A mortgage is a contractual or equitable lien

Indicate whether the statement is true or false


True

Business

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Exhibit 14-9 Hawk issued $200,000 of its ten-year 10% bonds for $224,924 on October 1, 2016. The effective rate on the bonds was 8% and interest is paid each October 1 and April 1. ? Refer to Exhibit 14-9. Assuming Hawk uses the effective interest method, the adjusting entry on December 31, 2016, would include

A) a credit to Premium on Bonds Payable for $502. B) a credit to Interest Payable for $4,498. C) a credit to Interest Payable for $5,000. D) a debit to Interest Expense for $5,498.

Business

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:    Selling price$78   Units in beginning inventory 0Units produced 8,800Units sold 8,700Units in ending inventory 100    Variable costs per unit:  Direct materials$18Direct labor$10Variable manufacturing overhead$4Variable selling and administrative expense$5Fixed costs:  Fixed manufacturing overhead$255,200Fixed selling and administrative expense$87,000 What is the net operating income for the month under variable costing?

A. $14,500 B. $11,300 C. $2,900 D. $17,400

Business

Several years ago, Knox Industries issued 200,000 of its $2 par value stock for a total of $1,600,000. This is the only time that it has sold stock. This year it purchased 2,000 shares of its own stock for $20 a share. As a result of acquiring treasury stock:

A. its stockholders' equity decreases by $40,000. B. its common stock account decreases by $40,000. C. its retained earnings decrease by $40,000. D. it will recognize a loss of $40,000.

Business

Supply chain management does not require the coordination of activities and flows that do not extend across boundaries

a. True b. False Indicate whether the statement is true or false

Business