable intangible assets exceeded book value by $45,000. How much goodwill should be recognized by Floyd Company when recording the purchase of Haeger Company? (Points: 5) $ -0- $180,000 $120,000 $75,000 6. (TCO D) Which of these is not included in an employer's payroll tax expense? (Points: 5) F.I.C.A. (social security) taxes Federal unemployment taxes State unemployment taxes Federal income taxes 7. (TCO D) In accounting for compensated absences, the difference between vested rights and accumulated rights is (Points: 5) vested rights are normally for a longer period of employment than are accumu¬lated rights. vested rights are not contingent upon an employee's future service. vested rights are a legal and binding obligation on the company, whereas accumulated rights expire at the end of the accounting period in which they arose. vested rights carry a stipulated dollar amount that is owed to the employee; accumulated rights do not represent monetary compensation. 8. (TCO D) Ortiz Corporation, a manufacturer of household paints, is preparing annual financial statements at December 31, 2010. Because of a recently proven health hazard in one of its paints, the government has clearly indicated its intention of having Ortiz recall all cans of this paint sold in the last six months. The management of Ortiz estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation? (Points: 5) No recognition Note disclosure only Operating expense of $800,000 and liability of $800,000 Appropriation of retained earnings of $800,000 9. (TCO D) On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank which allows Irey to borrow up to $1,500,000 at one percent above the prime rate for three years. On February 2, 2011, Irey borrowed $1,200,000 from County Bank and used $500,000 additional cash to liquidate $1,700,000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2010 balance sheet which is issued on March 5, 2011 is (Points: 5) $0. $300,000. $500,000. $800,000. 10. (TCO D) Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Amount of Wages Subject to Payroll Taxes Department Payroll Total Wages Federal Income Tax Withheld F.I.C.A. Unemployment Factory $ 75,000 $ 9,000 $70,000 $22,000 Sales 22,000 3,000 16,000 2,000 Office 18,000 2,000 8,000 — $115,000 $14,000 $94,000 $24,000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7% each Unemployment 3% What amount should Quirk accrue as its share of payroll taxes in its October 31, 2010 balance sheet? (Points: 5) $21,300. $14,720. $13,880. $7,300. 11. (TCO D) Under the effective-interest method of bond discount or premium amortization, the periodic interest expense is equal to (Points: 5) the stated (nominal) rate of interest multiplied by the face value of the bonds. the market rate of interest multiplied by the face value of the bonds. the stated rate multiplied by the beginning-of-period carrying amount of the bonds. the market rate multiplied by the beginning-of-period carrying amount of the bonds. 12. (TCO D) If bonds are issued between interest dates, the entry on the books of the issuing corporation could include a (Points: 5) debit to Interest Payable. credit to Interest Receivable. credit to Interest Expense. credit
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