I have 10 mutiple choice questions that I need answers in 20 to


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I have 10 mutiple choice questions that I need answers in 20 to 30 minutes. let me know if you can work on it ATTACHMENT PREVIEW Download attachment 10 mutiple choice questions needed real time.docx Question 2 Which of the following would be added back to net income in the operating activities section of the statement of cash flows? Payment of a cash dividend. Increase in inventory. Increase in accounts payable. Gain on sale of equipment. Question 3 If a savings account pays interest at 8% compounded quarterly, then the amount of $1,000 left on deposit for 4 years would be found in a table using 4 periods at 8%. 4 periods at 4%. 16 periods at 4%. 16 periods at 2% Question 12 Olsen Company paid cash insurance premiums $ 20,800 during 2013. The following balances have been excerpted from Olsen’s balance sheets: December 31, 2013 December 31, 2012 Prepaid insurance $ 3,000 $ 2,400 The insurance expense on the income statement for 2013 was $20,800. $20,200. $21,400. $23,200. Question 18 Long Corporation reports the following information for the year ended 12/31/2013: Correction of understatement of depreciation expense in prior years, net of tax $ (215,000) Dividends declared 160,000 Net income 500,000 Retained earnings, 12/31/2012, as reported 2,000,000 Long should report retained earnings, 1/1/13, as adjusted at $1,785,000. $2,125,000. $2,340,000. $2,285,000. Question 19 On January 4, 2013, Koller Co. leased a building to Delta Corp. for a ten-year term at an annual rental of $200,000. At inception of the lease, Koller received $800,000 covering the first three years’ rent of $600,000 and a security deposit of $200,000. This deposit will not be returned to Delta upon expiration of the lease but will be applied to payment of rent for the last year of the lease. What portion of the $800,000 should be shown as a current and long-term liability in Koller’s December 31, 2013 balance sheet? Current Liability Long-term Liability $200,000 $200,000 $400,000 $200,000 $200,000 $600,000 $200,000 $400,000 Question 21 At Murray Company, events and transactions during 2013 included the following. The tax rate for all items is 30%. (1) Depreciation for 2011 was found to be understated by $60,000. (2) A strike by the employees of a supplier resulted in a loss of $40,000. (3) The inventory at December 31, 2010 was overstated by $70,000. (4) A flood destroyed a building that had a book value of $1,000,000. Floods are very uncommon in that area. (5) A loss of $60,000 from sale of inventory. The effect of these events and transactions on 2013 income from continuing operations net of tax would be ($70,000). ($77,000). ($133,000). ($833,000). Question 22 On December 30, 2012, AGH, Inc. purchased a machine from Grant Corp. by eight payments of $70,000. The first payment was made on December 30, 2012, and the others are due annually on December 30. At date of issuance, the prevailing market rate of interest was 11%. Present value factors are as follows: On December 31, 2012, the present value of this machine was: $329,840. $360,220. $366,485. $399,840. Question 24 Equestrain Roads sold $80,000 of goods and accepted the customer’s $80,000 6% 1-year note payable in exchange. Assuming 6% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 1? $0. $2,000. $2,800. $2,400. Question 29 In 2013, East Co. reported net income of $700,000. It paid preferred stock dividends of $150,000 and common stock dividends of $60,000. During 2013, East had a weighted average of 200,000 common shares outstanding. Compute East’s 2013 earnings per share. $1.95 $2.25 $2.75 $3.05 Question 30 Prophet Corporation has an extraordinary gain of $300,000, an unusual gain of $200,000, and a tax rate of 40%. At what amount should Prophet report each item? Extraordinary loss Unusual gain $300,000 $200,000 300,000 120,000 180,000 200,000 180,000 120,000 Read more tfolkkss

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