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comp_exam_c - COMPREHENSIVE EXAMINATION C(Chapters 9 11...

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COMPREHENSIVE EXAMINATION C (Chapters 9 - 11) Approximate Problem Topic Points Minutes C - I Multiple Choice ........................................... 20 20 C - II Ratios ......................................................... 16 15 C - III Corporation Entries ..................................... 28 20 C - IV Bonds Payable ............................................. 20 15 C - V Plant Asset Disposal Entries ....................... _16 15 100 85 Checking Work ........................................... 5 90
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Test Bank for Financial of Accounting: Tools for Business Decision Making, Fourth Edition C-2 Problem C - I — Multiple Choice (20 points) Circle the one best answer. 1. The amortization of premium on bonds payable a. will increase bond interest expense. b. should take place over a period not to exceed 40 years. c. will decrease bond interest expense. d. will increase bond interest revenue. 2. Which one of the following would not be considered an advantage of the corporate form of organization? 3. A $200,000, 5%, 20-year bond was issued at 97. The proceeds received from the bond issuance are 4. Retained earnings is affected by each of the following except a 5. The Ewing Company purchases 1,000 shares of its common stock for $20,000. The $20,000 amount should be debited to a. an asset account. b. Treasury Stock. c. Common Stock. d. Retained Earnings. 6. The X Company has the following stock outstanding: 6% Preferred stock, $100 par value, cumulative $400,000 Common stock, $50 par value $600,000 Preferred stock dividends are in arrears for 2005 and 2004. If the company declares and pays $75,000 in dividends in 2006, the amount received by the preferred stockholders would be
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Comprehensive Examination C C-3 7. On July 1, 2007, Tow Enterprises sold equipment with an original cost of $95,000 for $50,000. The equipment was purchased January 1, 2006, and was depreciated using the straight-line method assuming a five year useful life and $5,000 salvage value. The necessary entries for 2007 include a
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