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On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years.

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    1.    On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is
    2.    A budget can be used as a basis for evaluating performance.
    3.    Which of the following is not properly classified as property, plant, and equipment?
    4.    A corporation is not an entity that is separate and distinct from its owners.
    5.    Budget reports provide the feedback needed by management to see whether actual operations are on course.
    6.    The master budget reflects management's long-term plans encompassing five years or more.
    7.    A company whose current liabilities exceed its current assets may have a liquidity problem.
    8.    A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.
    9.    Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.
    10.    The book value of a plant asset is the difference between the
    11.    All of the following are true regarding financial statement analysis ratios associated with liabilities except
    12.    A current liability is a debt that can reasonably be expected to be paid
    13.    On January 1, a machine with a useful life of five years and a residual value of $15,000 was purchased for $75,000. What is the depreciation expense for year 2 under straight-line depreciation?
    14.    The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.
    15.    Accountants do not attempt to measure the change in a plant asset's market value during ownership because
    16.    Once cost is established for a plant asset, it becomes the basis of accounting for the asset unless the asset appreciates in value, in which case, market value becomes the basis for accountability.
    17.    Cash dividends are not a liability of the corporation until they are declared by the board of directors.
    18.    During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps’s asset turnover ratio is
    19.    A master budget is most useful in evaluating a manager's performance in controlling costs.
    20.    The market rate of interest is often called the
    21.    Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.
    22.    One objective of the income statement is to separate the results of continuing operations from those of discontinued operations.
    23.    The debt to assets ratio measures the percentage of the total assets provided by creditors.
    24.    Under the corporate form of business organization
    25.    Bonds with a face value of $400,000 and a quoted price of 104¼ have a selling price of

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