Reference no: EM132704321
Problem 1: Monster Co. issued a $65,000, 120-day, discounted note to Cannibal Bank. The discount rate is 12%. What is the maturity value of the note?
Option 1: $72,800
Option 2: $67,600
Option 3: $62,400
Option 4: $65,0002.
Problem 2: On December 31, Bonds Batting Company has decided to sell one of its batting cages. The initial cost of the equipment was $235,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a buyer that is willing to purchase the equipment for $10,000. What is the amount of the gain or loss on this transaction?
Option 1: Cannot be determined
Option 2: No gain or loss
Option 3: Loss of $30,000
Option 4: Gain of $10,000
Problem 3: A retirement plan which requires the employer to make specific annual retirement contributions, with no promise to employees regarding future retirement payments, is termed
Option 1: funded
Option 2: unfunded
Option 3: defined contribution
Option 4: defined benefit
Problem 4: Fixed assets are ordinarily presented in the balance sheet
Option 1: at replacement costs
Option 2: at current market values
Option 3: before current assets
Option 4: at cost less accumulated depreciation
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: Monster Co. issued a $65,000, 120-day, discounted note to Cannibal Bank. The discount rate is 12%. What is the maturity value of the note?
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