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charter oak acc101 all week test part 1[ week 1,2,3,4,5,6,8,9,10,11,12,13,14] no final no midterm

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Question;A complete set of financial statements for Hartman Company, at December 31, 2001, would include each of the following, except:Answer? Question 21.37 out of 1.37 points2. Which financial statement is at a specific date?Answer? Question 31.37 out of 1.37 points3. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report ismore likely to:Answer? Question 40 out of 1.37 points4. The auditor's report on the published financial statements of a large corporation should be viewed as:Answer? Question 51.37 out of 1.37 points5. Generally accepted accounting principles are intended to assist accountants in preparing financial statements that:Answer? Question 61.37 out of 1.37 points6. Suppose a number of your friends have organized a company to develop and sell a new software product. They have asked you to loan them $10,000 to help get the company started, and have promised to repay your $10,000 plus 15% interest in one year. Of the following, which amount may be described as the return on your investment?Answer? Question 71.37 out of 1.37 points7. The nature of an asset is best described as:Answer? Question 80 out of 1.37 points8. If a company purchases equipment for $50,000 by issuing a note payable:Answer? Question 90 out of 1.37 points9. The valuation of assets in the balance sheet is based primarily upon:Answer? Question 101.37 out of 1.37 points10. The owner of Seafood Restaurant purchased a new car for his daughter who is away at college at a cost of $19,000 and reported this amount as Delivery Vehicle in the restaurant's balance sheet. The reporting of this item in this manner violated the:Answer? Question 111.37 out of 1.37 points11. If cash flows from operating activities is a negative amount:Answer? Question 121.37 out of 1.37 points12. Which of the following will not cause a change in the owners' equity of a business?Answer? Question 131.37 out of 1.37 points13. Which of the following transactions would cause a change in owners' equity?Answer? Question 141.37 out of 1.37 points14. An expense is:Answer? Question 151.37 out of 1.37 points15. A transaction caused an increase in both assets and owners' equity. This transaction could have been:Answer? Question 161.37 out of 1.37 points16. The concept of adequate disclosure means that:Answer? Question 171.37 out of 1.37 points17. If cash increases during a year, it must mean that:Answer? Question 181.37 out of 1.37 pointsUse the following to answer questions 18-19:At December 31, 2000, the accounting records of Breher Corporation contain the following items:Accounts Payable $ 24,000 Accounts Receivabe $ 60,000Land 360,000 Cash?Capital Stock? Equipment 180,000Building 250,000 Notes payable 280,000Retained Earnings 250,00018. Refer to the above data. If Capital Stock is $600,000, the amount of Cash owned byAnswer? Question 191.37 out of 1.37 points19. Refer to the above data. If Capital Stock is $450,000, total assets of Breher Corporation at December 31, 2000, amount to:Answer? Question 201.37 out of 1.37 pointsUse the following to answer questions 20-22:At December 31, 2001, the accounting records of Delmar Products, Inc. contain the following items:Accounts Payable $ 15,000 Accounts Receivabe $ 40,000Land 80,000 Cash 22,000Building? Equipment 200,000Notes Payable 60,000 Capital Stock 295,000Retained Earnings?20. Refer to the above data. If total assets of Delmar Products, Inc. are $400,000, Building is carried in Delmar Product's accounting records at:Answer? Question 211.37 out of 1.37 points? Question 221.37 out of 1.37 points22. Refer to the above data. If Retained Earnings at December 31, 2001, is $50,000, total assets amount to:Answer? Question 230 out of 1.37 pointsUse the following to answer questions 23-25:Burgoyne, Co. had the following transactions during the month of August, 2001:* Cash received from bank loans was $5,000.* Dividends of $2,000 were paid to stockholders in cash.* Revenues earned and received in cash amounted to $4,500* Expenses incurred and paid were $2,50023. Refer to the above data. What amount of net income will be reported on an income statement for the month of August, 2001?Answer? Question 240 out of 1.37 points24. Refer to the above data. At the beginning of August, 2001, owners' equity in Burgoyne, Co. was $60,000. Given the transactions of August, 2001, what will owners' equity be at the end of the month?Answer? Question 250 out of 1.37 points25. Refer to the above data. For the month of August, 2001, net cash flows from operating activities for Burgoyne were:Answerweek 2 test1. Double-entry accounting is characterized by which of the following?Answer? Question 21.271 out of 1.271 points2. If a company purchases equipment on account:Answer? Question 31.271 out of 1.271 points3. The journal entry to record a particular business transaction includes a credit to a liability account. This transaction is most likely also to include:Answer? Question 41.271 out of 1.271 points4. The collection of an account receivable is recorded by a debit to Cash and a credit to Accounts Payable. If this error is not corrected:Answer? Question 51.271 out of 1.271 points5. If a company purchases equipment for cash:Answer? Question 61.271 out of 1.271 points6. Which of the following errors would be disclosed by preparation of a trial balance?Answer? Question 71.271 out of 1.271 points7. In February of each year, the Dumond Hotel holds a very popular wine tasting. Tickets must be ordered and paid for in advance, and are typically sold out by November of the preceding year. The realization principle indicates that the revenue from these ticket sales should be recognized in the period in which the:Answer? Question 81.271 out of 1.271 points8. The matching principle is best demonstrated by:Answer? Question 91.271 out of 1.271 points9. Net income is:Answer? Question 101.271 out of 1.271 points10. The reason that both expenses and dividends are recorded by debit entries is that:Answer? Question 111.271 out of 1.271 points11. As You Like It, Inc., a jazz group, entertained at a black-tie dinner dance on April 26, and collected the fee in full at the end of the evening. This transaction:Answer? Question 120 out of 1.271 points12. At the end of October, Two Harbors Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction:Answer? Question 131.271 out of 1.271 pointsUse the following to answer questions 13-16:The following transactions occurred during March, the first month of operations for Stewart Building, Inc.:* Capital stock was issued to Bill Stewart in exchange for $100,000 cash.* Purchased $50,000 of equipment by making a $20,000 cash down payment and signing a note payable for the balance.* Made a $13,000 cash payment on the note payable from the purchase of equipment.* Sold a piece of equipment for cash of $3,000. The equipment was sold at cost, so there is no gain or loss on the sale.13. Refer to the above data. What is the balance in the Cash account at the end of March?Answer? Question 141.271 out of 1.271 points14. Refer to the above data. What are total assets of Stewart Building, Inc. at the end of March?Answer? Question 150 out of 1.271 points15. Refer to the above data. What is the balance in the Note Payable account at the end of March?Answer? Question 161.271 out of 1.271 points16. Refer to the above data. What is the total owners' equity at the end of March?Answer? Question 171.271 out of 1.271 pointsUse the following to answer questions 17 -20:The following transactions occurred during May, the first month of operations for Joyce Products, Inc.:* Issued 40,000 shares of capital stock to the owners of the corporation in exchange for $500,000 cash* Purchased a piece of land for $300,000, making a $100,000 cash down payment and signing a note payable for the balance.* Made a $50,000 cash payment on the note payable from the purchase of land.* Purchased equipment on credit from DDL, Inc. for $42,000.17. Refer to the above data. What is the balance in the Cash account at the end of May?Answer? Question 181.271 out of 1.271 points18. Refer to the above data. What are total assets of Joyce Products at the end of May?Answer? Question 191.271 out of 1.271 points19. Refer to the above data. What is the total of Joyce Products' liabilities at the end of May?Answer? Question 201.271 out of 1.271 points20. Refer to the above data. What is the total owners' equity at the end of May?Answer? Question 211.271 out of 1.271 points21. The purchase of office equipment at a cost of $4,100 by an immediate payment of $900 and agreement to pay the balance within 60 days is recorded by:Answer? Question 221.271 out of 1.271 pointsUse the following to answer questions 22 - 23:The bookkeeper for Vanderbilt Mfg. made the following journal entry on January 30, 2000:Land 135,000Building 45,000Cash 30,000Notes Payable 150,00022. Refer to the above data. This transaction involves:Answer? Question 231.271 out of 1.271 points23. Refer to the above data. Before the journal entry above, Vanderbilt had assets, liabilities, and owners' equity of $450,000, $100,000, and $350,000, respectively. What are total assets immediately after the above transaction occurs?Answer? Question 241.271 out of 1.271 points24. MicroDevices sold and delivered modems to Dale Computers for $360,000 to be paid by Dale in three equal installments over the next three months. The journal entry made by Dale Computers to record the last of the three installment payments will include:Answer? Question 251.27 out of 1.27 pointsUse the following to answer questions 25-27:Time Saver reports these account balances at December 31, 2000:Accounts payable $ 90,000Land 180,000Notes Payable 240,000Equipment 140,000Cash 60,000Accounts Receivable 80,000Building 220,000Capital Stock 300,000Retained earnings 50,000On January 2, 2001, Time Saver collected $5,000 of its accounts receivable and paid $40,000 of its accounts payable.25. Refer to the above data. In a trial balance prepared at December 31, 2000, the total of the debit column is:Answer? Question 261.271 out of 1.271 points26. Refer to the above data. In a trial balance prepared at January 3, 2001, the total of the debit column is:Answer? Question 270 out of 1.271 points27. Refer to the above data. On January 3, 2001, total liabilities are:Answerweek 3 1. Adjusting entries are prepared Answer? Question 20 out of 1.63 points2. Depreciation is:Answer? Question 31.63 out of 1.63 points3. Which of the following situations does not require an adjusting entry at the end of January?Answer? Question 41.63 out of 1.63 points4. No adjusting entry should consist of:Answer? Question 51.63 out of 1.63 points5. ASK Systems prepares monthly financial statements. ASK would record a prepaid expense in each of the following situations except:Answer? Question 61.63 out of 1.63 points6. In which of the following situations would Axel Company record unearned revenue in May?Answer? Question 71.63 out of 1.63 points7. As of January 31, Hudson Company owes $600 to U-Rent-It for equipment used during January.If no adjustment is made for this item at January 31, how will Hudson's financial statements be affected?Answer? Question 81.63 out of 1.63 points8. Recently, The Friendly Lake Inn contracted and paid for a relatively expensive advertisement in Good Living magazine.Despite the fact that the ad will appear in Good Living three months after the end of Friendly Lake's current fiscal year, the Inn's accountant recorded the advertising expense when the payment was made.If no adjusting entry is made, how will this year's financial statements of Friendly Lake Inn be affected?Answer? Question 91.63 out of 1.63 points9. Nieves Electronics purchased cash registers on April 1 for $7,200. If this asset has an estimated useful life of six years, what is the book value of the cash registers on May 31?Answer? Question 101.634 out of 1.634 points10. Property Management Corporation, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $9,600. The first payment is due on July 15. The adjusting entry required at June 30 is:Answer? Question 111.634 out of 1.634 points11. TLC Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $8,000. The first payment is to be received on February 15. The adjusting entry required by TLC Co. on January 31 includes:Answer? Question 120 out of 1.634 pointsUse the following to answer questions 12 - 16:Melva Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:(1) A one-year bank loan of $240,000 at an annual interest rate of 10% had been obtained on December 1.(2) The company's to pay all employees up-to-date on each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for one day's pay amounting to $3,800.(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $2,000.(5) Fees of $5,000 were earned during the month for clients who had paid in advance.12. What amount of interest expense has accrued on the bank loan?Answer? Question 131.634 out of 1.634 points13. The accrued interest should be:Answer? Question 141.634 out of 1.634 points14. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will:Answer? Question 151.634 out of 1.634 points15. The entry to record rent expense will include:Answer? Question 161.634 out of 1.634 points16. Failure to make the appropriate adjustment to the Salary Expense account will result in:Answer? Question 171.634 out of 1.634 pointsUse the following to answer questions 17-21:Baxter, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows:Debit CreditCash $ 8,400Accounts Receivable 7,400Supplies 1,000Prepaid Insurance 2,400Equipment 20,000Accumulated Depreciation: Equipment $ 8,000Unearned Service Revenue 5,000Capital Stock 4,000Retained Earnings 18,000Dividends 1,200Service Revenue Earned 12,700Salaries Expense 6,000Utilities Expense 300Rent Expense 1,000$ 47,700 $47,70017. According to service contracts, $3,000 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is:Answer? Question 181.634 out of 1.634 points18. On March 1, Baxter paid in advance for six months' insurance. The necessary adjusting entry at March 31 includes which of the following?Answer? Question 191.634 out of 1.634 points19. At March 31, the amount of supplies on hand is $600. What amount is reported in the March income statement for supplies expense?Answer? Question 201.63 out of 1.63 points20. The equipment had an estimated useful life of ten years. Compute the book value of the equipment at March 31, after the proper March adjustment is recorded.Answer? Question 211.634 out of 1.634 points21. Employees are owed $800 for services since the last payday in March, to be paid the first week in April. The amount to be reported in the March income statement for salaries expense is:Answerweek 4. What types of information must be disclosed in financial statements?Answer? Question 23.431 out of 3.431 points2. Which of the following items will usually not be disclosed in an annual report?Answer? Question 33.431 out of 3.431 points3. If sales are $100,000, expenses are $80,000 and dividends are $30,000, income summary:Answer? Question 43.431 out of 3.431 points4. The following information is available:Sales $ 200,000Net Income 10,000Retained Earnings 20,000Avg. Stockholders? Equity 100,000Dividends 5,000What is the return on equity?Answer? Question 53.431 out of 3.431 pointsUse the following to answer questions 5 - 6:Shown below is a trial balance for Jelmar, Inc., on December 31, after the first year of operations, after adjusting entries:Jelmar, Inc.Trial BalanceDecember 31, 2001Cash $ 5,200Accounts Receivable 4,100Office Equipment 8,000Accumulated Depreciation $ 1,400Accounts Payable 2,100Capital Stock 8,000Retained Earnings 0Dividends 2,000Fees EarnedSalaries Expense 5,400Advertising Expense 300Depreciation Expense 700$ 25,700$ 25,7005. Refer to the above data. The entry to close the fees earned account will:Answer? Question 63.431 out of 3.431 points6. Refer to the above data. The entry to close salaries expense account will:Answer? Question 73.431 out of 3.431 points7. If current assets are $70,000 and current liabilities are $50,000, the current ratio will be:A) 71%.B) $20,000.C) 1.4:1.D) $120,000Answer? Question 83.431 out of 3.431 points8. If current assets are $90,000 and current liabilities are $30,000, working capital will be:A) 33.3%.B) 3:1.C) $60,000.D) $120,000.Answer? Question 93.431 out of 3.431 points9. Under the Sarbanes-Oxley Act, CFOs and high-ranking corporate officers are nowA) Personally responsible for the integrity of annual reports.B) Subject of fines of up to $5 million for knowingly making false statements.C) Facing prison sentences of up to 20 years for knowingly making false statements.D) All of the above.Answer? Question 103.431 out of 3.431 points10. In the notes to financial statements, adequate disclosure would typically not include:A) The accounting methods in useB) Lawsuits pending against the businessC) Due dates of major liabilitiesD) The optimism of the CFO regarding future profits.Answerweek 6 As of December 31, 2000, Dalton Company has $7,240 cash in its checking account, as well as several other items listed below:Bank credit card slips signed by customers $ 900Money market fund balance 4,000Investment in US Treasury bills 10,000Checks received from customers, but notyet deposited in the bank 700Investment in ATT 10% bonds, maturing June 2001 15,000What amount should be shown in Dalton's December 31, 2000, balance sheet as "Cash and cash equivalents"?Answer? Question 20 out of 3.119 pointsUse the following to answer questions 2 -3:The Cash account in the ledger of Home-Builders Co. shows a balance of $16,526 at September 30. The bank statement, however, shows a balance of $20,900 at the same date. The only reconciling items consist of a bank service charge of $6, a large number of outstanding checks totaling $5,930, and a deposit in transit.2. Refer to the above data. What is the adjusted cash balance in the September 30 bank reconciliation?Answer? Question 30 out of 3.119 points3. Refer to the above data. What is the amount of the deposit in transit?Answer? Question 40 out of 3.119 points4. Rand Inc. had accounts receivable of $200,000 and an allowance for doubtful accounts of $8,500 just before writing off as worthless an account receivable from Dart Company of $1,200. After writing off this receivable what would be the balance in Rand's Allowance for Doubtful Accounts?Answer? Question 53.119 out of 3.119 points5. At December 31, before adjusting and closing the accounts had occurred, the Allowance for Doubtful Accounts of Wilton Corporation showed a debit balance of $5,300. An aging of the accounts receivable indicated the amount probably uncollectible to be $3,900. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a:Answer? Question 63.119 out of 3.119 points6. At the start of the current year, Belmont Corporation had a credit balance in the Allowance for Doubtful Accounts of $1,200. During the year a monthly provision of 2% of sales was made for uncollectible accounts. Sales for the year were $400,000, and $7,400 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the year. The year-end financial statements should show:Answer? Question 70 out of 3.119 points7. Moore Corporation invested $290,000 cash in available-for-sale marketable securities in early December. On December 31, the quoted market price for these securities is $307,000. Which of the following statements is correct?Answer? Question 83.119 out of 3.119 pointsUse the following to answer questions 8 - 9:On June 1, 2001, Bela Company acquired a 10%, ten-month note receivable from a customer in settlement of an existing account receivable of $120,000. Interest and principal are due at maturity.8. Refer to the above data. The proper adjusting entry at December 31, 2001, with regard to this note receivable includes a:Answer? Question 93.119 out of 3.119 points9. Refer to the above data. Bella's entry to record the collection of this note at maturity includes a:Answer0 out of 3.119 pointsUse the following to answer questions 10 - 11:On November 1, 2000, Columbus Corporation sold land priced at $700,000 in exchange for a 12%, six-month note receivable.10. Refer to the above data. Columbus's balance sheet at December 31, 2000, includes which of the following as a result of the sale of land on November 1?Answer? Question 113.119 out of 3.119 points11. Refer to the above data. On May 1, 2001 (maturity date), the note is collected in full by Columbus Corporation. Assuming a fiscal year-end of December 31, Columbus recognizes which of the following in its income statement for 2001 with regard to this note?Answerweek 8 and 9. The "just-in-time" concept of inventory management is best illustrated by:Answer? Question 23.812 out of 3.812 pointsUse the following to answer questions 2 - 3:At year-end, the perpetual inventory records of Williams Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:Purchased in August: 30 units at $900 per unitPurchased in November: 30 units at $950 per unitHowever, a complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.13. Refer to the above data. Assuming that Williams uses the LIFO flow assumption, it should record this inventory shrinkage by:Answer? Question 33.812 out of 3.812 points3. Refer to the above data. Assuming that Williams uses the FIFO flow assumption, it should record this inventory shrinkage by:Answer? Question 43.812 out of 3.812 points4. On Saturday, June 30, Dalton Stereo sold merchandise to Tom Reed on account. The sales price was $4,200, and the cost of goods sold was $3,100. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:Answer? Question 53.812 out of 3.812 points5. For the last several years Goldschmidt Corporation has operated with a gross profit rate of 35%. On January 1 of the current year the company had on hand inventory with a cost of $300,000. Purchases of merchandise during January amounted to $96,000, and sales for the month were $180,000. With the gross profit method, the estimated inventory at January 31 is:Answer? Question 63.812 out of 3.812 points6. The recent annual report of Quest Corporation disclosed a LIFO reserve of $25 million. Assuming that Quest pays income taxes at a rate of 40%, using LIFO has:Answer? Question 73.812 out of 3.812 pointsUse the following to answer questions 7 - 9:At the end of last year, Tech-Toys had merchandise costing $120,000 in inventory. During January of the current year, the company purchased merchandise costing $82,000, and sold merchandise that it had purchased at a total cost of $64,000. Tech Toys uses a perpetual inventory system.18. Refer to the above data. The total amount debited to the Inventory account during January was:Answer? Question 83.812 out of 3.812 points8. Refer to the above data. The balance in the Inventory account at January 31 was:Answer? Question 93.812 out of 3.812 points9. Refer to the above data. The amount of goods transferred from the Inventory account to the Cost of Goods Sold account during January was:Answercharter oak acc101 week 9 test part 1?1. A gain is recognized on the disposal of plant assets when:Answer? Question 23.812 out of 3.812 points2. Ross Construction traded in a machine on a similar asset, paying cash for the difference between the list price and the trade-in allowance. The cost assigned to the new asset for income tax purposes is equal to the:Answer? Question 33.812 out of 3.812 points3. Expenditures for research and development intended to lead to new products of commercial value:Answer? Question 43.812 out of 3.812 points4.. Silverado Company purchased equipment having an invoice price of $8,000. The terms of sale were 2/10, n/30, and Silverado paid within the discount period. In addition, Silverado paid $100 delivery charge, $130 installation charge, and $550 sales tax. The amount recorded as the cost of this equipment is:Answer? Question 53.812 out of 3.812 points5. Land and a warehouse were acquired for $890,000. What amounts should be recorded in the accounting records for land and for the warehouse if an appraisal showed the estimated values to be $350,000 for the land and $650,000 for the warehouse?Answer? Question 63.812 out of 3.812 points6. On March 2, 2000, Farlow Industries purchased a fleet of automobiles at a cost of $360,000. The cars are to be depreciated by the straight-line method over five years with no salvage value. Farlow uses the half-year convention to compute depreciation for fractional periods. The book value of the fleet of automobiles at December 31, 2001, will be:Answer? Question 70 out of 3.812 points7. On April 8, 2000, Arco Corp. acquired equipment at a cost of $120,000. The equipment is to be depreciated by the straight-line method over five years with no provision for salvage value. Depreciation for fractional years is computed by rounding the ownership period to the nearest month. Depreciation expense recognized in 2000 will be:Answer? Question 83.812 out of 3.812 points8. Del Rey Imports sold a depreciable plant asset for cash of $25,000. The accumulated depreciation amounted to $60,000, and a loss of $5,000 was recognized on the sale. Under these circumstances, the original cost of the asset must have been:Answer? Question 93.812 out of 3.812 points9. Total stockholders' equity of Concord Company is $3,000,000. The fair market value of Concord's net identifiable assets (assets less liabilities) is $4,000,000. Wheeler Corporation makes an offer to purchase Concord's entire business for $4,800,000. In this situation:Answer="msonormal">week 111. On September 1, 2000, Galaxy Corporation's common stock was selling at a market price of $150 per share. On that date, Galaxy announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?Answer? Question 22.45 out of 2.45 points2. When treasury stock is reissued at a price above cost:Answer? Question 32.45 out of 2.45 points3. Alpha Corporation is authorized to issue 2,000,000 shares of $3 par value capital stock. The corporation issued half the stock for cash at $8 per share, earned $90,000 during the first three months of operation, and declared a cash dividend of $15,000. The total paid-in capital of Alpha Corporation after three months of operation is:Answer? Question 42.45 out of 2.45 points4. Bijou Corporation issued 200,000 shares of $5 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $20 per share. During the first year of operations, the company sustained a net loss of $100,000. The year-end balance sheet would show the balance of the Common Stock account to be:Answer? Question 52.45 out of 2.45 points5. Adella Corporation has outstanding 50,000 shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $500,000, and one year's dividends were in arrears. Net income for the current year is $260,000. Compute the balance in retained earnings at the end of the year if Adella Corporation pays a dividend of $2 per share on its common stock this year.Answer? Question 62.45 out of 2.45 pointsUse the following to answer question 6:On January 1, 2002, Moon Corporation issued 80,000 shares of its total 200,000 authorized shares of $3 par value common stock for $10 per share. On December 31, 2002, Moon Corporation's common stock is trading at $15 per share.6. Refer to the above data. Assuming Moon Corporation did not issue any more common stock in 2002, how does the increase in value of its outstanding stock affect Moon?Answer? Question 72.45 out of 2.45 pointsUse the following to answer questions 7 - 10:Shown below is information relating to the stockholders' equity of Surf Corporation as of December 31, 2001:8% cumulative preferred stock, $100 par,Callable at $106 $ 200,000Common stock, $10 par, 500,000 sharesAuthorized, 80,000 shares issued and outstanding 800,000Additional paid-in capital: common stock 300,000Retained earnings (Deficit) (20,000)Dividends in arrears 16,0007. Refer to the above data. How many shares of preferred stock are issued and outstanding?Answer? Question 82.45 out of 2.45 points8. Refer to the above data. What was the original issue price per share of common stock?Answer? Question 92.45 out of 2.45 points9. Refer to the above data. Compute total paid-in capital.Answer? Question 102.45 out of 2.45 points10. Refer to the above data. Total stockholders' equity is:Answer? Question 112.45 out of 2.45 points11. Which of the following individuals has the most power to influence corporate policy on a long-term basis?Answer? Question 122.45 out of 2.45 points12. The overall effect of declaring and distributing a cash dividend includes each of the following except:Answer? Question 132.45 out of 2.45 points13. The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should:Answer? Question 142.45 out of 2.45 points14. Which of the following best describes the book value of a share of stock?Answer?week 13="color:>="color:>Use the following to answer questions 1-4:The financial statements of Wines, Inc., provide the following information for the current year:Dec.31 Jan.1Accounts receivable....................................................... $210,000 $180,000Inventory....................................................................... 200,000 190,000Prepaid expenses............................................................ 14,000 10,000Accounts payable (for merchandise)................................ 176,000 161,000Accrued expenses payable.............................................. 13,000 19,000Net sales........................................................................ 2,900,000Cost of goods sold.......................................................... 1,500,000Operating expenses (including depreciation of $40,000)..... 300,0001. Refer to the above data. Compute the amount of cash received from customers during the current year.Answer? Question 22.144 out of 2.144 points2. Refer to the above data. Compute the amount of Wine's cash payments for purchases of merchandise during the current year.Answer? Question 32.144 out of 2.144 points3. Refer to the above data. Compute the amount of Wine's cash payments for operating expenses.Answer? Question 42.144 out of 2.144 points4. Refer to the above data. Wine's net cash flow from operating activities for the current year is:Answer? Question 52.144 out of 2.144 pointsUse the following to answer questions 5-8:An analysis of Elmont Corporation's Investment in Marketable Securities account during 2005 disclosed the following:Debit entries......................................................................... $150,000Credit entries........................................................................ 230,000Elmont's 2005 income statement included a $30,000 gain on sale of marketable securities and $20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash.5. Refer to the above data. The amount of cash paid by Elmont Corporation in 2005 for the purchase of marketable securities was:Answer? Question 62.144 out of 2.144 points6. Refer to the above data. The cash proceeds received by Elmont Corporation in 2005 for the sale of marketable securities was:Answer? Question 72.144 out of 2.144 points7. Refer to the above data. How should the transactions involving marketable securities be classified in Elmont's statement of cash flows for 2005?Answer? Question 80 out of 2.144 points8. Ref

 

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