Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
To get this material copy and paste link to browser - http://entire-courses.com/ACC-291-Week-3-Chapter-11-Practice-Quiz-1 |
In this file ACC 291 Week 3 Chapter 11 Practice Quiz 1 you can find right answers on the following questions: 1. Which of the following is not an advantage of a corporation? 2. Which of the following is a disadvantage of a corporation 3. Which of the following statements is false? 4. ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to: 5. XYZ, Inc. sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sale should include credits to: 6. In the stockholders' equity section, the cost of treasury stock is deducted from: 7. Preferred stock may have priority over common stock except in: 8. M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive: 9. Entries for cash dividends are required on the: 10. Which of the following statements about small stock dividends is true? 11. All but one of the following is reported in a retained earnings statement. The exception is: 12. A prior period adjustment is: 13. In the stockholders' equity section of the balance sheet, common stock: 14. Which of the following is not reported under additional paid-in capital? 15. Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders' equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company's return on common stockholders' equity for 2011 is: 16. When a stockholders' equity statement is presented, it is not necessary to prepare a(an): 17. The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is: |
|
|
To get this material copy and paste link to browser - http://entire-courses.com/ACC-291-Week-3-Chapter-11-Practice-Quiz-1 |
Business - Accounting ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment Includes: Week 3 Chapter 11 practice quiz 1 Week 3 Chapter 12 Practice quiz 1 Week 3 reflection summary Week 3 Discussion questions 1 and 2 Week 3 Individual WileyPlus assignment as described below: Exercise E9-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. Exercise E10-5 Don Walls's gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. Exercise E10-10 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1 Exercise E10-11 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1 Exercise E10-15 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31 Exercise E10-18 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount Problem P10-5A Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31 Problem P10-9A Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. The bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30 |
|
|
To get this material copy and paste link to browser - http://entire-courses.com/ACC-291-Week-3-Chapter-11-Practice-Quiz-1 |
Success in college depends greatly on the quality of your study environment. Dorm rooms tend to be too loud and busy for you to focus. Instead, look for a quiet area where you will be free from interruptions. Your school library is ideal for this use. Get some noise-cancelling headphones if you need to. |
