Acc 291 Final Exam Answers

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Acc 291 Final Exam Answers

By | November 2012
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go to the following address to get the answers: http://homeworkfox.com/tutorials/general-questions/9297/acc-291-final-exam-answers/

1) Hahn Company uses the percentage of sales method for recording bad debts expense

2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000.

3) Intangible assets

4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that

5) The book value of an asset is equal to the

6) Gains on an exchange of plant assets that has commercial substance are

7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as

9) When an interest-bearing note matures, the balance in the Notes Payable account is

10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be

11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%?

12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet?

13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1. If the corporation uses the effective-interest method of amortization of bond premium, the amount of bond interest expense to be recognized on July 1, 2011, is

14) When the effective-interest method of bond discount amortization is used

15) If a corporation has only one class of stock, it is referred to as

16) Capital stock to which the charter has assigned a value per...
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