+ Opening Start Here! Nadatory Multiple Choice Q1-20 MC 21-40 MC 41-45 Table no 30) Suzie Company is selling a $100,000 face, zero coupon bond. It is a ten-year bond issued to yield 8%. How much will Suzie ronive when it issues the bond? A $ 21,454.82 B. $21,8059 C. $ 46.319.35 D. $ 100,000.00 E. Some other number Your Answer 31) Stil on Suzie, the journal entry to record the interest for the first year would include A. a credit to cash for $8.000.00 B. a debit to the discount account for $3.705 55 C a credit to the discount mocount for $3.705 55 O a debit to the premium account of $3.705.55 E a credit to the premium account of $3.705.55 Rows Colum Your Answer 32) Assume that Darby Company issues a ten-year $100,000,6% bond to yield 3% for $125.593.61 on January 1, 2020 and interest payments are due on December 311 of each year. On December 31, 2020 the company paid the bondholder the annual payment of $6.000. The journal entry to record the first payment on December 31, 2020 will include A a debit to interest expense of $ 6,000.00 B. a debit to interest expense of $ 3.000.00 C a credit to bond premium of $ 2.232.19 D. a debit to bond premium of $2.232.19 E none of the above Your Answer 33) Savannah Company is buying Tommy Company. The following information is available for Tommy Company on the day of the purchase: Hel i ple Choice 1-20 C 71-40 MC 41-45 33) Savarnah Company is buying Tommy Company The following formation is able for Tommy Company on the day of the purchase Accounts Receivable 290,000 200.000 400,000 Accounts Payable Note Payable Common Stock Retained Earnings $ 50.000 100,000 200.000 540,000 Savannah Company estimates that the Accounts Receivable are worth $275,000, the inventory is worth $175.000 and the land is worth $500.000 The Note Payable debt is payable interest only at 10% per year for the next 3 years and then the principal is due The current interest rate for similar debt is 10% Everything else is worth its book value Savannah will pay $1,000,000 for Tommy Company How much of the purchase price will Savannah debit to goodwill? A $200,000.00 B $ 190,052.59 C S 151.730.12 D. $210,692.05 E Some other number which is not here Columns Table Font Table Outlin Your Answer 34) Solon Savannah, everything is the same except the current interest rates for Notes similar to Tommy's is 8% How much of the purchase price will Savannah debit to goodwill? A $200,000.00 B. $ 194,154.19 C. $ 151,730.12 D. $ 205,154,19 E Some other number which is not here Your Answer 35) The following information is available for McKenzi Company Cash ending $20,000 Paid in Capital beginning 220.000 Upening St Here! Multiple Cholce 1-20 MC 21.40 MC 41-45 220.000 240.000 Paid in Capital, beginning Paid in Capital, ending Retained Earings, beginning Retained Earnings, ending Dividends paid during the year 728 180.000 285,000 20,000 35) The following information is available for McKenzi Company Cash ending $20,000 Cash beginning 30,000 Total assets ending 790,000 Employees, ending number Total Liabilities, ending 285,000 Common Slock ($1 par), ending 26,000 The Net Income for the ye A. $ 105,000 B. $ 125,000 C. $ 85,000 D 20,000 E. Would need more information or None of these Headers EBO Rours Your Answer Columns Table For 36) Table Tanya's Beer Shoppe, Inc. had a fire. The entire inventory was lost. The owners are putting together a daim for the insurance company. Sales this year were $800,000 up until the fire. The average gross margin percentage is 20%. The inventory at the beginning of the year was $240,000 (at cost). The company had purchased $600,000 of beer this year (al cost) up until the date of the fire. How much can Thunya's Beer Shoppe claim as lost in the fire? A. $ 680,000 B. $ 200,000 C. $ 240,000 D. $ 500.000 E. $ 640,000 Online Your Answer Row C 37) Tanya Revisited. Go to the last problem. Instead of the average gross margin percentage is 20% Replace it with "The average markup on its products is 150%." How much can Tanya's Beer Shoppe claim as lost in the fire? A $160.000 + Opening Start Here! Multiple Choice 1-20 37) Tanya Revisited. Go to the last problem. Instead of the average gross margin percentage is 20% Replace it with "The average markup on its products is 150% How much can Tarya's Beer Shoppe claim as lost in the fire? A $100,000 B. $ 306.667 CS 533,333 D $ 500.000 ES520.000 Headers Footer Your Answer Table Name Columns 38) The Treasury Stock account A normally has a debit balance B normally has a credit balance C. Whether Treasury Stock has a debitor credit balance depends on the amount purchased D is normally found under Other Assets E. Two of these statements are correct Table Font Size Your Answer 39) The rules that govern accounting over most of the world, but not the US are known as A FASB B. GAAP CIFRS D. AARP E. AICPA Your Answer Online Ang Row Cole How & Co 40) $421.236 38 is the Present Value of A. A $500,000, zero, 5 year, 4% bond B. 5 year annuity with payments of 100,000.6% Interest rate C. the equal payment on a five year $1.496,123,50, no money down 5% interest rate, purchase D. equal cash flows of $100,000 for 10 years. 4% interest rate E. None of these