T or F Practice Question 22
At what point and how are sales taxes charged to customers recorded?
At the time of the sale as revenue
At the time of the sale as a liability
At the time the sale takes place as an expense
At the time collected from the customer as unearned revenue
Practice Question 52
Brazen Inc. sells bonds with a face value of $1,000,000 and a contract interest rate of 9% for $1,200,000. The bonds will mature in 10 years. Using the straight line method of amortization of the bonds’ premium, how much interest expense will be recognized in year 1?
$108,000
$70,000
$110,000
$90,000
Practice Question 67
How are convertible bonds accounted for on the date of issuance under IFRS?
A portion of the issue price is reported as equity and the other portion is expensed immediately.
The issue price is reported as stockholders’ equity.
The issue price is reported as a liability.
A portion of the issue price is reported as debt and a portion as equity.
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