True or False- When bonds are sold at a market price of 105, the cash received f
ID: 2453261 • Letter: T
Question
True or False- When bonds are sold at a market price of 105, the cash received for the bonds is 105 percent of face value.
True or False- A 3-for-2 stock split will triple the reported dollar amount of stockholders' equity.
True or False- When a corporation pays bond interest, Bond Interest Expense is debited.
True or False- On a comparative balance sheet that shows horizontal analysis, the percentage of change in total assets must equal the percentage of change in total liabilities and stockholders' equity.
True or False-Stock is issued to investors at the time they sign the stock subscription contract.
True or False- The salvage value is the value that the asset is expected to have at the end of its useful life.
True or False-When a corporation purchases its own stock and intends to reissue that stock at a later date, the cost of the shares is shown in the Assets section of the balance sheet until the stock is reissued.
True or False- It is customary for a partnership's income statement to show how the net income or loss for the year has been divided between the partners.
True or False-Organization costs are carried indefinitely as an intangible asset in the records of the corporation.
True or False-Before dividends can be paid, they must be declared and voted upon by the shareholders.
True or False-The journal entry to record the division of a partnership profit consists of a debit to each partner's capital account and a credit to Cash.
True or False-Accumulated Depreciation is classified as a contra asset account.
True or False-The Bond Interest Expense account is usually listed under Operating Expenses on the income statement.
True or False-When shares of a corporation's stock are transferred from one investor to another, an entry is recorded in the capital stock transfer journal.
True or False-The book value of an asset is usually the same as the fair market value of the asset.
Explanation / Answer
When bonds are sold at a market price of 105, the cash received for the bonds is 105 percent of face value.- True
A 3-for-2 stock split will triple the reported dollar amount of stockholders' equity.- False
When a corporation pays bond interest, Bond Interest Expense is debited.- True
On a comparative balance sheet that shows horizontal analysis, the percentage of change in total assets must equal the percentage of change in total liabilities and stockholders' equity- True
Stock is issued to investors at the time they sign the stock subscription contract- False
The salvage value is the value that the asset is expected to have at the end of its useful life- True
When a corporation purchases its own stock and intends to reissue that stock at a later date, the cost of the shares is shown in the Assets section of the balance sheet until the stock is reissued-False
It is customary for a partnership's income statement to show how the net income or loss for the year has been divided between the partners- True
Organization costs are carried indefinitely as an intangible asset in the records of the corporation- False.
Before dividends can be paid, they must be declared and voted upon by the shareholders- True.
The journal entry to record the division of a partnership profit consists of a debit to each partner's capital account and a credit to Cash- True
Accumulated Depreciation is classified as a contra asset account- True
The Bond Interest Expense account is usually listed under Operating Expenses on the income statement.-False.
When shares of a corporation's stock are transferred from one investor to another, an entry is recorded in the capital stock transfer journal-False.
The book value of an asset is usually the same as the fair market value of the asset= False
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.