4...A company signed a $6,000, 90 days, 5% note payable on December 1. Wha amount of interest should be accrued on December 31? A. $300 C. $725 B. $25 D. $3,825 6..Which of the following items in NOT on a payroll register? A. Gross Pay B. Federal Income Tax C. State Unemployment Tax Act D. Social Security Medicare 7...On November 1, Candle Company borrowed $50,000 cash from a bank in return for a 60-day, 9%, $50,000 promissory note. How much will Candle need to pay the bank on the maturity date? A. $750 C. $50,000 B. $50,750 D. $0 10...A company reports net income of $75,000. Its weighted average commons shares outstanding is 19,000. It has no other stock outstanding. Its earnings per share is... A. 1.8% C. 15.4% B. 11.7% D. 55.6% 11...On December 31, a company issued 16%, 10-year bonds with a par value of $350,000. Interest is paid semi-annually. Cash received on this bond sale was $325,600. What is the balance on the Discount on Bonds account after the second semi- annual interest payment? A. $25,600 C. $21,960 B. $24,400 D. $0 12...Foxboro Company purchased 30,000 shares of its own common stock for $20 per share. The Par Value is $15 per share. The entry to record this purchase will include... A. A debit to treasury stock for $450,000 B. A credit to Paid in Capital in Excess-Treasury Stock for $600,000 C. A debit to Retained Earnings for $450,000 D. A credit to Cash for $600,000 13...In a lease agreement, which of the following is a true statement? A. The lessor is the asset owner B. The lessee is the asset owner C. An operating lease is a long-term non-cancelable agreement D. A capital lease is where the lessor accepts all risks of ownership 14...Assume you need to make future value calculation for an investment that pays 24% annual interest, compounded quarterly. What column would you use In Table B-2, Future Value of 1? A. 6% C. 8% B. 24% D. 2% 15...Megan Brink is offered the possibility of investing $2,745 today at 6% interest per year in a desire to accumulated $10,000. What is the interest factor she will need to accomplish this? A. 6% C. 8% B. 24% D. 2% 16...David Jenson has $1,000 he wants to deposit today in an interest bearing account for 5 years at 3% interest. Which of the four tables befoew would he use to calculate his future balance? A. Future Value of 1 C. Present Value of 1 B. Future Value of an annuity D . Pesent value of an annuity 17...A company purchased machinery for $10,800,000 on January 1, 2013. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the machinery for the year ended December 31, 2014, assuming the double declining balance method is used? A. $ 2,160,000 C. $ 1,728,000 B. $ 3,888,000 D . $ 2,000,000 20...A journal entry to recored the issuance of 75,000 shares with a par value of $5 per share at $7 cash each would include which of the following? A. Debit to Cash for $150,000 B. Debit to Common Stock for $375,000 C. Debit to Paid in Capital in Excess of Par Value for $525,000 D. Debit to Cash for $525,000 Problem #1 - Journal Entries Arnold Corporation had the following transactions during 2014. Journalize them in the general journal as follows. 1) Purchased a copper mine for $1,000,000 with an estimated 100,000 tons of copper capacity. 2) Harvested 91,000 tons of copper. Record the depletion expense using the units-of- production method. 3) Sold product for $150,000 cash. Record the entry to receive the cash, and record the appropriate amount of Sales Revenue and Sales Tax Payable (assuming a state sales tax rate of 8%). 4) Received $100,000 cash for the sale of product scheduled to be delivered in 6- months. 5) Sold product for $25,000 that included a warranty for complete replacement within 2 years. The replacement rate is 5% of the sale price. Record the warranty liability. 6) Of the $100,000 cash received in transation # 4), 25% of the product has been delivered. 7) Signed a promissory note for $250,000 at 6% for 6 months, with interest and principal due at maturity. 8) Sold a $600,000 bond at 9% for 6 years with interest to be paid semi-annually. The sale price of the bonds was $627,500. 9) Made the first payment of interest on the $600,000 bond. 10) At maturity, paid the promissory note principal and interest. Ref Item Debit Credit 4...A company signed a $6,000, 90 days, 5% note payable on December 1. Wha amount of interest should be accrued on December 31? A. $300 C. $725 B. $25 D. $3,825 6..Which of the following items in NOT on a payroll register? A. Gross Pay B. Federal Income Tax C. State Unemployment Tax Act D. Social Security Medicare 7...On November 1, Candle Company borrowed $50,000 cash from a bank in return for a 60-day, 9%, $50,000 promissory note. How much will Candle need to pay the bank on the maturity date? A. $750 C. $50,000 B. $50,750 D. $0 10...A company reports net income of $75,000. Its weighted average commons shares outstanding is 19,000. It has no other stock outstanding. Its earnings per share is... A. 1.8% C. 15.4% B. 11.7% D. 55.6% 11...On December 31, a company issued 16%, 10-year bonds with a par value of $350,000. Interest is paid semi-annually. Cash received on this bond sale was $325,600. What is the balance on the Discount on Bonds account after the second semi- annual interest payment? A. $25,600 C. $21,960 B. $24,400 D. $0 12...Foxboro Company purchased 30,000 shares of its own common stock for $20 per share. The Par Value is $15 per share. The entry to record this purchase will include... A. A debit to treasury stock for $450,000 B. A credit to Paid in Capital in Excess-Treasury Stock for $600,000 C. A debit to Retained Earnings for $450,000 D. A credit to Cash for $600,000 13...In a lease agreement, which of the following is a true statement? A. The lessor is the asset owner B. The lessee is the asset owner C. An operating lease is a long-term non-cancelable agreement D. A capital lease is where the lessor accepts all risks of ownership 14...Assume you need to make future value calculation for an investment that pays 24% annual interest, compounded quarterly. What column would you use In Table B-2, Future Value of 1? A. 6% C. 8% B. 24% D. 2% 15...Megan Brink is offered the possibility of investing $2,745 today at 6% interest per year in a desire to accumulated $10,000. What is the interest factor she will need to accomplish this? A. 6% C. 8% B. 24% D. 2% 16...David Jenson has $1,000 he wants to deposit today in an interest bearing account for 5 years at 3% interest. Which of the four tables befoew would he use to calculate his future balance? A. Future Value of 1 C. Present Value of 1 B. Future Value of an annuity D . Pesent value of an annuity 17...A company purchased machinery for $10,800,000 on January 1, 2013. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the machinery for the year ended December 31, 2014, assuming the double declining balance method is used? A. $ 2,160,000 C. $ 1,728,000 B. $ 3,888,000 D . $ 2,000,000 20...A journal entry to recored the issuance of 75,000 shares with a par value of $5 per share at $7 cash each would include which of the following? A. Debit to Cash for $150,000 B. Debit to Common Stock for $375,000 C. Debit to Paid in Capital in Excess of Par Value for $525,000 D. Debit to Cash for $525,000 Problem #1 - Journal Entries Arnold Corporation had the following transactions during 2014. Journalize them in the general journal as follows. 1) Purchased a copper mine for $1,000,000 with an estimated 100,000 tons of copper capacity. 2) Harvested 91,000 tons of copper. Record the depletion expense using the units-of- production method. 3) Sold product for $150,000 cash. Record the entry to receive the cash, and record the appropriate amount of Sales Revenue and Sales Tax Payable (assuming a state sales tax rate of 8%). 4) Received $100,000 cash for the sale of product scheduled to be delivered in 6- months. 5) Sold product for $25,000 that included a warranty for complete replacement within 2 years. The replacement rate is 5% of the sale price. Record the warranty liability. 6) Of the $100,000 cash received in transation # 4), 25% of the product has been delivered. 7) Signed a promissory note for $250,000 at 6% for 6 months, with interest and principal due at maturity. 8) Sold a $600,000 bond at 9% for 6 years with interest to be paid semi-annually. The sale price of the bonds was $627,500. 9) Made the first payment of interest on the $600,000 bond. 10) At maturity, paid the promissory note principal and interest. Ref Item Debit Credit 4...A company signed a $6,000, 90 days, 5% note payable on December 1. Wha amount of interest should be accrued on December 31? A. $300 C. $725 B. $25 D. $3,825 6..Which of the following items in NOT on a payroll register? A. Gross Pay B. Federal Income Tax C. State Unemployment Tax Act D. Social Security Medicare 7...On November 1, Candle Company borrowed $50,000 cash from a bank in return for a 60-day, 9%, $50,000 promissory note. How much will Candle need to pay the bank on the maturity date? A. $750 C. $50,000 B. $50,750 D. $0 10...A company reports net income of $75,000. Its weighted average commons shares outstanding is 19,000. It has no other stock outstanding. Its earnings per share is... A. 1.8% C. 15.4% B. 11.7% D. 55.6% 11...On December 31, a company issued 16%, 10-year bonds with a par value of $350,000. Interest is paid semi-annually. Cash received on this bond sale was $325,600. What is the balance on the Discount on Bonds account after the second semi- annual interest payment? A. $25,600 C. $21,960 B. $24,400 D. $0 12...Foxboro Company purchased 30,000 shares of its own common stock for $20 per share. The Par Value is $15 per share. The entry to record this purchase will include... A. A debit to treasury stock for $450,000 B. A credit to Paid in Capital in Excess-Treasury Stock for $600,000 C. A debit to Retained Earnings for $450,000 D. A credit to Cash for $600,000 13...In a lease agreement, which of the following is a true statement? A. The lessor is the asset owner B. The lessee is the asset owner C. An operating lease is a long-term non-cancelable agreement D. A capital lease is where the lessor accepts all risks of ownership 14...Assume you need to make future value calculation for an investment that pays 24% annual interest, compounded quarterly. What column would you use In Table B-2, Future Value of 1? A. 6% C. 8% B. 24% D. 2% 15...Megan Brink is offered the possibility of investing $2,745 today at 6% interest per year in a desire to accumulated $10,000. What is the interest factor she will need to accomplish this? A. 6% C. 8% B. 24% D. 2% 16...David Jenson has $1,000 he wants to deposit today in an interest bearing account for 5 years at 3% interest. Which of the four tables befoew would he use to calculate his future balance? A. Future Value of 1 C. Present Value of 1 B. Future Value of an annuity D . Pesent value of an annuity 17...A company purchased machinery for $10,800,000 on January 1, 2013. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the machinery for the year ended December 31, 2014, assuming the double declining balance method is used? A. $ 2,160,000 C. $ 1,728,000 B. $ 3,888,000 D . $ 2,000,000 20...A journal entry to recored the issuance of 75,000 shares with a par value of $5 per share at $7 cash each would include which of the following? A. Debit to Cash for $150,000 B. Debit to Common Stock for $375,000 C. Debit to Paid in Capital in Excess of Par Value for $525,000 D. Debit to Cash for $525,000 Problem #1 - Journal Entries Arnold Corporation had the following transactions during 2014. Journalize them in the general journal as follows. 1) Purchased a copper mine for $1,000,000 with an estimated 100,000 tons of copper capacity. 2) Harvested 91,000 tons of copper. Record the depletion expense using the units-of- production method. 3) Sold product for $150,000 cash. Record the entry to receive the cash, and record the appropriate amount of Sales Revenue and Sales Tax Payable (assuming a state sales tax rate of 8%). 4) Received $100,000 cash for the sale of product scheduled to be delivered in 6- months. 5) Sold product for $25,000 that included a warranty for complete replacement within 2 years. The replacement rate is 5% of the sale price. Record the warranty liability. 6) Of the $100,000 cash received in transation # 4), 25% of the product has been delivered. 7) Signed a promissory note for $250,000 at 6% for 6 months, with interest and principal due at maturity. 8) Sold a $600,000 bond at 9% for 6 years with interest to be paid semi-annually. The sale price of the bonds was $627,500. 9) Made the first payment of interest on the $600,000 bond. 10) At maturity, paid the promissory note principal and interest. Ref Item Debit Credit 4...A company signed a $6,000, 90 days, 5% note payable on December 1. Wha amount of interest should be accrued on December 31? A. $300 C. $725 B. $25 D. $3,825 6..Which of the following items in NOT on a payroll register? A. Gross Pay B. Federal Income Tax C. State Unemployment Tax Act D. Social Security Medicare 7...On November 1, Candle Company borrowed $50,000 cash from a bank in return for a 60-day, 9%, $50,000 promissory note. How much will Candle need to pay the bank on the maturity date? A. $750 C. $50,000 B. $50,750 D. $0 10...A company reports net income of $75,000. Its weighted average commons shares outstanding is 19,000. It has no other stock outstanding. Its earnings per share is... A. 1.8% C. 15.4% B. 11.7% D. 55.6% 11...On December 31, a company issued 16%, 10-year bonds with a par value of $350,000. Interest is paid semi-annually. Cash received on this bond sale was $325,600. What is the balance on the Discount on Bonds account after the second semi- annual interest payment? A. $25,600 C. $21,960 B. $24,400 D. $0 12...Foxboro Company purchased 30,000 shares of its own common stock for $20 per share. The Par Value is $15 per share. The entry to record this purchase will include... A. A debit to treasury stock for $450,000 B. A credit to Paid in Capital in Excess-Treasury Stock for $600,000 C. A debit to Retained Earnings for $450,000 D. A credit to Cash for $600,000 13...In a lease agreement, which of the following is a true statement? A. The lessor is the asset owner B. The lessee is the asset owner C. An operating lease is a long-term non-cancelable agreement D. A capital lease is where the lessor accepts all risks of ownership 14...Assume you need to make future value calculation for an investment that pays 24% annual interest, compounded quarterly. What column would you use In Table B-2, Future Value of 1? A. 6% C. 8% B. 24% D. 2% 15...Megan Brink is offered the possibility of investing $2,745 today at 6% interest per year in a desire to accumulated $10,000. What is the interest factor she will need to accomplish this? A. 6% C. 8% B. 24% D. 2% 16...David Jenson has $1,000 he wants to deposit today in an interest bearing account for 5 years at 3% interest. Which of the four tables befoew would he use to calculate his future balance? A. Future Value of 1 C. Present Value of 1 B. Future Value of an annuity D . Pesent value of an annuity 17...A company purchased machinery for $10,800,000 on January 1, 2013. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the machinery for the year ended December 31, 2014, assuming the double declining balance method is used? A. $ 2,160,000 C. $ 1,728,000 B. $ 3,888,000 D . $ 2,000,000 20...A journal entry to recored the issuance of 75,000 shares with a par value of $5 per share at $7 cash each would include which of the following? A. Debit to Cash for $150,000 B. Debit to Common Stock for $375,000 C. Debit to Paid in Capital in Excess of Par Value for $525,000 D. Debit to Cash for $525,000 Problem #1 - Journal Entries Arnold Corporation had the following transactions during 2014. Journalize them in the general journal as follows. 1) Purchased a copper mine for $1,000,000 with an estimated 100,000 tons of copper capacity. 2) Harvested 91,000 tons of copper. Record the depletion expense using the units-of- production method. 3) Sold product for $150,000 cash. Record the entry to receive the cash, and record the appropriate amount of Sales Revenue and Sales Tax Payable (assuming a state sales tax rate of 8%). 4) Received $100,000 cash for the sale of product scheduled to be delivered in 6- months. 5) Sold product for $25,000 that included a warranty for complete replacement within 2 years. The replacement rate is 5% of the sale price. Record the warranty liability. 6) Of the $100,000 cash received in transation # 4), 25% of the product has been delivered. 7) Signed a promissory note for $250,000 at 6% for 6 months, with interest and principal due at maturity. 8) Sold a $600,000 bond at 9% for 6 years with interest to be paid semi-annually. The sale price of the bonds was $627,500. 9) Made the first payment of interest on the $600,000 bond. 10) At maturity, paid the promissory note principal and interest. Ref Item Debit Credit