migan

migan

Lv4

harshUniversity of Guelph

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Management1English1Accounting10Biology15Statistics1Physics1Economics8Chemistry1
Answer: they can be done in your dentist's office and entails your dental prac...
Answer: true,all of the above.
Answer: The ovule is the organ that forms the seeds of flowering plants. It is...
Answer: the process by which green plants turn carbon dioxide and water into f...
Answer: very much.
Answer: B.AUUAUUUG
Answer: no picture is there.
Answer: MPH (Masters in Public Health), MHA (Masters in Health Administration)...
Answer: thats, why we are here for.
Answer: d
Answer:Convergent evolution
Answer:occurs when species occupy similar ecological niches and adapt in simil...
Answer: c
Answer: a
Answer: c
Answer: f
Answer: fft
Answer: d
Answer: a
Answer: b
Answer:convergent evolution
Answer:n the equation Vp = Vg + Ve +e, Vp represents total phenotypic variance
Answer:Similar anatomy found in different species
Answer:The glossopharyngeal nerve carries sensory, efferent motor, and parasy
Answer:The study of the structure of a plant or animal.
Answer:The study of the structure of a plant or animal

Can someone please help me with the following questions so I candouble check my work? No explanation needed just the answer isfine.

8. U.S. GAAP and IFRS require firms to account for minority,active investments, generally those where the investor owns between_____ using the equity method. Under the equity method, theinvestor recognizes as revenue (expense) each period its share ofthe net income (loss) of the investee. The investor recognizesdividends received from the investee as a return (reduction) ofinvestment, not as income.

a.

10% and 50%

b.

20% and 50%

c.

30% and 50%

d.

40% and 60%

e.

50% and 60%

25. Purchaser Corporation acquires 30%of the outstanding voting common shares of the Investee Corporationfor $600,000. Purchaser Corporation acquires the investment inInvestee Corporation by buying previously issued shares of InvesteeCorporation from other investors. When Purchaser Corporationacquired 30% of Investee Corporation’s common shares for $600,000,Investee Corporation’s total shareholders’ equity was $1.5 million.Purchaser Corporation’s cost exceeds the carrying value of the netassets acquired by $150,000 [ $600,000 - (0.30 x$1,500,000)].

Purchaser Corporation attributes the $150,000 excess purchaseprice as follows: $100,000 to remeasure buildings and equipment tofair value and $50,000 to goodwill. Which of the following is/aretrue?

a.

Purchaser Corporation does not reclassify this excess out of itsInvestment in Stock of Investee Corporation account to Buildingsand Equipment and to Goodwill.

b.

Purchaser Corporation must amortize (or depreciate) any amountattributed to assets with limited lives.

c.

Purchaser Corporation must depreciate the $100,000 attributed tobuildings and equipment over their remaining useful lives.

d.

U.S. GAAP and IFRS do not permit the investor to amortize theexcess purchase price attributed to goodwill and other assets withindefinite lives. Instead, the investor must test the investmentaccount annually for possible impairment.

e.

all of the above

32. Pareto Corporation owns 40% ofSpring Corporation. During Year 3, Spring has net income of$60,000. What entry should Pareto record related to its investmentin Spring during Year 3?

a.

Investment in SpringCorp. 24,000

Equity in Earnings ofAffiliate 24,000

b.

DividendReceivable 24,000

DividendIncome 24,000

c.

InvestmentReceivable 24,000

InvestmentIncome 24,000

d.

Investment in SpringCorp. 24,000

InvestmentIncome 24,000

e.

Investment in SpringCorp. 24,000

Cash 24,000

35. Pense Co. purchased 40% of thestock of Stretch Co. in Year 1 for $100,000. Stretch had net incomein Year 1 of $50,000 and net income in Year 2 of $30,000. Stretchalso paid total dividends of $20,000 in Year 2. On January 1, Year3, Pense Co. sold its investment in Stretch Co. to GE CapitalCorporation (GE) for $130,000. What entry would Pense Co. make torecord the sale of Stretch Co.?

a.

Cash 130,000

Gain onSale 6,000

Investment inStretch 124,000

b.

Cash 130,000

Loss onSale 2,000

Investment inStretch 132,000

c.

Cash 130,000

Loss onSale 10,000

Investment inStretch 140,000

d.

Cash 130,000

Loss onSale 30,000

Investment inStretch 160,000

e.

Cash 130,000

Loss onSale 20,000

Investment inStretch 150,000

55. Intercompany sales

a.

do not need to be eliminated as long as the sales have beencompleted to an outside party.

b.

must be eliminated from both the sales and cost of goods soldaccounts.

c.

do not need to be eliminated if made at arm's length values.

d.

must be eliminated only if not in the ordinary course of tradeor business.

e.

do not need to be eliminated.

54. To avoid double counting P'sinvestment in S, P must eliminate

a.

the investment in S and S's separate company shareholders'equity.

b.

all debt on S's separate company financial statements.

c.

any dividends paid against the cash account.

d.

all intercompany transactions.

e.

all of the above.

58. U.S. GAAP view investments of over50 percent of the voting stock of another company (for the purposeof controlling the other company at the broad policy-making leveland at the day-to-day operational level) as

a.

minority, passive investments.

b.

minority, active investments.

c.

majority, passive investments.

d.

majority, active investments.

e.

marketable securities.

33. If Wabasso Company pays $55,000 individends to its corporate investor Lament Corporation (Lament owns35% of The Wabasso Company), what entry should Lament Corporationrecord when it receives the dividends?

a.

Cash 55,000

DividendIncome 55,000

b.

Cash 55,000

InvestmentIncome 55,000

c.

Cash 55,000

Investment in WabassoCompany 55,000

d.

Cash 55,000

Additional Paid-inCapital 55,000

e.

Cash 55,000

Common Stock- WabassoCompany 55,000

25. Purchaser Corporation acquires 30%of the outstanding voting common shares of the Investee Corporationfor $600,000. Purchaser Corporation acquires the investment inInvestee Corporation by buying previously issued shares of InvesteeCorporation from other investors. When Purchaser Corporationacquired 30% of Investee Corporation’s common shares for $600,000,Investee Corporation’s total shareholders’ equity was $1.5 million.Purchaser Corporation’s cost exceeds the carrying value of the netassets acquired by $150,000 [ $600,000 - (0.30 x$1,500,000)].

Purchaser Corporation attributes the $150,000 excess purchaseprice as follows: $100,000 to remeasure buildings and equipment tofair value and $50,000 to goodwill. Which of the following is/aretrue?

a.

Purchaser Corporation does not reclassify this excess out of itsInvestment in Stock of Investee Corporation account to Buildingsand Equipment and to Goodwill.

b.

Purchaser Corporation must amortize (or depreciate) any amountattributed to assets with limited lives.

c.

Purchaser Corporation must depreciate the $100,000 attributed tobuildings and equipment over their remaining useful lives.

d.

U.S. GAAP and IFRS do not permit the investor to amortize theexcess purchase price attributed to goodwill and other assets withindefinite lives. Instead, the investor must test the investmentaccount annually for possible impairment.

e.

all of the above

20. Pagoli Corporation acquires 30% ofthe outstanding voting common shares of the Inform Corporation for$600,000. Pagoli Corporation acquires the investment in InformCorporation by buying previously issued shares of InformCorporation from other investors.

Between the time of the acquisition and the end of PagoliCorporation’s next accounting period, Inform Corporation reportsearnings of $80,000; and pays a dividend of $30,000 to holders ofits common stock.

Inform Corporation reports earnings of $100,000 and paysdividends of $40,000 during the subsequent accounting period.

Pagoli Corporation’s Investment in Stock of Inform Corporationaccount now has a balance of:

a.

$609,000

b.

$621,000

c.

$633,000

d.

$642,000

e.

$657,000

Answer: B
Answer: D

1 Ownership share 5% Current year salary $130,000Prior year salary $100,000 2Ownership share 6% Current year salary $90,000Prior year salary $80,000 3Ownership share 4% Curr (Points : 3)

2 and 4

2 and 3

4 only

1 and2

Question 2.2. Assume Joseph and Rita would like to be able tospend $48,000 per year (in today's dollars) when they retire in 7years. They believe they can earn a 7% annual after­-tax return onany invested funds and that inflation will be 4% annually over thissame time-frame. What future annual income will Joseph and Ritaneed to meet their 1st­-year retirement expenditures? (Round to thenearest dollar.) (Points : 3)

$63,165

$48,000

$58,573

$77,078

Question 3.3. Why would a qualified retirement plan include realestate among its portfolio of investment assets? (Points : 3)

As an inflation hedge

To fund future fixedobligations

Because real estate isalways considered to be a very low risking holding

To provide increasedliquidity

Question 4.4. Sheila is 45 years old. She withdraws $10,000 fromone of her IRAs, and 30 days later deposits the entire amount intoanother IRA. What are the income tax implications of thistransaction? (Points : 3)

Sheila does not include anyportion of the $10,000 in her gross income.

The entire $10,000 isincludable in Sheila’s gross income.

Sheila will receive $9,000as gross income and $1,000 will be withheld as a prematurewithdrawal penalty.

The distribution is subjectto 20% mandatory withholding.

Question 5.5. Bland Foods, Inc. has 100 employees. Which of thefollowing employees listed is(are) considered a key employee in2015?

1 Ownership share 5% Current year salary $130,000 Prior yearsalary $100,000 Officer Yes 2 Ownership share 6% Current yearsalary $90,000 Prior year salary $80,000 Officer No 3 Ownershipshare 4 (Points : 3)

2 and 4

1 and 2

4 only

2 and 3

Jonathan wants to establish a retirement plan for himself. Whichof the following actions is appropriate to shelter the maximumamount of Jonathan’s current taxable income? (Points : 3)

He may establish aprofit­-sharing (Keogh) qualified plan with deductiblecontributions of 20% of his Schedule C income, as adjusted.

He should establish a RothIRA with annual contribution amounts of $5,500.

He should establish aSIMPLE IRA.

He should establish atraditional IRA with annual contribution amounts of $5,500.

Question 7.7. ERISA requires reporting and disclosure of planinformation to all of the following EXCEPT (Points : 3)

plan sponsors

Internal Revenue Service(IRS)

Department of Labor(DOL)

plan participants

Question 8.8. Which of the following plans is(are) NOT across-­tested plan(s)?

1 Newcomparability plan

2 Employer stockownership plan

3 Age-­basedprofit-­sharing plan

4 Stock bonusplan (Points : 3)

2 and 4

1, 2, 3 and 4

3 and 4

2 only

Question 9.9. A qualifying lump-­sum distribution from aqualified plan may be eligible for favorable income tax treatment.Which of the following events may allow qualifying lump­-sumdistribution tax treatment for an employee/participant?

1 The employee’sattaining age 59½

2 Theparticipant’s purchase of a primary residence

3 Financialhardship

4 Employeeseparation from service (Points : 3)

1 and 4

1, 2, 3 and 4

1 only

3 only

Question 10.10. George, age 55, earns $250,000 and participatesin his employer’s SIMPLE IRA. The employer match is on adollar­-for­-dollar basis, up to 3% of each participatingemployee's compensation for the year.. What is the maximum amountof employee and employer contributions that can be contributed toGeorge’s account in 2015? (Points : 3)

$23,000

$18,800

$15,500

$6,500

Question 11.11. Which of the following statements regarding atarget benefit pension plan is (are) CORRECT?

1 The services of an actuary are required in the 1st year ofoperation.

2 The plan is funded using the percentage of compensationapproach.

3 Minimum funding standards apply.

4 A target benefit pension plan is a type of defined benefitpension plan. (Points : 3)

1, 2 and 3

1, 2, 3 and 4

1 only

2 only

Question 12.12. All of the following are characteristics oftraditional defined benefit pension plans EXCEPT (Points : 3)

employees assume the riskof poor investment results

they are complex to designand operate

benefits are guaranteed bythe Pension Benefit Guaranty Corporation (PBGC)

the employer is required tomake annual contributions

Question 13.13. If partially vested participants in a qualifieddefined benefit pension plan terminate their employment with thesponsoring employer, how must the plan handle the unvested portionof their benefits? (Points : 3)

Use them to reduce employercontributions for that plan year.

Pay them in cash to thesponsoring employer.

Reallocate them among theremaining plan participants.

Pay them in cash to theterminated employees.

Question 14.14. Which of the following descriptions of theeffect of using an actuarial method or assumption in the funding ofa defined benefit pension plan is CORRECT? (Points : 3)

The higher the turnoverrate assumed by the actuary, the lower the required annual employercontribution and cost.

The greater the assumedrate of return used by the actuary, the greater the projected totalcost of the plan.

If the projected benefitcost method is used and the number of plan participants remainsunchanged, the plan's cost will increase actuarially each year.

If the accrued benefit costmethod is used, each year's plan cost will decrease because thereare now fewer years until plan distributions.

Question 15.15. In which of the following pension plans arebenefits covered by the Pension Benefit Guaranty Corporation(PBGC)?

1 Cash balance pension plans

2 Money purchase pension plans

3 Target benefit pension plans (Points : 3)

1 only

2 only

3 only

1, 2 and 3

Question 16.16. Which of the following statements regarding thebenefit a participant is to receive from a defined benefit pensionplan for which the PBGC has assumed financial responsibility in2015 is CORRECT? (Points : 3)

The benefit paid by thePBGC may be less than the benefit originally promised in thedefined benefit plan.

A maximum benefit equal tothe annual additions limit of $53,000 annually is paid to the planparticipant upon retirement.

The maximum benefit theplan participants can receive is reduced to $210,000 annually.

The benefit for the planparticipants is capped at the covered compensation limit of$265,000.

Question 17.17. Which of the following types of retirement plansis insured by the Pension Benefit Guaranty Corporation (PBGC)?(Points : 3)

A traditional definedbenefit pension plan

A target benefit pensionplan

A money purchase pensionplan

An ESOP

Question 18.18. A fully insured Section 412(e)(3) pension planis funded exclusively by (Points : 3)

cash value life insuranceor annuity contracts

municipal bonds

blue­chip stocks

Treasury bonds

Question 19.19. In which of the following pension plans arebenefits covered by the Pension Benefit Guaranty Corporation(PBGC)?

1 Cash balance pension plans

2 Money purchase pension plans

3 Target benefit pension plans (Points : 3)

1 only

2 only

3 only

1, 2 and 3

Question 20.20. Which of the following types of retirement plansis insured by the Pension Benefit Guaranty Corporation (PBGC)?(Points : 3)

A traditional definedbenefit pension plan

A target benefit pensionplan

A money purchase pensionplan

An ESOP

Answer: 4
Answer: A is false.

True/False

Indicate whether the sentence or statement is true or false. 1 point for each question

____ 1. The completed-contract method was developed to relate recognition of revenue on long-term construction-type contracts to the activities of a firm in fulfilling these contracts.

____ 2. Estimates of architects and engineers of percentage-of-completion are not acceptable under generally accepted accounting principles.

____ 3. The use of the direct write-off method is acceptable under generally accepted accounting principles.

____4. The method of estimating uncollectible accounts expense based on the accounts receivable balance emphasizes the determination of the net realizable value of the receivables.

____5. The "list" sales price less any trade discount is the amount at which the receivable and the corresponding revenue should be recorded.

____6. In a bank reconciliation statement, an outstanding check must be subtracted from the bank statement balance in determining the correct cash balance.

____ 7. Accounting for installment sales using the deferred gross profit approach requires determining a gross profit rate for the sales of each year, and establishing an accounts receivable and a deferred revenue account identified by the year of the sale.

____ 8. The deferred gross profit accounts are reported as liabilities under the installment sale method.

____ 9. The cost recovery method is often used when the circumstances surrounding a sale are too uncertain to use the installment sale method.

____ 10. In a bank reconciliation statement, the amount of a not-sufficient-funds check must be added to the depositor's cash balance in determining the correct cash balance.

Answer: false
Answer: false
Answer: false

True/False

Indicate whether the sentence or statement is true or false. 1 point for each question

____ 1. The completed-contract method was developed to relate recognition of revenue on long-term construction-type contracts to the activities of a firm in fulfilling these contracts.

____ 2. Estimates of architects and engineers of percentage-of-completion are not acceptable under generally accepted accounting principles.

____ 3. The use of the direct write-off method is acceptable under generally accepted accounting principles.

____4. The method of estimating uncollectible accounts expense based on the accounts receivable balance emphasizes the determination of the net realizable value of the receivables.

____5. The "list" sales price less any trade discount is the amount at which the receivable and the corresponding revenue should be recorded.

____6. In a bank reconciliation statement, an outstanding check must be subtracted from the bank statement balance in determining the correct cash balance.

____ 7. Accounting for installment sales using the deferred gross profit approach requires determining a gross profit rate for the sales of each year, and establishing an accounts receivable and a deferred revenue account identified by the year of the sale.

____ 8. The deferred gross profit accounts are reported as liabilities under the installment sale method.

____ 9. The cost recovery method is often used when the circumstances surrounding a sale are too uncertain to use the installment sale method.

____ 10. In a bank reconciliation statement, the amount of a not-sufficient-funds check must be added to the depositor's cash balance in determining the correct cash balance.

Answer: false

I. True/False 2 points

Indicate whether the sentence or statement is true or false.

____ 1. Revenues and gains are generally recognized when they are realized or realizable and they have been earned through substantial completion of the activities involved in the earnings process.

____ 2. The proportional performance method has been developed to reflect revenue earned on service contracts under which many acts of service are to be performed before the contract is completed.

____ 3. Beginning with the Tax Reform Act of 1986, the tax laws eliminated the use of the completed-contract method.

____ 4. The most popular input measure under percentage-of-completion accounting is the cost-to-cost method.

____ 5. Estimates of architects and engineers of percentage-of-completion are not acceptable under generally accepted accounting principles.

____ 6. At the conclusion of a construction contract, the balance in Construction in Progress will be exactly equal to the amount in Progress Billings on Construction Contracts when using the percentage-of-completion method.

____ 7. If analysis of construction contracts indicates that there will be an overall loss on the contract, the loss should immediately be recognized in full under the completed-contract method and the percentage-of-completion method.

____ 8. Under the cost recovery method, no income is recognized on a sale until the cost of the item sold is recovered through cash receipts with all subsequent receipts reported as revenues.

____ 9. The cost recovery method is the most conservative revenue recognition method.

____ 10. If a company is heavily involved in installment sales, the operating cycle of the business is normally defined as the average period of the installment contracts.

Answer: B

I. True/False 2 points

Indicate whether the sentence or statement is true or false.

____ 1. Revenues and gains are generally recognized when they are realized or realizable and they have been earned through substantial completion of the activities involved in the earnings process.

____ 2. The proportional performance method has been developed to reflect revenue earned on service contracts under which many acts of service are to be performed before the contract is completed.

____ 3. Beginning with the Tax Reform Act of 1986, the tax laws eliminated the use of the completed-contract method.

____ 4. The most popular input measure under percentage-of-completion accounting is the cost-to-cost method.

____ 5. Estimates of architects and engineers of percentage-of-completion are not acceptable under generally accepted accounting principles.

____ 6. At the conclusion of a construction contract, the balance in Construction in Progress will be exactly equal to the amount in Progress Billings on Construction Contracts when using the percentage-of-completion method.

____ 7. If analysis of construction contracts indicates that there will be an overall loss on the contract, the loss should immediately be recognized in full under the completed-contract method and the percentage-of-completion method.

____ 8. Under the cost recovery method, no income is recognized on a sale until the cost of the item sold is recovered through cash receipts with all subsequent receipts reported as revenues.

____ 9. The cost recovery method is the most conservative revenue recognition method.

____ 10. If a company is heavily involved in installment sales, the operating cycle of the business is normally defined as the average period of the installment contracts.

Answer: F

2. All cellular forms of life have one or more

a. mitochondria

b. chloroplast

c. cellular (plasma membrane)

d. nucleus

e. intracellular membrane

f. subcellular organelle cell

3. Which statement is an incorrect descriptions of protein molecules?

a. Protein molecules range in size by more than a factor of 100

b. the 3-dimensional shape of protein molecules can be globular or elongated.

c.The association of multiple polypeptide subunits to form a functional protein is known as quaternary structure

d.Folded proteins are rigid structures, so that all the side chains are locked into one structure

e.Many proteins fold into a stable 3 dimensional structure that has a lower free energy than that unfolded state

f. The primary structure of proteins does not depend on conformation

4.Water is a major factor that drives protein folding bacteria because?

a.Water molecules are hydrophobic

b.The interactions between water molecules and the polypeptide chain are stronger for the folded protein

c.The mobility of water molecules is more restricted at the protein surface than in bulk water

d.The surface area exposed to water of a folded protein is about the same as that of an unfolded protein

e.The entropy of the unfolded polypeptide chain is higher than that of the folded polypeptide chain

5.According to the central dogma of biology information storage involves a specific macromolecule. From what monomer is this class of macromolecule made?

a.Acetate

b.Sugars

c.Amino acids

d.Nucleotides

e.Fatty acids

Answer: B
Answer: B

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