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Question 11. Upon the date of declaration of a dividend, the corporation has incurred a liability for the dividend . True False Question 2 1. A corporation generally distributes its entire net income to its stockholders. True False Question 3 1. Cash dividends reduce the stockholders' equity in the corporation. True False Question 4 1. When an appropriation of retained earnings is made, total retained earnings decreased. True False Question 5 1. When a dividend is paid in cash, it is known as a liquidating dividenddividend payablecash dividendproperty dividendQuestion 6 1. If the interest rate on bonds is higher than the current market rate, they will sell at a discounta premiumface value maturity value Question 7 1. Bondholders have which of the following relationships with a corporation? They are creditors.They are ownersThey become members of the board.They are silent managers. Question 8 1. Bond Interest Payable is reported as a(n) current liability on the income statement. current liability on the balance sheet. adjunct-liability on the balance sheet. contra-liability on the income statement. Question 9 1. While bonds and notes are both formal written promises to pay an amount of money at a specified date, notes generally tend to be for much larger amount and for a longer period of time. True False Question 10 1. If the stated interest rate on bonds is less than the current market rate, the bonds will sell at a discount. True False Question 11 1. Bonds payable less the discount on bonds payable is called the carrying value of the bonds. True False Question 12 1. To determine whether a bond will sell at price equal to, greater than, or less than face value, compare the stated and market interest rates. True False Question 13 1. An example of a cash outflow from financing activities is cash dividends paidinterest paid on notes payalepayment for additional inventorybuying debt and equity securities.Question 14 1. Under the direct and indirect methods of reporting the statement of cash flows, onlythe operating activities section is different.the financing activities section is different.the investing activities section is different. the operating and financing activities sections are different. Question 15 1. Those transactions dealing primarily with selling a product or providing a service related to the revenues and expenses reported on the income statement are calledinvesting activitiesoperating activitiesfinancing activitiesplanning activitiesQuestion 16 1. A statement of cash flows is prepared from the balance sheet from the beginning and end of the period.general journal.accounts receivable ledgeraccounts payable ledger.Question 17 1. Which of the following adjustments would NOT be made to net income when computing cash from operating activities?add an increase in Accrued Interest Payable deduct the purchase of store equipmentadd the decrease in Merchandise Inventoryadd the reduction in Accounts ReceivableQuestion 18 1. Achieving profitability will automatically assure sufficient amounts of cash True False Question 19 1. The current ratio and the quick or acid-test ratio may be too high for the overall good of the business. True False Question 20 1. From the standpoint of the individual stockholder, one of the most important measures of profitability of the firm is the earnings per share. True False Question 21 1. Asset turnover ratio measures how effectively a companay uses assets to generate sales. True False Question 22 1. An expression of the amount of each item in a statement as a percentage of some designated total for a comparative purposes is calledvertical analysisreturn on total assets earnings per sharehorizontal analysisQuestion 23 1. Dividing total current assets by total current liabilities is the calculation for thecurrent ratioreturn on investmentquick or acid-test ratioratio of liabilities to owner's equity.Question 24 1. The net income of a company is $175,000. The average book value of the company's assets is $1,300,000. the return on total assets would be20%7.43%600%13.46%Question 25 1. The net inome for a company was $315,000 last year and is $270,000 this year. The percent of increase or decrease was 16.7%14.3%26.4%86.0%
USAco, a domestic corporation, forms a Canadian subsidiary, CANco, to distribute USAco's widgets in Canada. USAco sells widgets to CANco for resale in Canada, provides CANco with USAco's unique distribution software, and provides the use of USAco'..
You are a CPA and a client has asked you to advise them on how to exclude U.S. income tax on money earned while he was working in a foreign country. Recommend a strategy to your client that will minimize the U.S. tax obligations. Support your reco..
What are the two types of losses that can become evident in accounting for long-term contracts?
By how much will Liver more Labs' earnings increase in each of the three years as a result of these investments? (Ignore income taxes.)
During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP.
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
The trust pays $5,000 of the discretionary distributions from corpus. What is the taxable amount of the Megan's tier 2 distribution
Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department
your evaluation of peachtree complete accounting will be based upon your experience. you will use screen prints to
The solutions gives None of the above. Can someone explain me why it couldn't be $1.25 unit instead
Create a statement of cash flows. Distinguish between cash flows from operating activities and cash flows from investing activities.
a business issued a 30-day 7 note for 36000 to a creditor on account. illustrate the effects on the accounts and
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