ACC 557 Final Exam Part 1

Jul 21st, 2016
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1. Ramos Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a Answer credit to Gain on Sale of Treasury Stock for $14,000. credit to Paid-in Capital from Treasury Stock for $4,000. debit to Paid-in Capital in Excess of Par for $4,000. credit to Treasury Stock for $18,000. 2. Each of the following decreases retained earnings except Answer cash dividend. liquidating dividend. stock dividend. All of these decrease retained earnings. 3. Paid-In Capital in Excess of Stated Value Answer is credited when no-par stock does not have a stated value. is reported as part of paid-in capital on the balance sheet. represents the amount of legal capital. normally has a debit balance. 4. A computer company has $2,800,000 in research and development costs. Before accounting for these costs, the net income of the company is $2,000,000. What is the amount of net income or loss after these R & D costs

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ACC 557 Final Exam Part 11. Ramos Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shareswas $35. The entry to record the sale will include aAnswercredit to Gain on Sale of Treasury Stock for $14,000.credit to Paid-in Capital from Treasury Stock for $4,000.debit to Paid-in Capital in Excess of Par for $4,000.credit to Treasury Stock for $18,000.2. Each of the following decreases retained earnings exceptAnswercash dividend.liquidating dividend.stock dividend.All of these decrease retained earnings.3. Paid-In Capital in Excess of Stated ValueAnsweris credited when no-par stock does not have a stated value.is reported as part of paid-in capital on the balance sheet.represents the amount of legal capital.normally has a debit balance.4. A computer company has $2,800,000 in research and development costs. Before accountingfor these costs, the net income of the company is $2,000,000. What is the amount of net incomeor loss after these R & D costs are accounted for?Answer$800,000 loss$2,000,000 net income$0Cannot be determined from the information provided.5. A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of$20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000calculated on the straight-line basis and the balance of the Accumulated Depreciation account atthe end of the year is $50,000. The remaining useful life of the plant asset isAnswer10 years

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