To establish a cause of action based on strict liability in tort for personal injuries resulting from using a defective product, one of the elements the plaintiff must prove is that the seller (defendant):
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1 .Payne Co. prepares its statement of cash flows using the indirect method. Payne's unamortized bond discount account decreased by USD25,000 during the year. How should Payne report the change in unamortized bond discount in its statement of cash flows?
A As a financing cash inflow. B As an addition to net income in the operating activities section. C As a financing cash outflow. D As a subtraction from net income in the operating activities section.
2 .A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost USD35,000 and he has taken USD18,000 in depreciation. The old automobile is currently worth USD20,000 and the new automobile the taxpayer wants in exchange is worth USD22,000. The taxpayer is also assuming a liability secured by the new auto of USD2,000. What is the gain or loss realized by the taxpayer on this transaction?
A USD0 B USD3,000 gain C USD5,000 gain D USD2,000 gain
3 .For the year ended December 31, Ion Corp. had cash inflows of USD25,000 from the purchases, sales, and maturities of held-to-maturity securities and USD40,000 from the purchases, sales, and maturities of available-for-sale securities. What amount of net cash from investing activities should Ion report in its cash flow statement?
A USD65,000 B USD40,000 C USD25,000 D USD0
4 .Cindy purchases a stereo system from Kookie at Kookie's yard sale. Kookie is an appliance salesman for J&J's Appliance store. Kookie offers to place the stereo system in Cindy's car, but Cindy asks Kookie to temporarily hold onto the stereo instead. Kookie agrees to keep the stereo system in his garage until Cindy can pick it up. A fire starts in the garage through no fault of Kookie and the stereo is destroyed. Who bears the burden of the loss?I. Cindy.II. Kookie.
A I only. B Both I and II. C Neither I nor II. D II only.
5 .Which of the following would be reported as an investing activity in a company's statement of cash flows?
A Collection of an overdue account receivable from a customer. B Collection of proceeds from a note payable. C Collection of a note receivable from a related party. D Collection of a tax refund from the government.
7 .Polk Co. acquires a forklift from Quest Co. for USD30,000. The terms require Polk to pay USD3,000 down and finance the remaining USD27,000. On March 1, Year 1, Polk pays the USD3,000 down and accepted delivery of the forklift. Polk signed a note that requires Polk to pay principal payments of USD1,000 per month for 27 months beginning July 1, Year 1. What amount should Polk report as an investing activity in the statement of cash flows for the year ended December 31, Year 1?
A USD12,000 B USD9,000 C USD30,000 D USD3,000
8 .Hogan exchanged a business-use machine having an original cost of USD100,000 and accumulated depreciation of USD30,000 for business-use equipment owned by Baker having a fair market value of USD80,000 plus USD1,000 cash. Baker assumed a USD2,000 outstanding debt on the machine. What taxable gain should Hogan recognize?
A USD11,000 B USD3,000 C USD10,000 D USD0
9 .Which of the following items qualifies for treatment under Section 1231 (Property Used in the Trade or Business and Involuntary Conversions)?
A Building used in the business, held for 6 months. B Machinery used in the business, held for 11 months. C Copyright used in the business, held for 10 years. D Computer used in the business, held for 4 years.
10 .The filing of an involuntary bankruptcy petition under the Federal Bankruptcy Code:
A Stops the enforcement of judgment liens against property in the bankruptcy estate. B Terminates liens on exempt property. C Stops the debtor from incurring new debts. D Terminates all security interests in property in the bankruptcy estate.
