(ACCT 212 Week 7 Quiz)
ACCT 212 Week 7 Quiz (Summer 2021)v1
- Question: The advantages of a corporation … to a sole proprietorship or partnership include:
- Question: Preferred stock is called … because it usually has two preferences over common stock. These preferences relate to:
- Question: When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include:
- Question: Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 per share. (1) Record the issuance of the stock. (2) Record the issuance of the stock assuming it is no-par value stock. (If no entry is required for a particular transaction/event, select “No Journal Entry Required” in the first account)
- Question: The issuance of a note payable is … in the statement of cash flows as a(n):
- Question: The sale of an intangible asset for cash is … in the statement of cash flows as a(n):
- Question: The net cash flows from operating, investing, and financing activities will equal:
- Question: Depreciation expense is … to net income in the statement of cash flows under the indirect method because:
- Question: Kela Corporation reports net income of $480,000 that includes depreciation expense of $81,000. Also, cash of $52,000 was borrowed on a 4-year note payable. Based on this data, total cash inflows from operating activities are:
- Question: Lense Laboratories’ net income was $280,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories?
ACCT 212 Week 7 Quiz (Summer 2021)v2
- Question: The advantages of a corporation compared to a sole proprietorship or partnership include:
- Question: Preferred stock is … because it usually has two preferences over common stock. These preferences relate to:
- Question: When a company issues 30,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
- Question: Environmental Designs issues 3,000 shares of its $1 par value common stock at $13 per shar Record the issuance of the stock. (2) Record the issuance of the stock assuming it is no-par v stock.c(If no entry is required for a particular transaction/event, select “No Journal … ” in the first account field.)
- Question: The issuance of a note payable is … in the statement of cash flows as a(n):
- Question: The sale of an intangible asset for cash is … in the statement of cash flows as a(n):
- Question: The net cash flows from operating, investing, and financing activities will equal
- Question: Depreciation expense is added to net income in the statement of cash flows under the indirect method because
- Question: Kela Corporation reports net income of $580,000 that includes depreciation expense of $79,000. Also, cash of $55,000 was … on a 5-year note payable. Based on this data, total cash inflows from operating activities are:
- Question: Lense Laboratories’ net income was $270,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories?
ACCT 212 Week 7 Quiz (Summer 2020)
- Question: If a company issues 8,000 shares of $5 per value common stock for $88,000, the journal entry would include a credit to:
- Question: … corporation issues 9,000 shares of $1 per value common stock for $12,000, the journal entry would include a credit to:
- Question: Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunze’s purchase of 5,000 shares of common stock at $5 per share would be:
- Question: On December 31 of the current year, Pilozzi Company has the following information available…….. On December 31 of the current year, can the Board of Directors declares abed pay a cash dividend of $3 million?
- Question: In general, the order of reporting stockholder’s equity on the balance sheet is:
- Question: In 2019, Chen Corporation purchased treasury stock with a cost of $55,000. During the year, the company declared and paid dividend of $11,000 and issued bonds for $1,200,000. Net cash provided by financing activities for 2019 is:
- Question: In 2019, Forever Young. Inc. sold land for $120,000 cash, purchased equipment for $19.000 cash and issued bonds for $110,000 cash. The net cash provided by investing activities is:
- Question: Mary Andrews, Inc. had the following transactions……. On statement of cash flows prepared under the indirect method, Net cash provided by investing activities is: