Acc 291 Week 5 Final Exam 4 Essay
ACC 291 Final Exam
1. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
2. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?
3. Intangible assets
4. Intangible assets are the rights and privileges that result from ownership of long-lived assets that
5. The book value of an asset is equal to the
6. Gains on an …show more content…
15. If a corporation has only one class of stock, it is referred to as
16. Capital stock to which the charter has assigned a value per share is called
17. ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2011. What is the annual dividend on the preferred stock?
18. Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is the amount of dividends received by the common stockholders in 2011?
19. When the selling price of treasury stock is greater than its cost, the company credits the difference to
20. The purchase of treasury stock
21. Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses?
22. Where would the event purchased land