Reference no: EM132774960
Questions -
Q1. A company has a five-year, $100,000 note payable on which it has been making annual interest payments of $6,000. This is the final year of the note, and the company has made a $106,000 payment to pay this year's interest as well as to repay the note itself. What is needed in the journal entry to record this $106,000 cash payment?
A. Credit to note payable for $100,000
B. Debit to note payable for $100,000
C. Credit to interest expense for $6,000
D. Debit to interest expense for $106,000
Q2. A company has issued 200,000 new shares to shareholders in exchange for $4,000,000 cash. The shares are $1 par common shares. What is needed in the journal entry to record this issuance of shares?
A. Credit to paid in capital in excess of par for $3,800,000
B. Credit to common stock, $1 par for $4,000,000
C. Debit to common stock, $1 par for $200,000
D. Debit to paid in capital in excess of par for $4,000,000
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What is the impact of this error on the financial statements
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What is the net cash flow from operating activities
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Prepare an Income Statement for the year ended December
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What is needed in the journal entry to record this issuance
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Which debit or credit would appear in the closing entries
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What is the value of the cash coverage ratio
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Calculate the two prices Division W would have to quote
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