On July 1, 2014, Miniature Company Has Bonds with Balances

question 78

Multiple Choice

On July 1, 2014, Miniature Company has bonds with balances as shown below. If the company retires the bonds for $66,150, what will be the effect on the income statement?

• A)loss on retirement of $4,400
• B)gain on retirement of $4,400
• C)sales revenue of $61,750
• D)no effect on net income

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Definitions:

Organization Benefits

Advantages or perks provided by an employer to employees, contributing to job satisfaction and loyalty.

Directive Leadership

A leadership style characterized by giving clear and authoritative instructions and expectations to subordinates.

Achievement-Oriented

A focus or emphasis on the attainment of goals or specific outcomes, often marked by a high level of ambition and effort.

Production-Centred

An approach focusing primarily on the efficiency and effectiveness of a manufacturing or production process.