Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: In 2010, Turner Inc. acquired Syed Ltd. Though, the expected synergies never materialized. In 2013, Turner decided to prepare-off $45 million of Goodwill on the financial statements to recognize that the Goodwill had become impaired.

Which of the given items would be reduced by the impairment of Goodwill? (Check all that apply)

a) Cash from Financing Activities
b) Cash from Operating Activities
c) Net Income
d) Accumulated Other Comprehensive Income
e) Total Shareholders’ Equity

problem 2: In January 2013, Kiran Bancorp acquired $100,000 of marketable securities and classified them as Available for Sale. On March 31, 2013, Kiran prepared its10-Q and marked the securities down to their market value of $85,000. On April 4, 2013, Kiran sold the securities for $93,000 cash.

Which of the given items would be raised by the sale of the marketable securities? (Check all that apply)

a) Total Shareholders’ Equity
b) Cash from Investing Activities
c) Cash from Financing Activities
d) Accumulated Other Comprehensive Income
e) Net Income

problem 3: On January 1, 2012, Schwartz Co. borrowed $100,000 from a bank on a three-year mortgage with an interest rate of 5% per year. On December 30, 2012, Schwartz paid the bank $36,721. Schwartz employs US GAAP to prepare its financial statements.

Which of the given items would be reduced by the mortgage payment? (Check all that apply)

a) Cash from Operating Activities
b) Total Liabilities
c) Mortgage Payable
d) Net Income
e) Interest Expense

problem 4: On January 1, 2013, Sze Ltd. issued a $100,000 face value bond for proceeds of $97,654. On June 30, 2013, Sze sent checks to the bondholders for the first coupon payment on the bond.

Which of the given items would be raised by the coupon payment transaction? (Check all that apply)

a) Total Shareholders’ Equity
b) Interest Expense
c) Accumulated Other Comprehensive Income
d) Net Income
e) Bonds Payable

problem 5: In March 2012, Quiring Inc. decided to retire an outstanding bond issue before maturity. The coupon rate on the bond issue was 5%. The bond was issued in 2011 at an effective interest rate of 6%. On the day Quiring retired the bond issue, the market interest rate was 4%.

Which of the given items would be reduved by the bond retirement transaction? (Check all that apply)

a) Gain on Retirement.
b) Total Shareholders’ Equity.
c) Loss on Retirement.
d) Net Income.
e) Cash from Financing Activities.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M94647

Have any Question? 


Related Questions in Financial Accounting

Infrastructure of homeland security hmls 4081 i choose the

Infrastructure of Homeland Security (HMLS 408) 1. I choose The Department Of Energy 2. Parts I and II are to be submitted as one submission, in the form of a continuous document. Make sure to delineate/identify part I an ...

Financial accounting assignmentapa neededprocess cost

Financial Accounting Assignment APA NEEDED Process Cost Accounting Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct ma ...

Accounting for managersdirections be sure to make an

Accounting for Managers Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Financial Statement Analysis The following information relates to Harris Corpora ...

Cnsider the following optimization problemmax x1

Consider the following optimization problem: Max: X1 + X2 Subject to: -4 X1 + 4 X2 -8 X1 + 10 X2 >= 15 X1, X2 > 0 Part a: What is the optimal solution to the problem? Part b: Now suppose that X1 and X2 must be integers. ...

The marketing concept holds that a customers who are coaxed

The marketing concept holds that ________. a. customers who are coaxed into buying a product will most likely buy it again b. a new product will not be successful unless it is priced, distributed, and sold properly c. co ...

Assignmentnarrative and instructionsrockford corporation is

Assignment Narrative and Instructions Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of ...

Assignemntinstructions for accessing public company

Assignemnt Instructions for Accessing Public Company Financial Statements Accessing through SEC website 1. Start by going to www.sec.gov. 2. Under the ‘Filings' Menu, select ‘Company Filings Search' 3. Type in the Compan ...

Forecasting and preparing financial statementstina one of

Forecasting and Preparing Financial Statements Tina, one of your friends, approached you and proposed a partnership in a new venture that she is planning to start-a fashion boutique that will sell women's clothing and ac ...

Tree top company manufactures a single product and uses a

Tree Top Company manufactures a single product and uses a process costing system. On the first day of April, there were 5,000 units in process that were 100% complete as to direct materials and 50% complete as to direct ...

What qualities make a future issue a ldquotriggerrdquo

What qualities make a future issue a “trigger”? Consider you are on the strategic planning team for a soft drink company. Here is your company’s future trigger: “merger of our two major competitors next year.” Formulate ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro