On NOVEMBER 30, 2011, Just in Thyme, Inc. issued 100,000 of 20-year, 9 bonds at 100. The bonds pay ...

On NOVEMBER 30, 2011, Just in Thyme, Inc. issued 100,000 of 20-year, 9 bonds at 100. The bonds pay interest SEMIANNUALLY on May 31 and November 30. These bonds sold at 100, which is ________.

A) par
B) a premium, because the market rate of interest is higher than 9
C) a premium, because the market rate of interest is lower than 9
D) a discount, because the market rate of interest is higher than 9

(Q. 2) The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What isthe amount of inventory at the end of the year according to the FIFO method?
a. 655
b. 620
c. 690
d. 659

(Q. 3) Embezzlement is a fraud committed by two or more individuals or departments.
Indicate whether the statement is true or false

(Q. 4) On January 1, 2011, Petrel Shipping Company bought equipment that cost 55,000 with an estimated useful life of 4 years and an estimated salvage value of 5,000. The company uses the straight-line method of depreciation.

At what rate will the equipment depreciate in 2011?
A) 20
B) 15
C) 10
D) 25

(Q. 5) A purchase allowance is a record of the company's request to a vendor for goods or services.

Indicate whether the statement is true or false

(Q. 6) ____________________ provides pensions and disability benefits.
Fill in the blank(s) with correct word

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On NOVEMBER 30, 2011, Just in Thyme, Inc. issued 100,000 of 20-year, 9 bonds at 100. The bonds pay ...

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