Acct 504 Midterm Exam 100% Correct Answers

ACCT 504 Midterm Exam 100% Correct Answers

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ACCT 504 Midterm Exam 100% Correct Answers

(TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect?

(TCO C) Issuing shares of stock in exchange for cash is an example of a(n):

(TCO C) Which activities involve putting the resources of the business into action to generate a profit?

(TCO A) The cost of assets consumed or services used is also known as:

(TCO C) Edwards Company recorded the following cash transactions for the year:

Paid $45,000 for salaries.

Paid $20,000 to purchase office equipment.

Paid $5,000 for utilities.

Paid $2,000 in dividends.

Collected $75,000 from customers.

What was Edwards’ net cash provided by operating activities?

(TCO A) On a classified balance sheet, prepaid insurance is classified as:

(TCO A) An intangible asset:

(TCO A) These are selected account balances on December 31, 2007.

-Land (location of the corporation’s office building) $200,000

-Land (held for future use) 300,000

-Corporate Office Building 1,200,000

-Inventory 400,000

-Equipment 900,000

-Office Furniture 200,000

-Accumulated Depreciation 600,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet

(TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

(TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?

(TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal...