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[answered] 15 of 35 Goodwill is defined as liabilities minus assets. t


15 ?of?35

Goodwill is defined as
liabilities minus assets.
the acquisition costs of a franchise.
excess of the cost of the purchase of a business over the market value of its net assets.
assets minus liabilities.


Question

16 ?of?35

During the month, Evergreen Roofing settled $300 in warranty claims by replacing defective flashing. Evergreen uses an estimated warranty account. The journal entry to record the settled claims would have been
debit Warranty Expense $300; credit Cash $300.
debit Estimated Warranty Payable $300; credit Inventory $300.
debit Estimated Warranty Payable $300; credit Cash $300.
debit Warranty Expense $300; credit Estimated Warranty Payable $300.


Question

17 ?of?35

TLR Productions reported Interest expense of $8,300, Income tax expense of $26,400, and Net income of $88,700. TLR's interest coverage ratio is (rounded to three decimals)
0.067.
0.072.
14.867.
13.867.


Question

18 ?of?35

The entry to record S&C, Inc. selling 1,000 shares of $12 par common stock for $20 per share would be to
debit Cash $12,000; debit Paid-In Capital in Excess of Par?Common $8,000; credit Common Stock $20,000.
debit Cash $12,000; credit Common Stock $12,000.
debit Cash $20,000; credit Common Stock $20,000.
debit Cash $20,000; credit Common Stock $12,000; credit Paid-In Capital in Excess of Par-Common Stock $8,000.


Question

19 ?of?35

The entry to record selling 300 shares of stated value $60 common stock for $70 per share would be
debit Cash $21,000; credit Common Stock $18,000; credit Paid-in Capital in Excess of Stated Value?$3,000.
debit Cash $21,000; credit Common Stock $21,000.
debit Cash $18,000; debit Paid-in Capital in Excess of Stated Value?$3,000; credit Common Stock $21,000.
debit Cash $18,000; credit Common Stock $18,000.


Question

20 ?of?35

Salty's Seafood has 2,000 shares of $10-par common stock outstanding. During the current year, the company distributed a 10% stock dividend. The market value of the stock at that time was $16/share. After the distribution, Salty's total Stockholders' Equity should increase or decrease by
$1,200.
$2,000.
($3,200).
$0.


Question

21 ?of?35

The rate of interest that is printed on a bond is called the ________ rate of interest.
variable
stated
maturity
market


Question

22 ?of?35

The adjusting entry to record incurred but not yet paid employee wages includes
a debit to Cash.
a debit to Wages Payable.
a debit to Wages Expense.
a debit to Wages Earned.


Question

23 ?of?35

At least one class of stock MUST have
voting rights.
liquidation rights.
preemptive rights.
dividend rights.


Question

24 ?of?35

On October 31, 2014, Aspen Inc. recorded their semiannual bond interest expense that contained a credit to Discount on bonds payable of $1,200. The adjusting entry on December 31, 2014 will show a credit to Discount on bonds payable of
$400.
$600.
$800.
$1,200.



15 of 35

 

Goodwill is defined as

 

excess of the cost of the purchase of a business over the market value of its net assets. Question

 

16 of 35

 

During the month, Evergreen Roofing settled $300 in...

 


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