Online Quiz 15a

Question 1

In its 2013 10-K filing, Disney describes the company’s 5 cable networks. Four of these are: ESPN, Disney Channels Worldwide, ABC Family, and SOAPnet. What is the fifth family of cable channels on Disney’s list?
  USA Network
 TNT
 TBS
 A&E
 Fox

Answer 1

Answer: A&E

Question 2

What is the currently targeted opening date for Shanghai Disney Resort?
  End of 2014
 End of 2015
 Middle of 2015
 Middle of 2016
 End of 2016

Answer 2

Answer: End of 2015

Question 3

On December 21, 2012, Disney purchased Lucasfilm for a total of $4.1 billion. Of this amount, how much was paid for Lucasfilm’s GOODWILL?
  $2.3 billion
 $3.1 billion
 $1.7 billion
 $2.9 billion
 $3.5 billion

Answer 3

Answer: $2.3 billion

Question 4

As of September 28, 2013, Disney reported contractual commitments to make future payments totaling $59.2 billion. What is the purpose of the vast majority of these contractual commitments?
  Operating leases
 Talent contracts
 Broadcast programming
 Stock-based compensation
 Litigation settlement payments

Answer 4

Answer: Broadcast programming

Question 5

On January 1 of Year 1, Kylie Ramona borrowed $250,000 under a mortgage note payable contract. The annual interest rate on this mortgage is 6% compounded monthly. [Hint: “6% compounded monthly” means, by definition, 0.5% each month.] This is a 30-year, fully-amortizing monthly mortgage. The monthly payments are $1,498.88 and are due at the end of each month, starting on January 31 of Year 1.
Which ONE of the following is included in the journal entry made by Kylie Ramona on January 31 of Year 1 to record the payment in cash of $1,498.88?
DEBIT to Interest Expense for $1,498.88
DEBIT to Interest Expense for $248.88
DEBIT to Mortgage Note Payable for $1,250.00
DEBIT to Mortgage Note Payable for $248.88
DEBIT to Mortgage Note Payable for $1,498.88

Answer 5

Answer: DEBIT to Mortgage Note Payable for $248.88

Question 6

On January 1 of Year 1, Kylie Ramona borrowed $250,000 under a mortgage note payable contract. The annual interest rate on this mortgage is 6% compounded monthly. [Hint: “6% compounded monthly” means, by definition, 0.5% each month.] This is a 30-year, fully-amortizing monthly mortgage. The monthly payments are $1,498.88 and are due at the end of each month, starting on January 31 of Year 1.
What is the REMAINING BALANCE of the mortgage note payable as of February 28 of Year 1 AFTER the monthly payment is made on that date? Note: The February 28 payment is the SECOND monthly payment.
$249,501.00
$250,499.00
$247,002.24
$247,501.24
$252,498.76

Answer 6

Answer: $249,501.00