Productive assets that are physically used up, or depleted are: Equipment. Land

Question

Productive assets that are physically used up, or depleted are: Equipment. Land Land improvements. Natural resources. The exclusive right to benefit from a creative work, such as a film, is a: Patent. Copyright. Trademark. Franchise. A word, slogan, or symbol that distinctively identifies a company, product, or service is a: Patent. Copyright. Trademark. Franchise. Goodwill is: Amortized over the greater of its estimated life or forty years. Only recorded by the seller of a business. The value of a business as a whole, over and above the value of its net identifiable assets. Recorded when created internally through advertising expense. Which of the following is not a characteristic of a liability? It represents a probable, future sacrifice of economic benefits. It must be payable in cash. It arise from present obligations to other entities. It results from past transactions or events. On November 1. 2015. The Bagel Factory signed a SI00,000.6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1.2016 The Bagel Factory records the appropriate adjusting entry foe the note on December 31. 201S. In recording the payment of the note plus accrued interest at maturity on May I. 2016. The Bagel Factory would Debit Interest Expense. $2,000 Debit Interest Expense. $1,000. Debit Interest Payable. $2,000 Debit Interest Expense. $3,0003. On December 1.2015. Old World Deli signed a $300,000. 5%, six-month note pay able w uh the amount borrowed plus accrued interest due six months later on June I. 2016. Old World Deli records the appropriate adjusting entry for the note on December 31.2015. What amount of cash will be needed to pay hack the note payable plus any accrued interest on June 1.2016? $300,000 $301, 250. $306,250. $307,500 The Pita Pit borrowed $100,000 on November 1.2015. and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1.2016 In connection with this note. The Pita Pit should report interest expense in 2016 for the amount of: $0. $4,000. $2,000. $6,000.

Explanation / Answer

32) Option D - Natural resources are productive assets that are physically 33) Copyright is the correct option Option B is correct 34) option C Trademark is the correct option 35) Goodwill is The value of a business as a whole , over and above the value of its net identifiable assets 36) option A : it represents a probable , future sacrifice of economic benefits is not a characteristic of a liability 37) option B is correct which means that Bagel Factory would Debit Interest expense $1000 (100000 * 6%/12*2) 38) Note payable 300000 Rate of interest 5% pa Interest pa 15000 Interest for 6 months ( 15000/2) 7500 Total note payable after 6 months 307500 Hence option D is correct 39) Note payable 100000 Rate of interest 12% pa Interest pa 12000 Interest for 4 months in 2016 ( 12000/12*4) 4000 Hence option B is correct

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