20A2 - Intermediate Accounting - Introduction
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Business
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University
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Practice Problem
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Mike Corporation issues 10,000 shares of $12 par value preferred stock for $15 cash per share. The journal entry to record the issuance is:
Dr. Cash $150,000
Cr. Preferred Stock $150,000
Dr. Cash $150,000
Cr. Common Stock $120,000
Cr. Paid-in Capital in Excess of Par – Common Stock $30,000
Dr. Cash $120,000
Cr. Common Stock $120,000
Dr. Cash $150,000
Cr. Preferred Stock $120,000
Cr. Paid-in Capital in Excess of Par – Preferred Stock $30,000
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On July 1, 2017, Rio Corporation acquires 2,000 shares (10% ownership) of Beal Corporation common stock. Sanchez pays $40 per share. The entry for the purchase is:
Dr. Cash $80,000
Cr. Stock Investments $80,000
Dr. Stock Investment $80,000
Cr. Cash $80,000
Dr. Stock Investment $8,000
Cr. Cash $8,000
Dr. Cash $8,000
Cr. Stock Investment $8,000
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
1. On January 1, 2017, Candle, Inc. sells $100,000, five-year, 10% bonds for $98,000 (98% of face value). Interest is payable annually January 1. The entry to record the issuance is:
Dr. Cash $98.000
Dr. Discount on Bonds Payable $2,000
Cr. Bonds Payable $100,000
Dr. Cash $98,000
Cr. Bonds Payable $98,000
Dr. Cash $100,000
Cr. Bonds Payable $100,000
Dr. Cash $100.000
Cr. Bonds Payable $98,000
Cr. Premium on Bonds Payable $2,000
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A company that acquires less than 20% ownership interest in another company should account for the stock investment in that company using the ...... method.
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
In preparing net cash flow from operating activities using the direct method, each item in the income statement is adjusted from the ......... to the cash basis.
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