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Accounting Expert Answers & Study Resources : Page 155

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20.3   Learning Objective 20-3 1) Bonds are issued for $10,000 at 8% on October 1. What is the adjusting entry on December 31? A) Bond Interest Expense 800 Bond Interest Payable 800 B) Bond Interest Expense 200 Bond Interest Payable 200 C) Bond Interest Payable 200 Bond Interest Expense 200 D) Bond Interest Payable 800 Bond Interest Expense 800 2) Bonds are issued for $80,000 at 12%.

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  • 20.3   Learning Objective 20-3 1) Bonds issued for $10,000 at 8%
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18.4   Learning Objective 18-4 1) The journal entry for the receipt of a cash payment on common stock subscriptions would include: A) debiting Subscriptions Receivable-Common Stock ; crediting Common Stock. B) debiting Common Stock; crediting Subscriptions Receivable-Common Stock. C) debiting Cash; crediting Subscriptions Receivable-Common Stock. D) debiting Cash; crediting Common Stock Subscribed. 2) The Bean Counter.

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  • 18.4   Learning Objective 18-4 1) The journal entry for the receipt
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Using the following accounts: [1]Cash [2]Subscription receivable common stock [3]Machinery [4]Building [5]Land [6]Organization costs [7]Preferred stock [8]Common stock [9]Paid in capital in excess of par preferred stock [10]Paid in capital in excess of par common stock [11]Common stock subscribed [12]Discount on common stock [13]Amortization expense organization costs Indicate the account(s) to be debited and credited to record the following transactions. 34) Sold common stock at.

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  • Using the following accounts: [1]Cash [2]Subscription receivable common stock [3]Machinery [4]Building [5]Land [6]Organization costs
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20.4   Learning Objective 20-4 1) Assume the following account balances immediately after an interest payment date: Bonds Payable $100,000 Premium on Bonds Payable 5,000 If the bonds are retired immediately at a total cost of $104,000, the journal entry to record this event is: A) Cash 104,000 Loss on Bond Retirement     1,000 Premium on Bonds Payable 5,000 Bonds Payable 100,000 B) Bonds Payable 100,000 Premium on.

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  • 20.4   Learning Objective 20-4 1) Assume the following account balances immediately
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18.3   Learning Objective 18-3 1) If preferred dividends are limited to the stated rate of dividend, the preferred stock is: A) non-cumulative. B) cumulative. C) participating. D) nonparticipating. 2) Preferred stock that is given a right to share with the common stock in dividends in excess of a stated preferred dividend rate is called: A) nonparticipating. B) participating. C).

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  • 18.3   Learning Objective 18-3 1) If preferred dividends limited to the
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17) Describe bond refunding and explain why it might be advantageous for a company. Using the following accounts: [1]Cash [2]Sinking fund [3]Equipment [4]Building [5]Land [6]Accounts payable [7]Notes payable [8]Bond payable [9]Bond interest expense payable [10]Premium on bonds payable [11]Discount on bonds payable [12]Common stock [13]Retained earnings [14]Sinking fund earned [15]Bond interest expense [16]Gain on retirement [17]Loss on retirement Indicate the account(s) to be debited and credited to record the.

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  • 17) Describe bond refunding and explain why it might be
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11) Authorized capital stock is: A) shares listed in the charter. B) shares issued to the corporation's officers. C) shares sold and in stockholder possession. D) shares that pay dividends. 12) Which of the following would normally not appear in the Stockholders' Equity section of the balance sheet? A) Cash B) Paid-in Capital C) Common Stock D) Preferred Stock 13).

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  • 11) Authorized capital stock is: A) shares listed in the charter. B)
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11) Bonds payable issued with collateral are called: A) debenture bonds. B) serial bonds. C) callable bonds. D) secured bonds. 12) Bonds that may be redeemed at a certain price level are known as: A) callable bonds. B) debenture bonds. C) serial bonds. D) convertible bonds. 13) Dividends paid to stockholders are: A) taxable to the recipient stockholder. B) taxable to the.

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  • 11) Bonds payable issued with collateral called: A) debenture bonds. B) serial
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21) Dividends in arrears occur when the company does not pay dividends to: A) cumulative preferred stockholders. B) non-cumulative preferred stockholders. C) participating preferred stockholders. D) non-participating common stockholders. 22) Par value is equal to: A) market value of the stock. B) the amount stated in the charter or legal capital. C) retained earnings. D) the initial price at.

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  • 21) Dividends in arrears occur when the company does not
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