Accounting

The balance in the Accumulated Depreciation account represents the

Answer

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cash fund to be used to replace plant assets.

amount to be deducted from the cost of the plant asset to arrive at its fair market value.

amount charged to expense in the current period.

amount charged to expense since the acquisition of the plant asset.

11. The times interest earned is computed by dividing

Answer

net income by interest expense.

income before income taxes by interest expense.

income before interest expense by interest expense.

income before income taxes and interest expense by interest expense.

13. A $1,000 face value bond with a quoted price of 98 is selling for

Answer

$1,000.

$980.

$908.

$98.

14. Hardy Company has current assets of $95,000, current liabilities of $100,000, long-term assets of $180,000 and long-term liabilities of $80,000. Hardy Company’s working capital and its current ratio are:

Answer

$85,000 and .95:1.

-$5,000 and 1.95:1.

$5,000 and .95:1.

-$5,000 and .95:1.

15. The interest charged on a $50,000, 60-day note payable, at the rate of 6%, would be

Answer

$3,000.

$1,667.

$750.

$500.

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