15 ?of?35Goodwill 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.|
16 ?of?35During 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.|
17 ?of?35TLR 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)
18 ?of?35The 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.|
19 ?of?35The 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.|
20 ?of?35Salty'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
21 ?of?35The rate of interest that is printed on a bond is called the ________ rate of interest.
22 ?of?35The 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.|
23 ?of?35At least one class of stock MUST have
24 ?of?35On 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
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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