ACCT 211 Exam 4 Liberty University Complete Answers
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ACCT 211 Exam 4 Liberty University Complete Answers
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Question 1
Adonis Corporation issued 10-year, 11% bonds with a par value of $270,000. Interest is paid semiannually. The market rate on the issue date was 10%. Adonis received $286,827 in cash proceeds. Which of the following statements is true?
Question 2
Charger Company's most recent balance sheet reports total assets of $32,103,000, total liabilities of $19,053,000 and total equity of $13,050,000. The debt to equity ratio for the period is (rounded to two decimals):
Question 3
On January 1 of Year 1, Congo Express Airways issued $2,700,000 of 6% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,450,000 and the market rate of interest for similar bonds is 7%. The bond premium or discount is being amortized at a rate of $8,333 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of:
Question 4
On July 1, Shady Creek Resort borrowed $320,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $47,689. What is the journal entry to record the first annual payment?
Question 5
On January 1, a company issued and sold a $406,000, 7%, 10-year bond payable, and received proceeds of $401,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is:
Question 6
On January 1 of Year 1, Congo Express Airways issued $3,150,000 of 5% bonds that pay interest semiannually on December 31 and June 30. The bond issue price is $2,840,000 and the market rate of interest for similar bonds is 6%. The bond premium or discount is being amortized at a rate of $10,333 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be:
Question 7
A company issued 6-year, 8% bonds with a par value of $950,000. The market rate when the bonds were issued was 7.5%. The company received $959,500 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is:
Question 8
A company has bonds outstanding with a par value of $100,000. The unamortized discount on these bonds is $4,700. The company retired these bonds by buying them on the open market at 97. What is the gain or loss on this retirement?
Question 9
A corporation issued 8% bonds with a par value of $1,170,000, receiving a $54,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 99 and retired it. The gain or loss on this retirement is:
Question 10
Mayan Company had net income of $37,380. The weighted-average common shares outstanding were 8,900. The company declared a $3,600 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions. The company's earnings per share is:
Question 11
A company has earnings per share of $10.10. Its dividend per share is $.75, its market price per share is $131.30, and its book value per share is $107. Its price-earnings ratio equals:
[Solved] ACCT 211 Exam 4 Liberty University Complete Answers
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