100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACC 101 Final Exam Review || Already Graded A+. $9.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. ACC 101
  4.  
  5. ACC 101

Exam (elaborations)

ACC 101 Final Exam Review || Already Graded A+.
 0 purchase
  • Course
  • ACC 101
  • Institution
  • ACC 101

1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? correct answers $54,000 2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming ...

[Show more]

Preview 1 out of 3  pages

Document information

  • August 9, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 1 mannix company issued 1000000 of 5 5 year

Written for

  • ACC 101
  • ACC 101

Seller

avatar-seller
FullyFocus

Reviews received

Content preview

ACC 101 Final Exam Review || Already Graded A+.
1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line
amortization and annual interest payments, how much bond interest expense is recorded on the
next interest date? correct answers $54,000

2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming straight-line
amortization and annual interest payments, how much bond interest expense is recorded on the
next interest date? correct answers $40,000

3. If the market rate of interest is 10%, a $100,000, 8%, 10-year bond that pays interest annually
would sell at an amount correct answers less than face value.

4. West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake
Builders Drake Builders Company signs a $400,000, 6%, 6-month note. The entry made by
Drake builders Company on January 1 to record the proceeds and issuance of the note is correct
answers Cash............................ 400,000 Notes
Payable...............................................................................400,000

5. Bonds with a face value of $600,000 and a quoted price of 981⁄2 have a selling price of correct
answers $591,000.

6. Johnson Company issued $100,000 of 6%, 5-year bonds at 95. Assuming straight-line
amortization and annual interest payments, what is the amount recorded to Discount on Bonds
Payable at each interest payment point? correct answers $1,000

7. A cash register tape shows cash sales of $3,000 and sales taxes of $200. The journal entry to
record this information is correct answers Cash................................ 3,200
Sales Tax Payable.....................................................................200 Sales
Revenue......................................................................... 3,000

8. The interest charged on a $300,000 note payable, at the rate of 6%, on a 90-day note would be
correct answers $4,500.

9. Love Inc. began business by issuing 100,000 shares of $10 par value common stock for $30
per share. During its first year, the corporation sustained a net income of $10,000. The year-end
balance sheet would show correct answers Common Stock of $1,000,000

10. Which of the following statements is considered an advantage of the corporate form of
organization? correct answers Limited liability of stockholders.

11. If Lantz Company issues 10,000 shares of $5 par value common stock for $210,000, the
account correct answers Common Stock will be credited for $50,000.

12. The board of directors of Yancey Company declared a cash dividend of $1.50 per share on
42,000 shares of common stock on July 15, 20X1. The dividend is to be paid on August 15,

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69988 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$9.99
  • (0)
Add to cart
Added