3.Juice has $100,000 cash restricted for building purposes in the future. Which of the following asset subsections of the balance sheet would the $100,000 be included?
A. Intangible assets
B. Property, plant, and equipment
C. Current assets
D. Other assets
4.Which of the following would reduce total stockholder's equity?
A. $10 par common stock issued for $25 a share
B. Net income earned for the year of $250,000
C. Payment to a creditor of $ 20,000
D. Repurchase of common stock (Known as treasury stock )
5.In 2019, a lawsuit was against Peach Inc. It is probable that Peach Inc. will lose the lawsuit and the amount of loss can be reasonably estimated at $150,000How should Peach Inc. handle this loss contingency their financial records?
A. Accrue the loss and disclose in the notes
B. Disclose in the notes and do not record an accrual
C. Do nothing
D. Wait to see the outcome of the lawsuit before notifying users or recording a journal entry
12. Which of the following assets would be included in the long-term investment section of the balance sheet?
A. Investment in debt securities that is expected to be held to maturity (assuming held to maturity is greater than one year)
B. Investment in debt securities that is expected to be held to maturity when maturity is in 9 months
C. Accounts receivable
D. Marketable securities
33. Which of the following assets would be included in the property, plant, and equipment section of the balance sheet?
A. A building purchased for investment purposes .
B. A used computer purchased for use in the operations of the business with a useful life of 10 months
C. A patent with a useful life of 25 years .
D. Equipment purchased for use in the operations of the business which has a useful life of 15 years
