Dividends flow through which one of the following statements

| April 14, 2018

Question 2.2. (TCO A) Dividends flow through which one of the following statements?(Points : 5)The Balance SheetThe Statement of Retained EarningsThe Income StatementNone of the aboveQuestion 3.3. (TCOs A and B) Below is a partial list of account balances for LBJCompany.Cash$12,000Prepaid rent1,300Accounts receivable7,000Accounts payable5,000Notes payable9,000Common stock22,000Dividends2,000Revenues45,000Expenses35,000What did LBJ Company show as total debits? (Points : 5)$57,300$81,000$55,300$56,000Question 4.4. (TCO B and E) Under cash­basis accounting, which of the followingtransactions would not be recorded? (Points : 5)Cash sales to customers Payments to vendorsSales on accountPayroll payments to employeesQuestion 5.5. (TCO D) If ending inventory of the current year is understated (Points : 5)Cost of goods sold for the current year will be understatedGross profit for the current year will be unaffectedGross profit for the current year will be understatedNet income for the current year will be overstatedQuestion 6.6. (TCO A and E) Equipment was purchased for $27,000. Freight chargesamounted to $1,000 and there was a cost of $5,000 for building a foundation andinstalling the equipment. It is estimated that the equipment will have a $5,000 salvagevalue at the end of its 7­year useful life. Depreciation expense each year using thestraight­line method will be _____. (Points : 5)$4,714$4,000$3,857$3,285Question 8.8. (TCO C) Which inventory accounting system does not require a physicalcount of the inventory at the year end? (Points : 5)Periodic inventory systemPerpetual inventory systemSpecific IdentificationNone of the aboveQuestion 10.10. (TCO F) When performing a common­size balance sheet, the 100%figure is _____. (Points : 5)net salestotal liabilities total assetstotal equityQuestion 11.11. (TCO F) Ratios are most useful in expressing _____. (Points : 5)cause­and­effect relationshipsthe relationships between numbersthe delta between numbersthe root cause of the problemQuestion 12.12. (TCO F) Creditors are usually most concerned with analyzing _____.(Points : 5)the company stock priceturnoverliquidityprofitabilityQuestion 13.13. (TCO F) Shareholders are usually most interested in evaluating _____.(Points : 5)profitabilityleverageturnoverthe ability to pay debts as they come dueQuestion 14.14. (TCO G) To calculate the market value of a bond, we need to _____.(Points : 5)multiply the stated rate times the bond’s face valuecalculate the present value of the principal onlycalculate the present value of both the principal and the interestcalculate the present value of the interest only

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