FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Functions of Financial Institutions
Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include,…
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1. On March 1, 2019, Company B issued $1,000,000, 10 years, 12% bonds at 103 excluding accrued interest. The bonds are dated January 1, 2019 and will mature on January 1, 2029. The interest is payable semi-annually on January 1 and July 1 of each year. Company B paid transaction costs amounting to $50,000. How much would be the net cash receipts of Company B as a result of the bond issuance? $1,000,000 $1,030,000 $980,000 $1,050,000 2. Company O has a new product that has the following cost per unit: direct materials - $10, direct labor - $7, and overhead - $3. If the sales manager wants to achieve a gross margin of 25% of cost for the particular product. What would be the selling price per unit? $25 $36 $45 $56 3. When the contribution margin per unit increases assuming all other factors remain constant. The effect would be An increase in sales price A decrease in fixed cost An increase in break-even point in units A decrease in break-even point in units
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Transcribed Image Text:1. On March 1, 2019, Company B issued $1,000,000, 10 years, 12% bonds at 103 excluding accrued interest. The bonds are dated January 1, 2019 and will mature on January 1, 2029. The interest is payable semi-annually on January 1 and July 1 of each year. Company B paid transaction costs amounting to $50,000. How much would be the net cash receipts of Company B as a result of the bond issuance? $1,000,000 $1,030,000 $980,000 $1,050,000 2. Company O has a new product that has the following cost per unit: direct materials - $10, direct labor - $7, and overhead - $3. If the sales manager wants to achieve a gross margin of 25% of cost for the particular product. What would be the selling price per unit? $25 $36 $45 $56 3. When the contribution margin per unit increases assuming all other factors remain constant. The effect would be An increase in sales price A decrease in fixed cost An increase in break-even point in units A decrease in break-even point in units
1. Which of the following items is regarded as a cash flow from operating activities? O Cash dividends paid Proceeds from sale of equipment which resulted to a gain O Proceeds from sale of equipment which resulted to a loss O Interest paid on long-term debt 2. Company H acquired an equipment on June 1, 2020 amounting to $35,000 with an estimated useful life of 5 years. What would be the reported carrying value of the equipment on December 31, 2021 if the residual value at the end of 5 years is $5,000? $25,500 O $32,000 O $29,000 O $26,000 3. Company O has a new product that has the following cost per unit: direct materials - $10, direct labor - $7, and overhead - $3. If the sales manager wants to achieve a gross margin of 25% of cost for the particular product. What would be the selling price per unit? $25 O $36 $45 $56 4. When the contribution margin per unit increases assuming all other factors remain constant. The effect would be An increase in sales price A decrease in fixed cost An increase in break-even point in units A decrease in break-even point in units
expand button
Transcribed Image Text:1. Which of the following items is regarded as a cash flow from operating activities? O Cash dividends paid Proceeds from sale of equipment which resulted to a gain O Proceeds from sale of equipment which resulted to a loss O Interest paid on long-term debt 2. Company H acquired an equipment on June 1, 2020 amounting to $35,000 with an estimated useful life of 5 years. What would be the reported carrying value of the equipment on December 31, 2021 if the residual value at the end of 5 years is $5,000? $25,500 O $32,000 O $29,000 O $26,000 3. Company O has a new product that has the following cost per unit: direct materials - $10, direct labor - $7, and overhead - $3. If the sales manager wants to achieve a gross margin of 25% of cost for the particular product. What would be the selling price per unit? $25 O $36 $45 $56 4. When the contribution margin per unit increases assuming all other factors remain constant. The effect would be An increase in sales price A decrease in fixed cost An increase in break-even point in units A decrease in break-even point in units
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