80.2K

Verified Solution

Link Copied!

If a bond has a face value of $10,000, fair value of $10,500, a 5% coupon interest rate and a 3% market interest rate, then the semi-annual interest payment will be Select one: a $250 b. $150 c. $500 d. $300 Which of the following statements is not a criterion required to recognize an asset? Select one: a. The asset must provide cashflow to the business b. The asset must be owned or controlled by the business. c. The asset must provide future economic benefits d. The asset must arise from a past event. Genius Co, which uses a weighted average perpetual inventory system, had the following inventory on hand as at Jan 4th year 1: Purchase Date Units Cost Total Jan 1, Year 1 10 $40 $400 Jan 3, Year 1 15 $50 $750 If Genius Co. sold 12 units on Jan 4th, year 1 for $80 per unit, what is the gross profit they would report? Select one: a. $460 b. $960 c. $408 d. $500 CK Co. has net credit sales of $400,000 at the end of the year. They estimate uncollectible accounts to be 2% of net credit sales. Before any adjustments to their allowance for doubtful accounts for the current year, the unadjusted balance in this account was a debit of $1,500. What is the balance of the allowance for doubtful accounts after the adjusting entry is posted? Select one: a. $9,500 credit. b. $6,500 credit. c. $8,000 credit. d. $1,500 credit Accounting transactions that are recorded in financial statements are Select one: a. Economic events that impact the financial statements. b. Economic events that may or may not change assets, liabilities, or shareholders' equity. c. Cash transactions only. d. Non-cash transactions only. Which financial statement reports on an organization's operations over a period of time. Select one: a. Statement of Owner's Equity b. Trial Balance c. Cash Flow Statement d. Income Statement e. Statement of Financial Position

Answer & Explanation Solved by verified expert

See Answer