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ACC 291 Principles Of Accounting II Week 3 Practice Questions Chapter 10 Answers

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Phoenix ACC 291 Week 3 Practice Questions Chapter 10 Answers (2017)

  1. The time period for classifying a liability as current is one year or the operating cycle, whichever is
  2. Which one of the following is not a typical current liability?

  3. Buttner Company borrows $88,500 on September 1, 2014, from Harrington State Bank by signing an $88,500, 12%, one-year note. How much is accrued interest at December 31, 2014?

  4. Andre Company collected $4,515 from cash sales to customers, which includes both sales revenue and 5% sales taxes. How much should be recognized as sales revenue?

  5. The Jacksonville Jaguars sell season tickets to NFL football games. There are 10 home games during the season, which runs from August through December. During February, 65,000 season tickets were sold for $12,000,000 cash. Which account will be credited by the Jacksonville Jaguars upon receipt of the $12,000,000?

  6. How is the market value of a bond issuance determined?

  7. If the contractual rate of interest is lower than the market rate of interest, bonds will sell at a premium.

  8. What is the effect of amortizing a bond discount?

  9. Kant Corporation retires its $100,000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $103,745. Which of the following is part of the entry to record the bond redemption?

  10. On January 1, Anthony Corporation issued $1,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $1,072,096. The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, how much is the debit entry to Bond Interest Expense?

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