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If Big Bertha's Birds purchases a family owned canary breeding farm for $150,000 and the family retained 12.21%, what is the minority interest that is put on the balance sheet?


A) $21,581
B) $18,315
C) $150,000
D) $131,685
E) $12,210

F) A) and E)
G) B) and E)

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Ken's Canaries shows the following balances in the books: Common Stock: $200,000 Paid in Capital in Excess of Par: $20,000 Retained Earnings: $95,000 Treasury Stock: $10,000 What is the total stockholder's equity?


A) $335,000
B) $220,000
C) $305,000
D) $295,000
E) $210,000

F) A) and E)
G) B) and D)

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Cartman's Cats had a total of 100,000 shares of common stock issued. In February, they reacquired 20,000 shares and did not retire them. How many shares of outstanding stock do they currently have?


A) 100,000
B) 120,000
C) 20,000
D) 60,000
E) 80,000

F) A) and B)
G) C) and D)

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E

Larry's accounts show the following for the year: Net Sales on Account: $200,000 COGS: $150,000 Accounts Receivable at the beginning of the year: $22,500 Accounts Receivable at year end: $17,500 Inventory at the beginning of the year: $45,000 Inventory at the end of the year: $55,000 What is the accounts receivable turnover ratio for the year?


A) 10
B) 4
C) 2.5
D) 5
E) There is not enough information to compute the turnover ratio.

F) A) and C)
G) A) and B)

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A

Bertha has the following accounts: Accounts Receivable: $10,000 Land: $20,000 Cash: $22,000 Intangible Assets: $12,500 Inventory: $33,000 Equipment: $99,000 Prepaid Expenses: $10,000 Based on this information, what is the amount of Bertha's quick assets?


A) $206,500
B) $65,000
C) $60,000
D) $32,000
E) $42,000

F) B) and E)
G) D) and E)

Correct Answer

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If a corporation issues a 10-year $100,000 8% bond, what is the total that the issuing corporation pays to the bondholder over the next 10 years?


A) $80,000
B) $140,000
C) $180,000
D) $100,000
E) $200,000

F) A) and B)
G) A) and C)

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If $5,000,000 in 7% bonds are issued at 104 ½, how much cash is generated from the sale?


A) $1,040,000
B) $1,000,000
C) $5,000,000
D) $5,225,000
E) $3,500,000

F) A) and E)
G) None of the above

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D

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