finance quiz

Question
Gagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

$130,000

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$134,700

$132,200

$132,500

Multiple Choice, Question 65

Hull Company acquires land for $86,000 cash. Additional costs are as follows:

Removal of shed

$300

Filling and grading

1,500

Salvage value of lumber of shed

120

Broker commission

1,130

Paving of parking lot

10,000

Closing costs

560

Hull will record the acquisition cost of the land as

$89,610.

$86,000.

$89,370.

$87,690.

Engler Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1,200. The truck license is $120. The truck undergoes safety testing for $220. What does Engler record as the cost of the new truck?

$48,000

$49,540

$47,420

$49,420

Multiple Choice, Question 76

The balance in the Accumulated Depreciation account represents the

amount to be deducted from the cost of the plant asset to arrive at its fair market value.

amount charged to expense in the current period.

amount charged to expense since the acquisition of the plant asset.

cash fund to be used to replace plant assets.

Multiple Choice, Question 217

All of the following are intangible assetsexcept

goodwill.

research and development costs.

patents.

copyrights.

Multiple Choice, Question 218

A purchased patent has a legal life of 20 years. It should be

amortized over 20 years regardless of its useful life.

not amortized.

expensed in the year of acquisition.

amortized over its useful life if less than 20 years.

The asset turnover ratio is computed by dividing

net sales by ending total assets.

net income by average total assets.

net sales by average total assets.

net income by ending total assets.

Multiple Choice, Question 42

A current liability is a debt that can reasonably be expected to be paid

within one year.

out of currently recognized revenues.

out of cash currently on hand.

between 6 months and 18 months.

From a liquidity standpoint, it is more desirable for a company to have current

liabilities exceed current assets.

assets exceed current liabilities.

liabilities exceed long-term liabilities.

assets equal current liabilities.

Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is

Interest Expense

12,000

Cash

188,000

Notes Payable

200,000

Cash

200,000

Interest Expense

12,000

Notes Payable

200,000

Interest Payable

12,000

Cash

200,000

Notes Payable

200,000

Cash

200,000

Interest Expense

12,000

Notes Payable

212,000

Multiple Choice, Question 54

Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Interest Expense

12,000

Notes Payable

200,000

Cash

212,000

Notes Payable

200,000

Interest Payable

12,000

Cash

212,000

Notes Payable

212,000

Cash

212,000

Interest Payable

8,000

Notes Payable

200,000

Interest Expense

4,000

Cash

212,000

Multiple Choice, Question 67

The interest charged on a $100,000 note payable, at the rate of 6%, on a 60-day note would be

$1,500.

$3,333.

$6,000.

$1,000.

Multiple Choice, Question 86

The current portion of long-term debt should

not be separated from the long-term portion of debt.

be paid immediately.

be classified as a long-term liability.

be reclassified as a current liability.

Which one of the following payroll taxes doesnot result in a payroll tax expense for the employer?

FICA tax

Federal income tax

State unemployment tax

Federal unemployment tax

Multiple Choice, Question 38

(n)

limited liability company.

“S” corporation.

limited liability partnership.

sub-chapter “S” corporation.

Multiple Choice, Question 40

A general partner in a partnership

is the partner who lacks a specialization.

has unlimited liability for all partnership debts.

is always the general manager of the firm.

is liable for partnership liabilities only to the extent of that partner’s capital equity.

Multiple Choice, Question 41

The individual assets invested by a partner in a partnership

revert back to that partner if the partnership liquidates.

determine the scope of authority of that partner.

are jointly owned by all partners.

determine that partner’s share of net income or loss for the year.

Multiple Choice, Question 48

In a partnership, mutual agency means

an act by a partner is judged as binding on other partners depending on whether the act appears to be appropriate for the partnership.

that partners must pay taxes on a mutual or combined basis.

each partner acts on his own behalf when engaging in partnership business.

the act of any partner is binding on all other partners, only if partners act within their scope of authority.

Multiple Choice, Question 50

The partner in a limited partnership that has unlimited liability is referred to as the

unlimited partner.

lead partner.

head partner.

general partner.

Multiple Choice, Question 51

Limited partnerships

must have at least one general partner.

guarantee that a partner will get back his original investment.

are limited to only three partners.

guarantee that a partner will receive a return.

Multiple Choice, Question 52

The Polen-James partnership is terminated when creditor claims exceed partnership assets by $40,000. James is a millionaire and Polen has no personal assets. Polen’s partnership interest is 75% and James’s is 25%. Creditors

may not require James to use his personal assets to satisfy the $40,000 in claims.

must collect their claims equally from Polen and James.

may collect the entire $40,000 from James.

must collect their claims 75% from Polen and 25% from James.

Multiple Choice, Question 123

Eberle and Lankton are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Eberle, $175,000 and Lankton, $150,000. On that date, they agree to admit Newman as a partner with a one-third capital interest. If Newman invests $125,000 in the partnership, what is Eberle’s capital balance after Newman’s admittance?

$175,000.

$160,000.

$150,000.

$158,333.

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