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9. The present value of a bond is also known as its face value. b) market price. c) future value. d) deferred value. that pays interest semi-annually would

9. The present value of a bond is also known as its face value. b) market price. c) future value. d) deferred value. that pays interest semi-annually would

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. Pia Ltd. reports comprehensive incoman singl statement of comprehensive income. In 2024, the company rep profit before income tax of $600,000; a re-talossn discontinued operations of $112,500; a pre-tax gain on the diap of the assets from the discontinued opeations of $4.000; and other comprehensive income from a bolding gain on an investment asset of $21,000 before tax. The compar has a 25% income tax rate. How much should be reported as comprehensive income? a) $600,000 b) $399,375 c) $415,125 d) $450,000 8. Tasos Corporation reported retainedearnings o $7.695,000 at December 31, 2023. In 2024, the company earned $3 million of profit and declared and paid a$412,50 cash dividend. On March 7, 2024, Tasos found an error made in 2023 when it purchased land: the $412,500 cost of the land was debited to Legal Expense in error. Tasos' income tax rate is 30%. How much should Tasos report on the statement of retained earnings as the adjusted retained earnings balance, January 1, 2024? a) $8,107,500 b) $7,983,750 c) $7,406,250 d) $7,695,000 9. The present value of a bond is also known as its 3face value. b) market price. c) future value. d) deferred value. 10. If the market rate of interest is 50 a $10,000, 6%, 10-year bond that pays interest semi-annually would sell at an amount a) less than face value.. b) equal to the face value. e) greater than face value. d) that cannot be determined. 11. The Statement of Partners' Equity explains a) the amount of legal liability of each of the partners. b) the types of assets invested in the business by each partner. c) how the partnership will be capitalized if a new partner is admitted to the partnership. d) the changes in each partner's capital account and in total partnership capital during a period.
Transcribed Image Text:7. Pia Ltd. reports comprehensive incoman singl statement of comprehensive income. In 2024, the company rep profit before income tax of $600,000; a re-talossn discontinued operations of $112,500; a pre-tax gain on the diap of the assets from the discontinued opeations of $4.000; and other comprehensive income from a bolding gain on an investment asset of $21,000 before tax. The compar has a 25% income tax rate. How much should be reported as comprehensive income? a) $600,000 b) $399,375 c) $415,125 d) $450,000 8. Tasos Corporation reported retainedearnings o $7.695,000 at December 31, 2023. In 2024, the company earned $3 million of profit and declared and paid a$412,50 cash dividend. On March 7, 2024, Tasos found an error made in 2023 when it purchased land: the $412,500 cost of the land was debited to Legal Expense in error. Tasos' income tax rate is 30%. How much should Tasos report on the statement of retained earnings as the adjusted retained earnings balance, January 1, 2024? a) $8,107,500 b) $7,983,750 c) $7,406,250 d) $7,695,000 9. The present value of a bond is also known as its 3face value. b) market price. c) future value. d) deferred value. 10. If the market rate of interest is 50 a $10,000, 6%, 10-year bond that pays interest semi-annually would sell at an amount a) less than face value.. b) equal to the face value. e) greater than face value. d) that cannot be determined. 11. The Statement of Partners' Equity explains a) the amount of legal liability of each of the partners. b) the types of assets invested in the business by each partner. c) how the partnership will be capitalized if a new partner is admitted to the partnership. d) the changes in each partner's capital account and in total partnership capital during a period.
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