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1) A machine is purchased for $5,000 plus additional freight costs of $500. Main modification and installation costs will be $1,200. Determine the amount of the cost basis for this asset?

A.) $5,000

B.) $6,700  

C.) $6,200

D.) $5,500  

2) The adjusted trial balance for the Lifesaver Corporation at the end of the present year, 2007, contained the given accounts.

5-year Bonds Payable 8% $1,000,000

Bond Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 mo.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due presently) 200,000

Salaries Payable 18,000

Taxes Payable (due 3/15 of next yr) 25,000

The net long-term liabilities reported on the balance sheet are:

A) $1,365,000

B) $1,350,000

C) $1,465,000

D) $1,450,000

3) Which of the given is not true of a corporation?

A) It might buy, own and sell property.

B) It might sue and be sued.

C) The acts of its owners bind the corporation.

D) It might enter to binding legal contracts in its own name.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915940

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