Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Issuing a note payable is an asset source transaction

30/11/2021 Client: muhammad11 Deadline: 2 Day

Quiz - Survey Of Accounting

Which of the following items would be least likely to appear in the current liabilities section of a classified balance sheet? (Points : 2)

Accounts payable

Wages payable

Bonds payable

Interest payable

2. In accounting for a contingent liability, if the likelihood of the obligation is probable and the amount can be estimated, a company must: (Points : 2)

report the liability on the balance sheet.

provide disclosure in the footnotes to the financial statements.

not recognize the liability until it is certain and the exact amount is known.

do nothing.

3. In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount can not be estimated, a company must: (Points : 2)

recognize the liability and report it on the balance sheet.

provide disclosure in the footnotes to the financial statements.

not recognize or disclose the liability until it is certain and the exact amount is known.

do nothing.

4. A current asset is a(n): (Points : 2)

asset that will be used in the operating activities of a business.

asset generated by the operations of a business within the past year.

asset that is expected to be used or converted to cash within one year or the operating

cycle, whichever is longer.

miscellaneous asset that is small in dollar amount.

5. Knowles Company issued $100,000 of bonds at face value on January 1. The bonds carry an 8% annual stated rate of interest. Interest is payable in cash on December 31 of each year. Which of the following reflects the financial statement effects of the first interest payment?

Row

Assets

=

Liab.

+

Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flow

One

($8,000)

=

NA

+

($8,000)

NA

-

$8,000

=

($8,000)

($8,000) OA

Two

($8,000)

=

NA

+

($8,000)

NA

-

$8,000

=

($8,000)

($8,000) FA

Three

NA

=

8,000

+

($8,000)

NA

-

$8,000

=

($8,000)

NA

Four

($8,000)

=

($8,000)

+

NA

NA

-

$8,000

=

($8,000)

($8,000) OA

(Points : 2)

Row One

Row Two

Row Three

Row Four

6. Locke Company issued bonds payable. Which of the following choices accurately reflects how the issue would affect Locke's financial statements?

Row

Assets

=

Liab.

+

Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flow

One

+

=

+

+

NA

NA

-

+

=

NA

NA

Two

+

=

+

+

+

NA

-

NA

=

NA

+ FA

Three

+

=

NA

+

+

NA

-

NA

=

NA

+ OA

Four

+

=

+

+

NA

NA

-

NA

=

NA

+ FA

(Points : 2)

Row One

Row Two

Row Three

Row Four

7. Accrual of interest on a note payable is a(n): (Points : 2)

asset source transaction.

asset use transaction.

asset exchange transaction.

claims exchange transaction.

8. The Halogen Corporation issued a 5-year note payable on January 1, 2010 for $2,500. The interest rate is 5% and the annual payment of $578, due each December 31, includes both interest and principal. Which of the following shows the effect of the December 31, 2010 payment? (Figures rounded to nearest dollar)

Row

Assets

=

Liabilities

+

Equity

Revenue

-

Expenses

=

Net Inc.

Cash

One

(578)

=

(453)

+

(125)

NA

-

125

=

(125)

(453)FA/(125)OA

Two

578

=

578

+

NA

NA

-

NA

=

NA

578 OA

Three

(578)

=

(453)

+

(125)

NA

-

125

=

(125)

(453)OA/(125)FA

Four

(578)

=

(125)

+

(453)

NA

-

453

=

(453)

(453)IA/(125)OA

(Points : 2)

Row One

Row Two

Row Three

Row Four

9. The Halogen Corporation issued a 5-year note payable on January 1, 2010 for $2,500. The interest rate is 5% and the annual payment of $578, due each December 31, includes both interest and principal. Which of the following answers correctly shows the effect of the issuance of the note on Halogen's financial statements?

Row

Assets

=

Liabilities

+

Equity

Revenue

-

Expenses

=

Net Inc.

Cash

One

NA

=

2500

+

(2500)

NA

-

2500

=

(2500)

NA

Two

2500

=

2500

+

NA

NA

-

NA

=

NA

2500FA

Three

(2500)

=

NA

+

(2500)

NA

-

2500

=

(2500)

(2500)IA

Four

2500

=

NA

+

2500

2500

-

NA

=

NA

2500OA

(Points : 2)

Row One

Row Two

Row Three

Row Four

10. In accounting for a contingent liability, if the likelihood of the obligation is remote, a company should: (Points : 2)

recognize the liability and report it on the balance sheet.

provide disclosure in the footnotes to the financial statements.

report an allowance account on the balance sheet.

do nothing.

11. Which form of business organization is established as a separate legal entity from its owners? (Points : 2)

Sole proprietorship

Corporation

Partnership

None of the above

12. Purchase of treasury stock for cash is what kind of transaction? (Points : 2)

Asset source

Asset use

Asset exchange

Claims exchange

13. Which of the following terms designates the maximum number of shares a corporation may issue? (Points : 2)

Outstanding shares

Authorized shares

Treasury stock

Issued shares

14. When a company purchases treasury stock: (Points : 2)

total equity decreases.

cash flow from investing activities decreases.

total assets are unaffected.

total assets increase.

15. The price-earnings ratio is the: (Points : 2)

total average stockholder's equity divided by the number of shares.

interest rate on borrowed money divided by the current prime rate.

price of a company's products as compared to its net income.

market price of a share of stock divided by the earnings per share.

16. The par value of common stock: (Points : 2)

changes in proportion to market value.

is not directly related to market value.

is greater than market value.

is less than market value.

17. Flynn Company issued 2,000 shares of $10 par value common stock at a market price of $16. As a result of this accounting event, total paid-in capital would: (Points : 2)

increase by $12,000.

be unaffected by the event.

increase by $32,000.

increase by $20,000.

= $16 x 2,000

= $32,000

18. The declaration of a cash dividend will: (Points : 2)

decrease assets and equity.

increase liabilities and decrease equity.

decrease liabilities and increase equity.

increase assets and liabilities.

19. What kind of transaction is the declaration of a stock dividend? (Points : 2)

Asset source transaction

Claims exchange transaction

Asset use transaction

Asset exchange transaction

20. The issuance of a stock dividend will: (Points : 2)

not affect total equity.

increase retained earnings.

decrease total paid-in capital.

decrease net income.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Coursework Assignment Help
Custom Coursework Service
Helping Engineer
Smart Homework Helper
Instant Assignments
24/7 Assignment Help
Writer Writer Name Offer Chat
Coursework Assignment Help

ONLINE

Coursework Assignment Help

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$18 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

I am an experienced researcher here with master education. After reading your posting, I feel, you need an expert research writer to complete your project.Thank You

$40 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$38 Chat With Writer
Smart Homework Helper

ONLINE

Smart Homework Helper

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$17 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$22 Chat With Writer
24/7 Assignment Help

ONLINE

24/7 Assignment Help

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$20 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Debate on animal behavior topic - Pre lab activity worksheet cells - Us history research paper - Waren sports supply bank reconciliation 2017 - Friedland d70 spare lamp - Greatest discoveries with bill nye genetics - Digital electronics lab manual - Hilder v associated portland cement - Over its long history, Hinduism has demonstrated remarkable religious tolerance and flexibility, even to the point of advocating polytheism, monotheism, and monism all within a single religion. - Ch 4 assignment - 100 points of id nsw education - Health information management essay - 1 kilo to grams - Cuhk social science broad based - Rsl war veterans home - Experiment 2: effect of temperature on enzyme activity - Sainsburys annual report 2012 - Given the network plan that follows compute the early - What is the difference between intervention research and systems research - Movie review - Ids 100 project 2 kwl chart special education - Discussion - Sppa teachers opt out form - Dimensions of the solar system lab answers - B flat trumpet transposition - 4.75 pounds to kg - Audit management representation letter example - What is the vapor pressure of acetone - Business - Muslim Molvi 7340613399 OnLine No 1 FaMOUs VashIKaraN sPecIaLIsT IN Bellary - Psyc 305 unit 2 ip - How to get your homework answers - Fundamentals of Speech Communication final - Shadow health musculoskeletal interview guide - Medial epicondylitis special test - Unit 1 Discussions (HIS101 & HRM411) - How to test a slip ring motor - Whirlpool 6th sense freezer manual - Psychological testing principles applications and issues - 14 philippine national heroes - DB posts - Matlab state space simulation - A four firm concentration ratio measures - Acme anvils has a newly patented - 3 phase induction motor winding resistance calculation formula - Connect fronius to wifi - Volkswagen goals and objectives - How to write electronic configuration of chromium - The data selected to create a chart must include - Apn role in health promotion - Ct learner's permit rules - Nfnmzyf rhfdxtyrj - 6es7 392 1am00 0aa0 wiring - Paper - Modern marvels power plants worksheet - A barge floating in fresh water is shaped like a hollow rectangular prism - Naomi wolf our bodies our souls - Capstone week 1 - Wheatstone bridge experiment lab report answers - Explain Internal Resolutions to Employment Law - Peer graded assignment assemble your toolbox - Newton's second law misconceptions - Australian professional teaching standards - Visual and eyes assignment - Endeca workbench user guide - Mobile accelerate plan telstra - Scs 100 theme 2: marriage graphic organizer - Main range walk charlottes pass - Communications - Skimming is an unethical business practice involving - Pmp 9 knowledge areas - Why do cows have so many nipples - Business plan vs business proposal - Horizon zero dawn brom choice - Poor Communication Paper - Casio calculator fx 82au plus - Geiger marsden gold foil experiment - How is ka calculated - Writing Assignment - Lab 11 deploying and configuring the dhcp service - Ot 1 - Cold water and hot water supply system - Moral dimensions of information systems - Computer ethics worksheet answers - Www scorpex net uke - Holes chapter 3 summary - Www thevouchergarden co uk - Communication between cultures 9th edition - Temporary accounts include all of the following except - Bni leadership team meeting agenda - Improving Healthcare - Media ethics issues and cases 9th edition pdf free - Bsbwor203b answers - Consultant's analysis report on enterprise systems - Late adulthood interview paper - Arranger of holidays crossword climber - Biology for year 8 - Summarize 6 WSJ hw - Mbs direct liberty university online - Resource Assignment