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[solution] » (TCO A) A corporation has which of the following advantages?

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,(TCO A) A corporation has which of the following advantages? (Points : 5), Reduced taxes, Simple to set up, Limited liability for stockholders, Owner maintains control,Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5), The Balance Sheet, The Statement of Retained Earnings, The Income Statement, None of the above,Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. ,Cash,$12,000,Prepaid rent,1,300,Accounts receivable,7,000,Accounts payable,5,000,Notes payable,9,000,Common stock,22,000,Dividends,2,000,Revenues,45,000,Expenses,35,000,What did LBJ Company show as total debits? (Points : 5), $57,300, $81,000, $55,300, $56,000,Question 4.4. (TCOs B and E) Which of the following statements is correct with regard to cash-basis accounting? (Points : 5), Cash-basis accounting is required by GAAP., Cash-basis accounting does not record any expenses until they are paid., Cash-basis is never allowed by the IRS., Cash-basis accounting records revenue when the product is shipped.,Question 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 understated, Gross profit for the current year will be unaffected, Gross profit for the current year will be understated, Net income for the current year will be overstated,Question 6.6. (TCO A, E) Johnson Company, a calendar year company, purchased a delivery vehicle for $21,000 on 1/1/14. License and insurance costs for the vehicle will be $700 per year. The salvage value is $3,500 and it has an estimated useful life of 5 years. The vehicle will be depreciated using the double declining balance method of depreciation. What will the depreciation expense be in year one? (Points : 5), $8,400, $7,000, $4,200, $3,500,Question 7.7. (TCOs D and G) When the market rate of interest is less than the stated rate of interest on the bond, the bond will require _____. (Points : 5), a debit to Discount on Bonds Payable, a credit to Premium on Bonds Payable, a credit to Loss on Bonds Payable, a debit to Gain on Bonds Payable,Question 8.8. (TCO C) Accounts receivable arising from sales to customers amounted to $50,000 and $45,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $150,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. (Points : 5), $195,000, $145,000, $115,000, $155,000,Question 9.9. (TCO F) Horizontal analysis is also known as _____. (Points : 5), ratio analysis, vertical analysis, common-size analysis, trend analysis,Question 10.10. (TCO F) Horizontal analysis (Points : 5), involves calculating a percentage change from one period to the next, can be the basis of comparative analysis or trend analysis, is useful in studying the growth or decline of a company over time, all of the above are correct,Question 11.11. (TCO F) In vertical analysis, the base amount for cost of goods sold expense is generally _____. (Points : 5), net income, operating profit, gross profit, net sales,Question 12.12. (TCO F) A common ratio to measure profitability is the _____. (Points : 5), quick ratio, inventory turnover, days’ sales in receivables, asset turnover,Question 13.13. (TCO F) The rate of return on common stockholder's equity ratio is NOT affected by _____. (Points : 5), dividends paid to preferred stockholders, net income, dividends paid to common stockholders, average common stockholders’ equity,Question 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 value, calculate the present value of the principal only, calculate the present value of both the principal and the interest, calculate the present value of the interest only,


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