When the market value of debt is the same as its par value, it is:?
A. ?refinanced at a lower interest rate.
B. a par bond selling at its face value?
C. ?issued at a premium
D. ?repaid at the maturity date
E. ?selling at a discount
Answer: B
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In 2016, Cunningham Company determined that it did not accrue $15,000 of interest expense in 2015, which caused a material overstatement of income. Assuming a 35% tax rate, which of the following presents the journal entries that would correct the error?
A) ?Retained Earnings 15,000Interest Payable 15,000?Income Tax Receivable (or Payable) 15,000Retained Earnings 15,000?? B) ?Retained Earnings 15,000Interest Payable 15,000?Income Tax Receivable (or Payable) 5,250Retained Earnings 5,250 C) ?Retained Earnings 9,750Interest Payable 9,750?Income Tax Receivable (or Payable) 5,250Retained Earnings 5,250?? D) ?Retained Earnings 5,250Interest Payable 5,250?Income Tax Receivable (or Payable) 9,750Retained Earnings 9,750
If the defendant does not answer the complaint, a default judgment is entered against him or her.
Answer the following statement true (T) or false (F)
The posting process will include the transfer of the following information from the journal to the account
A) date, amount (debit or credit) B) date, amount (debit or credit), journal page number C) amount (debit or credit), account number D) date, amount (debit or credit) account number
Anton Co. uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 480 units of inventory that cost $5 each and then purchased an additional 660 units of inventory that cost $10 each. If Anton sells 800 units of inventory, what is the amount of cost of goods sold?
A. $8000 B. $4000 C. $7400 D. $5600