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

Julie walters shirley valentine - Saas paas iaas and idaas working together - The rate of doing work - Joanne cash yates birthday - Advocacy - Why should investors be cautious when a split occurs - The great gatsby quotes gatsby - The most significant motivator of corporate social reporting is - Leadership concepts - Banning notice template nsw - Avon products inc annual report 2016 - Basenji puppies for sale qld - Projectile motion pre lab investigation answers - Www qstraint com registration - Inferential research and statistics project part 1 - Hcf com au mobile apps - Prepare an incremental analysis for cisco - Interview questions for playworker - Employee training and development noe 5th edition pdf - Cover letter social worker - Internet Marketing - Oxyana documentary youtube - Fill in the blanks with the correct forms of the indicated adjectives. - Rona goffen titian's venus of urbino - Amoeba sisters natural selection worksheet - Error in keymgr dll missing entry krshowkeymgr - How much does an elan system cost - Journal Article Summaries - Medical terminology f health w mymed - Blackwood high school uniform - EDMS Policies and Standards - Topic: [Revision] Data Structures and Algorithms - What you eat is your business rhetorical analysis - Founder of kodak company - Nike debt to equity ratio - Telecommunications and Networking DQ - Capstone Research Companion - Kinship chart example - John henrik clarke a great and mighty walk essay - A study was done to find if different tire treads - Ridge buchignani ranch carignane 2017 - 7 Habits of Highly Effective People BUSA 208 Assignment - Organizational Theory - Battle of fallen timbers apush - Hilma af klint evolution - Animal record keeping system - Week 6 lab summit ridge mountain resort student - Module 5 Assignment - How can i model for ivivva - Cardiff metropolitan university moodle - Assignment - The most exciting event in my life essay - Chapter 14 taxes and government spending answers - Genius gluten free pain au chocolat - Business Process Redesign - Enterprise incentive plans allow all organizational members to participate in the plan's payout. - Crack the safe the binomial expansion answers - Mid america christian university d2l - Netflix vision statement - How much is a sonic franchise cost - Business document cover page - Blue sky surf shop report - What is the purpose of nick's last meeting with jordan - Discussion 2 6050 M-4 - Uncertainty of Big Data - Audit program for accounts receivable - Discussion - Sex drugs and hiv let's get rational - Environmental aspects and impacts register - Balance sheet of life - English Literature - Accounting - Frank lloyd wright mile high - Las sillas ____ delante del escritorio - Case study - Carlill v carbolic smoke ball co 1893 citation - Story of ramanan and chandrika pdf - Hertfordshire county council training courses - Outward recoil of chest wall - A short story definition - Mystic monk coffee case pdf - Project planning - Change management theories and models pdf - Ubc mental health clinic - What is the possessive form of jesus - MGT 351 week 5 - Michael kors target audience - Which component controls the timing of all computer operations - Explain how standard solutions and titrations are prepared in industry - Molander corporation is a distributor of a sun umbrella used - Michael kirby net worth - Wgu c361 task 1 2018 - African history paper fix - Value based care - Calcium standard solution preparation - Tata nano the people's car case study solution - 2 - Cisco ccna 4 final exam answers - Maximum power transmitted by belt drive - Project work breakdown structures and coding systems