ACC 291 Week 3 Chapter 11 Practice Quiz 1

ACC 291 Week 3 Chapter 11 Practice Quiz 1
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 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:

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

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.