29 Jun Question I need this same set of questions a
Question
I need this same set of questions also. 1-26. How much would this be?
1. The initial owners of stock of a newly formed corporation are called directors.
2. The paid-in capital from sale of treasury stock account is debited if the sales price of the treasury stock sold is greater than its cost.
3. Bonds of major corporations are traded on bond exchanges.
4. An equal stream of periodic payments is called an annuity.
5. If the amount of a bond premium on an issued 11%, 4-year, $100,000 bond is $12,928, the annual interest expense is $5,500.
6. There is a loss on redemption of bonds when bonds are redeemed above carrying value.
7. Income tax expense reported on the income statement is the total taxes to be paid.
8. Cash, as the term is used for the statement of cash flows, could indicate either cash or cash equivalents.
9. Using the indirect method, if land costing $85,000 was sold for $145,000, the amount reported in the financing activities section of the statement of cash flows would be $85,000.
10. One of the prerequisites to paying a cash dividend is sufficient retained earnings.
11. Cash paid to acquire treasury stock should be shown on the statement of cash flows from investing activities.
12. In the vertical analysis of an income statement, each item is generally stated as a percentage of total assets.
13. If a company’s rate of return on common stockholders’ equity is greater than its rate of return on total assets, the company is effectively using leverage.
14. Generally, all deductions made from an employee’s gross pay are required by law.
15. The main source of paid-in-capital is from issuing stock.
Multiple Choice:
16. The journal entry a company uses to record the payment of a discounted note is
a. debit Notes Payable and Interest Expense; credit Cash
b. debit Notes Payable; credit Cash
c. debit Cash; credit Notes Payable
d. debit Accounts Payable; credit Cash
17. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee?
a. $568.74
b. $601.50
c. $660.00
d. $574.90
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