Multiple Choice Question 99 The current portion of long-term debt should A.be cl
ID: 2601422 • Letter: M
Question
Multiple Choice Question 99
The current portion of long-term debt should
A.be classified as a long-term liability.
B.not be separated from the long-term portion of debt.
C.be paid immediately.
D.be reclassified as a current liability.
Multiple Choice Question 115
The following totals for the month of April were taken from the payroll records of Noll Company.
A.credit to FICA Taxes Payable for $18360.
B.credit to Payroll Tax Expense for $2480.
C.debit to Payroll Tax Expense for $11660.
D.debit to Payroll Tax Expense for $2480.
Multiple Choice Question 130
From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that
A.bond interest is deductible for tax purposes.
B.interest must be paid on a periodic basis regardless of earnings.
C.income to stockholders may increase as a result of trading on the equity.
D.the bondholders do not have voting rights.
Multiple Choice Question 132
Secured bonds are bonds that
A.have specific assets of the issuer pledged as collateral.
B.mature in installments.
C.are in the possession of a bank.
D.can be converted into common stock.
Multiple Choice Question 137
Bonds that may be exchanged for common stock at the option of the bondholders are called
A.convertible bonds.
B.options.
C.callable bonds.
D.stock bonds.
Multiple Choice Question 138
Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called
A.debentures.
B.options.
C.early retirement bonds.
D.callable bonds.
Multiple Choice Question 99
The current portion of long-term debt should
A.be classified as a long-term liability.
B.not be separated from the long-term portion of debt.
C.be paid immediately.
D.be reclassified as a current liability.
Multiple Choice Question 115
The following totals for the month of April were taken from the payroll records of Noll Company.
Salaries $120000 FICA taxes withheld 9180 Income taxes withheld 25000 Medical insurance deductions 4500 Federal unemployment taxes 320 State unemployment taxes 2160The entry to record accrual of employer’s payroll taxes would include a
A.credit to FICA Taxes Payable for $18360.
B.credit to Payroll Tax Expense for $2480.
C.debit to Payroll Tax Expense for $11660.
D.debit to Payroll Tax Expense for $2480.
Explanation / Answer
Answer:
Question 99
The current portion of long-term debt should - D.be reclassified as a current liability.
Question 115
The following totals for the month of April were taken from the payroll records of Noll Company. - C.debit to Payroll Tax Expense for $11660.
9180 + 320 + 2160 = 11660
Question 130
From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that - B.interest must be paid on a periodic basis regardless of earnings.
Question 132
Secured bonds are bonds that - A.have specific assets of the issuer pledged as collateral.
Question 137
Bonds that may be exchanged for common stock at the option of the bondholders are called - A.convertible bonds.
Question 138
Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called-
D.callable bonds.
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