(answered) – 1 of 50 Investments in debt securities, such as bonds, may beDescriptionSolution downloadThe Question1 ?of?50Investments in debt securities, such as bonds, may be classified as either current or long-term assets.TrueFalseQuestion2 ?of?50Marketable securities that are held until the due date of the securities aretrading and held-to-maturity securities.available-for sale securities.held-to-maturity securities.trading securities.Question3 ?of?50Which of the following business types is most common as measured by the amount of business transacted?Government entitiesProprietorshipsPartnershipsCorporationsQuestion4 ?of?50Depreciation is based upon cost, useful life, and salvage value.TrueFalseQuestion5 ?of?50Because depreciation is not cash-based, it is NOT reported in the direct method of the statement of cash flows.TrueFalseQuestion6 ?of?50A company has a petty cash fund of $200. At the end of the month, $6.41 remains in the fund along with $190.96 in various receipts. The journal entry to replenish the fund would show a debit(s) tovarious expenses for $190.96 and Cash Short of $2.63.Cash for $190.96.Cash for $193.59.various expenses for $190.96 and Cash Over of $2.63.Question7 ?of?50A 12-month, 8% note dated August 1, 2013 for $5,000 would have accrued interest payable on December 31, 2013 of $166.67.TrueFalseQuestion8 ?of?50Warranty expense must be estimated and matched to revenues.TrueFalseQuestion9 ?of?50Upgrading the RAM on a computer would be an example of a(n)capital expense.betterment.ordinary repair.extraordinary repair.Question10 ?of?50The formula for the quick ratio is quick assets divided by noncurrent assets.TrueFalseQuestion11 ?of?50Which of the following are considered to be legal entities that exist separate and distinct from their owners?Sole proprietorshipsOrganizations with more than 100 partnersPartnershipsCorporationsQuestion12 ?of?50Patents and copyrights can be seen, held, or touched.TrueFalseQuestion13 ?of?50Which of the following would be considered part of the cost of machinery and equipment?Repairs after start-upInsurance after purchaseMaintenanceSales taxesQuestion14 ?of?50The business or person that signs the note and promises to pay the required amount is called the payee.TrueFalseQuestion15 ?of?50Conley Company has a petty cash fund of $300. At the end of the month, $42.38 remains in the fund along with $260.75 in various receipts. The journal entry to replenish the fund would be debitPetty Cash for $257.62 and credit Cash for $257.62.various expenses, $260.75 and credit Cash for $260.75.various expenses, $260.75, credit Cash Over for $3.13, and credit Cash for $257.62.various expenses, $254.49, debit Cash Short for $3.13, and credit Cash for $257.62.Question16 ?of?50Neither land nor land improvements are depreciated.TrueFalseQuestion17 ?of?50Using a 365-day year, the maturity value of a 180-day note for $2,700 at 9% annual interest is (rounded to the nearest cent)$2,819.84.$2,821.50.$2,943.00.$ 119.84.Question18 ?of?50On January 1, Bestway, Inc. signed a $175,000, 8%, 30-year mortgage that requires semiannual payments of $7,735 on June 30 and December 31 of each year. The journal entry to record the second semiannual payment would be (round interest calculation to the nearest dollar) todebit Interest expense, $764; debit Mortgage payable, $6,971; credit Cash, $7,735.debit Mortgage payable, $7,735; credit Cash, $7,735.debit Interest expense, $6,971; debit Mortgage expense, $764; credit Cash, $7,735.debit Interest expense, $6,971; debit Mortgage payable, $76
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