I have 5 multiple choice question related to my accounting class. 1. In the "time interest...

I have 5 multiple choice question related to my accounting class.

1. In the "time interest earned" ratio, the numerator should be income before deducting (select the best answer):

A. interest Expense B. Income tax expense C. Both A & B D. None of the above

2. A lender accepts real estate with a fair value of $15,000,000 in full settlement of a $20,000,000 loan. the real estate has a carrying value of $19,000,000 on the bond of the borrower. What gain or loss should the borrower record?

A. $4,000,000 loss only B.$5,000,000 gain only C. $5,000,000 gain and a $4,000,000 loss D. $4,000,000 gain and a $5,000,000 loss

3. The amount of cash a borrower will pay for interest on a bond is derived by using the:

A. Prime rate B. Market rate C. LIBOR D. Stated rate

4. If a note payable is exchanged for property, the stated interest rate is presumed to be fair unless (Select the best answer):

A. No interest rate is stated B. The stated rate is unreasonable C. None of the above D. Both A & B

5. The preferred method for amortizing a discount or a premium on a bond is the:

A. Effective interest method B. Straight line method C. Berkshire Protocol

Expert Solution

ekkarill92 answered 2 years ago

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