Carly’s began operations early this year, selling a product that carries a 1-year warranty; any defective units will be replaced within that time. The product has a cost to Carly of $55 and a selling price of $108.Carly estimates that approximately 1% of the units will be defective. During the year, 62,000 units were sold and 275 units were returned for replacement.What is the balance in Warranty Payable at the end of the current year?
A. $34,100
B. $15,125
C. $18,975
D. $37,260
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On July 1, 2015, a company issued $100,000, 8-year, 4% bonds payable for $93,472, when the market rate of interest was 5%.Interest payment dates are June 30 and December 31.Using the effective interest method of amortization, the carrying amount of the bonds on December 31, 2015 will be:
A. $93,809
B. $93,135
C. $100,000
D. $99,663
Which of the following statements is TRUE regarding pension liabilities?
A. They originate when a business provides retirement compensation for its employees.
B. If the pension obligation exceeds the market value of the plan assets, that excess is reported as a liability.
C. If the plan assets exceed the pension liability, the asset and obligation amounts are reported only in the notes to the financial statements.
D. All of the above are true.
Double taxation means that the:
A. corporation's income tax is allocated to the shareholders based on ownership percentage.
B. corporate earnings are subject to state and federal income tax.
C. corporation pays taxes on its earnings and the shareholders pay taxes on the dividends received from the corporation.
D. shareholders' dividends are taxed at the corporate tax rate.
Which one of the following is NOT a stockholder's right of ownership in a corporation?
A. the right to participate in management by voting on matters that come before the stockholders
B. the right to receive a proportionate share of the assets remaining after all liabilities are paid upon liquidation
C. the right to maintain one's proportionate share of ownership in the corporation
D. the right to decide if a dividend should be distributed
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