January 30, 2015

Homework Help: accounting

Posted by Mickey on Monday, February 22, 2010 at 6:28pm.

These questions are so confusing. So I was wondering what are each of the formulas to solve each question or what steps I need to take to complete them? I've been trying and I can't find the correct answer.

____ 11. The Dayton Corporation began the current year with a retained earnings balance of $25,000. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $3,000 on equipment. Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance.
a. $29,000
b. $35,000
c. $39,000
d. $45,000

____ 13. A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $150. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately
a. $7
b. $112
c. $37.50
d. $600

____ 14. The present value of $40,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar)
a. $37,736
b. $42,400
c. $40,000
d. $2,400

____ 15. The present value of $30,000 to be received in two years, at 12% compounded annually, is (rounded to nearest dollar)
a. $23,916
b. $37,632
c. $23,700
d. $30,000

____ 18. Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption?
a. $1,200 loss
b. $1,200 gain
c. $17,000 loss
d. $17,000 gain

____ 19. A $300,000 bond was redeemed at 103 when the carrying value of the bond was $315,000. The entry to record the redemption would include a
a. loss on bond redemption of $6,000.
b. gain on bond redemption of $6,000.
c. gain on bond redemption of $9,000.
d. loss on bond redemption of $9,000.

____ 20. On January 1, 2010, Zero Company obtained a $52,000, four-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, 2010. The December 31, 2012 carrying amount in the amortization table for this installment note will be equal to:
a. $0
b. $13,000
c. $14,252
d. $16,603

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