ACCT 370 (ACCT370)

ACCT 370 Chapter 5 Homework Answers Liberty University Update! On January 1, 2017, when the market interest rate was 14%, Luba Corporation issued bonds in the face amount of $500,000 with interest at 12% payable semiannually. The bonds mature on December 31, 2026. Use (PV of 1, PVAD of 1, and PVOA of 1) (Use the appropriate factor(s) from the tables provided.) Calculate the bond discount at issuance. How much of the discount should be amortized by the effective interest method on July 1, 2017?...

ACCT 370 Chapter 10 Reading Assignment Answers Liberty University Update! An impairment loss is the difference between the carrying value of the asset and the Identify the correct statement regarding indefinite-lived intangible assets. Identify the correct statement regarding IAS 38, “Intangible Assets”. Green agrees to exchange a delivery truck with a book value of $60,000 for a different delivery truck owned by White Corporation. Its original cost was $80,000 and accumulated depreciat...

ACCT 370 Chapter 9 Reading Assignment Answers Liberty University Update! Riley Corporation sells bicycles. At the beginning of the year, they had one bicycle in inventory costing $800. They purchased another bicycle for $900. They then sold one of the bicycles for $1,100. What is ending inventory under the weighted average method? True or False: Perpetual inventory systems are typically used where a small number of units, each with a high unit value, exists. Identify the true statement regar...

ACCT 370 Chapter 4 Homework Answers Liberty University Update! Exhibit 6.5 describes the key financial ratios Standard & Poor’s analysts use to assess credit risk and assign credit ratings to industrial companies. The same financial ratios for three firms follow. What credit rating would be assigned to Firm 1? What credit rating would be assigned to Firm 2? Does Firm 3 have more or less credit risk than Firm 2? Presented below are condensed financial statements adapted from those of two a...

ACCT 370 Chapter 4 Reading Assignment Answers Liberty University Update! Identify the true statement regarding cash interest from investments. Which of the following items does not result in a cash flow and only appears in the cash flow statement to reverse its effect on net income? The inventory account for a manufacturing firm comprises the following components (select all that apply) Financing activities include (select all that apply) If the equipment account increases by $6,000, If t...

ACCT 370 Chapter 3 Reading Assignment Answers Liberty University Update! Which of these factor is the distinguishing characteristic of a sale of intellectual property, as opposed to a license? True or false: Fifty percent of firms believe the financial statement effects of adopting the new standard will be material. True or false: There is a loss on related to collections any time the amount collected is less than the list price of a good or service. Determining the extent to which revenue s...

ACCT 370 Chapter 1 Reading Assignment Answers Liberty University Update! A preparer often lobbies AGAINST an accounting standard if the standard is expected to The rationale for having different GAAP for private and public companies is that The three components of faithful representation are Currently, accounting authoritative literature is contained in When correctly applying the concept of conservatism, accounts will A company may disclose additional details regarding the profit margins...

ACCT 370 Chapter 2 Reading Assignment Answers Liberty University Update! When the discontinued component is sold before the end of the reporting period, they must report Blaze Corporation incurs salaries of $12,000 for employees for the month of December but the paychecks will not be processed until January 3 of the following year. The adjusting entry at year end would include In January 2017, Livingston Publishing sells three-year subscriptions to its annual publication to 500 customers for ...