Which of the following intangible assets does not convey a specific legal right or privilege?

Regardless of the specific type of long-term debt, which of the following is normally an expectation with regards to debt transactions?

On January 1, Year 1, Graham Corporation issued 310 shares of no-par common stock for $95 per share. Which of the following shows how the stock issue will affect Graham’s financial statements on January 1, Year 1?

On January 1, Year 2, Kincaid Company’s Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.Which of the following describes the effects of writing off the uncollectible accounts?

Which of the following reflects the effect of the year-end adjustment to record estimated uncollectible accounts expense using the allowance method? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Decrease= +Decrease −Decrease=DecreaseDecrease OAB. =Decrease+Decrease −Increase=Decrease C. =Decrease+Decrease −Increase=DecreaseDecrease OAD.Decrease= +Decrease −Increase=Decrease

Which of the following would not likely appear on a classified balance sheet?

Which of the following statements best describes the term “par value”?

The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of recording this transaction? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA. = + − = (400) OAB.(400)= +(400) −400=(400)(400) OAC. = + − = D.(400)=(400)+ − = (400) OA

Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information: January 1Beginning inventory1,300 units @ $4.30January 12Purchase1,400 units @ $4.10January 18Sales1,500 units @ $5.80January 21Purchase1,300 units @ $4.40January 25Purchase1,100 units @ $4.20January 31Sales1,450 units @ $5.80 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31?

On November 1, Year 1, Shelter Company loaned $8,200 cash to Cove Company. The one-year note carried a 7% rate of interest. Which of the following shows how the loan will affect Shelter’s financial statements on November 1, Year 1? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenues−Expenses=Net IncomeA. = + − = $ (8,200) IAB. = + − = $ (8,200) FAC.$ 8,200=$ 8,200+ − = $ 8,200 FAD.$ (8,200)=$ (8,200)+ − = $ (8,200) IA