Find the amount for amortization expense

Reference no: EM1352912

4. At the beginning of 2006, Findlay Company received a three-year zero-interest-bearing $1,000 trade note. The market rate for equivalent notes was 8% at that time. Findlay reported this note as a $1,000 trade note receivable on its 2006 year-end statement of financial position and $1,000 as sales revenue for 2006. What effect did this accounting for the note have on Finney's net earnings for 2006, 2007, 2008, and its retained earnings at the end of 2008, respectively?
a. Overstate, overstate, understate, zero
b. Overstate, understate, understate, understate
c. Overstate, overstate, overstate, overstate
d. None of these

Titan, Inc.'s checkbook balance on December 31, 2007 was $21,200. In addition, Titan held the following items in its safe on December 31.
(1) A check for $450 from Peters, Inc. received December 30, 2007, which was not included in the checkbook balance.
(2) An NSF check from Garner Company in the amount of $900 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2008. The original deposit has been included in the December 31 checkbook balance.
(3) Coin and currency on hand amounted to $1,450.
The proper amount to be reported on Titan's balance sheet for cash at December 31, 2007 is
a. $21,300.
b. $22,200
c. $20,400.
d. $21,750.

32. On January 2, 2007, Spencer Co. bought a trademark from Stype, Inc. for $500,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Stype's books was $400,000. In Spencer's 2007 income statement, what amount should be reported as amortization expense?
a. $20,000.
b. $25,000.
c. $40,000.
d. $50,000

17. In no case can "market" in the lower-of-cost-or-market rule be more than
a. estimated selling price in the ordinary course of business.
b. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal, an allowance for an approximately normal profit margin, and an adequate reserve for possible future losses.
c. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal and an allowance for an approximately normal profit margin.
d. estimated selling price in the ordinary course of business less reasonably predictable costs of completion and disposal

35. Select the correct statement from the following?
a. A company may exclude a short-term obligation from current liabilities if the firm intends to refinance the obligation on a long-term basis.
b. A company may exclude a short-term obligation from current liabilities if the firm can demonstrate an ability to consummate a refinancing.
c. A company may exclude a short-term obligation from current liabilities if it is paid off after the balance sheet date and subsequently replaced by long-term debt before the balance sheet is issued.
d. None of these

Reference no: EM1352912

Questions Cloud

Write a script to declares and sets variable : Write a script that declares and sets a variable thats equal to the total outstanding balance due. If that balance due is greater than $10,000.00.

Show your answer numerically : Homer' s boat manufacturing has a monopoly on boat sales in the region. Homer' s marginal cost of the 8th boat produced is $1200.

Usefulness of personality tests : In your own words, describe personality. What are your thoughts regarding the usefulness of personality tests?

Find the density of the oil : A parallel-plate capacitor has an area of 2.0cm^2, and the plates are separated by 2mm.

Find the amount for amortization expense : At the starting of 2006, Findlay Company received a three-year zero-interest-bearing $1,000 trade note. The market rate for equivalent notes was 8 percent at that time

Function to responds- to click anywhere on page-display box : Write a function that responds to a click anywhere on the page by displaying an alert dialog. display the event name if the user held shift during the mouse click.

Compute demand elasticity using the midpoint formula : A sporting goods store has estimated the demand curve for a popular brand of running shoes as a function of price. Compute demand elasticity using the midpoint formula.

Diagnosis of an antisocial personality disorder : Give a summary of the primary (Axis I or II) diagnosis of an Antisocial personality disorder as well as a brief description of a treatment approach you would recommend.

Statisticians working with clinical researchers : The problems for this assignment are typical of those encountered by statisticians working with clinical researchers. So if you'll humor me, I have written this assignment as though it is a day in the life of a project statistician. Here is your age..

User Account

All Pages