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Majed

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INSTANT ANSWER

On 01/01/2022, firm issued 1K of 8%, 10-year, $1K bonds at 98. Interest is paid on 01/01 and 07/01. Firm paid $ 50K in bond issue costs. The entry to record the issuance includes : A. a debit to Discount on Bonds Payable by $30K B. a debit to Discount on Bonds Payable by $ 70K C. a credit to Bonds Payable by $950K D. a debit to Cash by $980K

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INSTANT ANSWER

Firm issued $2M, 10-year bonds with coupon rate of 4%. Semiannual coupon payments. Bonds were sold for $1.93M, Total interest expense incurred during the life of the bond is: A 730K B 800K C 870K D cannot be determined from the information given

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ANSWERED

Jaquinthia Renee Fulton verified

Numerade educator

Quality-assurance warranty liability = $350K at 01/01/23 and $310K at 12/31/23. Warranty expense is based on 4% of sales. Sales in 2023 = $50M. Warranty costs paid in 2023 were: A. 1.96M B. 2М C. 2.04M D. 2.12M

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ANSWERED

Jaquinthia Renee Fulton verified

Numerade educator

For the September through December period, sales totaled $5M. The state sales tax rate is 4% and 75% of sales are subject to sales tax. Recording sales for the period: A. increases liabilities by $200K B. increases equity by $5.15M C. increases assets by $5M D. increases assets by $5.15M

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INSTANT ANSWER

On 11/01/2022, a $216,000, 9-month, noninterest-bearing note is issued for $199.8K. The adjusting entry on 12/31/2022: A. reduces the carrying value of Notes Payable by $3.6K B. increases the carrying value of Notes Payable by $2.7K C. increases the carrying value of Notes Payable by $3.6K D. reduces equity by $2.7K

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ANSWERED

Donna Densmore verified

Numerade educator

Expenditures made to restructure assets without addition, replacement, or improvement are typically expensed as incurred. A True B False

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INSTANT ANSWER

In 2021, A acquired B and recorded goodwill of $112M. A made B a separate reporting unit. In 2024, the net assets (including goodwill) of B are $332M and its fair value is $270M. A A. should not impair goodwill B. should impair goodwill by $50M C. should impair goodwill by $62M D. should impair goodwill by $112M

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ANSWERED

Donna Densmore verified

Numerade educator

An impairment loss for an Indefinite-life Intangible such as a trademark has the effect of A Increasing B reducing total assets reducing total revenues D increasing equity

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INSTANT ANSWER

Acquisition cost, accumulated amortization, estimated undiscounted future cash flows (FCF) and present value of FCF of a patent are $7M, $2M, 6M and $4M, respectively. Patent : A. Impaired because its book value exceeds fair value , present value of future cash flows B. Impaired because book value exceeds undiscounted future cash flows C. not impaired because its acquisition cost exceeds undiscounted future cash flows D. not impaired because undiscounted future cash exceed its book value

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ANSWERED

Caroline Maroutian verified

Numerade educator

The cost of natural resources is expensed in the period : A. the resource is acquired B. the resource is sold C. The resource is acquired D. the resource is harvested and becomes ready for sale

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