ACC 557 Week 7 Chapter 9 & 10 Quiz (3 Sets) (Updated One)

Week 7 Quiz: Chapters 09 & 10

All of the following factors in computing depreciation are estimates except

During 2013, Stein Corporation reported net sales of $3,500,000 and net income of $2,100,000. Stein also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Stein's asset turnover ratio is

In January of the current year, Allegro Co. purchased the Exbar Mine at a cost of $25,000,000. The mine was estimated to contain 1,000,000 tons of the ore have a residual value of $2,500,000 after mining operations are completed. During the year, 315,000 tons of ore were removed from the mine. At year-end, the book value of the mine is

Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

Each of the following is used in computing revised annual depreciation for a change in estimate except

If a plant asset is sold before it is fully depreciated,

Depreciable cost is the

Each of the following is correct regarding bonds except they are

On October 1, Steve's Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Steve's Carpet Service to record payment of the note and accrued interest on January 1 is

When current liabilities are presented under IFRS, they are generally shown

When bonds are converted into common stock,

Which of the following is not an advantage of issuing bonds instead of common stock?

A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a

Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?

On the date of issue, Chudzick Corporation sells $5 million of 5-year bonds at 97. The entry to record the sale will include the following debits and credits: