Question 1

What are 'off-balance sheet risks'? What disclosures are required?

Accepted Answer

Off-balance sheet risks may consist of f

Question 2

Match between columns
                        Premises: Issued a bond payable at a premium
Issued a bond payable at a discount
Issued a non-interest-bearing note at a discount
Paid periodic interest and amortized discount to interest expense
Paid periodic interest and amortized premium to interest expense
Paid interest on bond payable which was issued at par

Accepted Answer

The Answer of + A and + L and + is...

Question 3

On January 1, a 3-year, $8,000, non-interest-bearing note payable was issued when the market rate of interest was 11%. To determine the amount at which the note will be valued on the balance sheet on the issue date, use the

Accepted Answer

A) present value of $1 table. 
B) future value of an annuity due table. 
C) present value of an annuity table. 
D) future value of an annuity table. 
A) present value of $1 table. 
B) future value of an annuity due table. 
C) present value of an annuity table. 
D) future value of an annuity table.

Question 4

Investments in bonds are accounted for using

Accepted Answer

A) historical cost. 
B) capital leases. 
C) the effective interest method. 
D) net realizable value. 
A) historical cost. 
B) capital leases. 
C) the effective interest method. 
D) net realizable value.

Question 5

Samuels Corporation issued a $40,000, 3-year, non-interest-bearing note payable on January 1, 2016. Reflecting a market rate of interest of 10%, Garrison received $30,053. Calculate interest expense (to the nearest dollar) for 2016 and 2017.

Accepted Answer

2016: $30,053 x .10

What are 'off-balance sheet risks'? What disclosures are required?

On January 1, a 3-year, $8,000, non-interest-bearing note payable was issued when the market rate of interest was 11%. To determine the amount at which the note will be valued on the balance sheet on the issue date, use the

Investments in bonds are accounted for using

Samuels Corporation issued a $40,000, 3-year, non-interest-bearing note payable on January 1, 2016. Reflecting a market rate of interest of 10%, Garrison received $30,053. Calculate interest expense (to the nearest dollar) for 2016 and 2017.

Financial Accounting and Its Economic Context

A Closer Look at the Financial Statements

The Measurement Fundamentals of Financial Accounting

The Mechanics of Financial Accounting

Using Financial Statement Information

The Current Asset Classification, Cash, and Accounts Receivable

Merchandise Inventory

Investments in Equity Securities

Long-Lived Assets

Introduction to Liabilities: Economic Consequences, Current Liabilities, and Contingencies

Stockholders Equity

The Complete Income Statement

The Statement of Cash Flows

The Time Value of Money

Filters

Exam 11: Long-Term Liabilities: Notes, Bonds, and Leases

What are 'off-balance sheet risks'? What disclosures are required?

On January 1, a 3-year, $8,000, non-interest-bearing note payable was issued when the market rate of interest was 11%. To determine the amount at which the note will be valued on the balance sheet on the issue date, use the

Investments in bonds are accounted for using

Samuels Corporation issued a $40,000, 3-year, non-interest-bearing note payable on January 1, 2016. Reflecting a market rate of interest of 10%, Garrison received $30,053. Calculate interest expense (to the nearest dollar) for 2016 and 2017.

Financial Accounting and Its Economic Context

A Closer Look at the Financial Statements

The Measurement Fundamentals of Financial Accounting

The Mechanics of Financial Accounting

Using Financial Statement Information

The Current Asset Classification, Cash, and Accounts Receivable

Merchandise Inventory

Investments in Equity Securities

Long-Lived Assets

Introduction to Liabilities: Economic Consequences, Current Liabilities, and Contingencies

Stockholders Equity

The Complete Income Statement

The Statement of Cash Flows

The Time Value of Money

Filters