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Q1. McAuliffe Corporation issued $200,000 of 7.5% 10-year bonds. The bonds are dated and sold on January 1 2015. Interest payments dates are January 1 and July 1. The bonds are issued for $193,205 to yield the market interest rate of 8%. McAuliffe corporation uses the effective-interest method.
What is the amount of interest the McAuliffe corp will record on July 2 2015, the first semiannual interest payment date? (rounded to the nearest dollar amount)
a. $7728
b. $7620
c. $228
Q2. In 2014 ACS corp borrowed $110,000, paid dividends of $26000, issued 14000 shares of stock, purchased land for $25000 and received dividends of $4000. Net income was $80000 and decepreciation for the year totaled $14000. Accounts receivable increased by $10000. How much should be reported as net cash provided by operating activities by the indirect method?
a. $857000
b. $84000
c. $72000
Q3. Sweet treat inc began the year with $25000 in accounts receivable and ended the year with $13000 in accounts receivable. If credit sales for the year were $575000 the cash collected from the customers during the year amounted to
a. $587000
b. $588000
c. $563000
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