acct_504_final_exam__keller_.docx

Jun 14th, 2016
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acct_504_final_exam__keller_.docx

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(TCO A) A corporation has which of the following advantages? (Points : 5)Reduced taxesSimple to set upLimited liability for stockholdersOwner maintains controlQuestion 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 LBJ Company.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 cash-basis accounting, which of the following transactions would notbe recorded? (Points : 5)Cash sales to customersPayments 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 charges amounted to $1,000and there was a cost of $5,000 for building a foundation and installing the equipment. It is estimated thatthe equipment will have a $5,000 salvage value at the end of

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