29 Jun Question 1. Accounts receivable amounted to $21
Question
1.
Accounts receivable amounted to $215,000 at the beginning of the year and $245,000 at the end of the
year. Income reported on the income statement for the year was $300,000. The cash flow from operating activities on the cash flow statement using the indirect method is
A.
$315,000.
B.
$270,000.
C.
$300,000.
D.
$330,000.
2.
In a common-size income statement, selling expenses are 55%. This means that they’re 55% of
A.
net profit.
B.
net income.
C.
net sales.
D.
gross profit.
3.
Rick Company has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of
$20 par, 6% preferred stock, and 10,000 shares of $15 par common stock. The preferred stock is
cumulative. How much will be distributed to the preferred and common stockholders on the date of
payment if the preferred stock is $12,000 in arrears?
A.
$20,000 preferred; $20,000 common
B.
$6,000 preferred; $34,000 common
C.
$40,000 preferred; $0 common
D.
$18,000 preferred; $22,000 common
4.
The Isaiah Corporation Stockholders’ Equity section includes the following information:
Total par value of the preferred and common stock is
Preferred Stock $22,000
Paid-in Capital in Excess of Par—Preferred 2,980
Common Stock 48,000
Paid-in Capital in Excess of Par—Common 3,400
Retained Earnings 7,350
A.
$83,730.
B.
$76,380.
C.
$77,350.
D.
$70,000.
5.
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current
market value of $3,000. Which of the following is not part of the journal entry for this transaction?
A.
Debiting equipment for $3,000
B.
Crediting paid-in capital in excess of par common for $600
C.
Crediting common stock for $3,000
D.
Crediting common stock for $2,400
6.
Which section of the income statement does not report net of income taxes or net of income tax savings?
A.
Continuing operations section
B.
Extraordinary items section
C.
Discontinued operations section
D.
Cumulative effect of changes in accounting principles section
7.
Earnings that a stockholder receives from a corporation are an example of which stockholder right?
A.
Dividends
B.
Liquidation
C.
Preemption
D.
Vote
8.
Casey Company has a $2,400 credit balance in Paid-In Capital— Treasury Stock. It sells 500 shares of
treasury stock that the company reacquired at $21/share, for $18/share. After the transaction, what will the balance be in the Paid-In Capital in Excess of Par— Treasury account?
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