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August 31, 2014

August 31, 2014

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

____ 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

- accounting -
**al**, Friday, October 15, 2010 at 1:58pmwhat number 19?

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