Match between columns Premises: Treasury Stock Comprehensive Income Net Income\ Issuance of Common Stock Earnings Per Share Preferred Stock Cost of Goods Sold Changes in shares outstanding Bonds Payable Prior Period Adjustment

The Answer of Statement of Changes in Owners' Equity and is...

Exam 18: Company Performance: Owners Equity and Financial Position

Create the stockholders' equity section of the balance sheet.Must include the appropriate heading,2 types of stock with at least one with a par value and treasury stock.

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Question 1

Correct Answer:

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Stockholders' Equity:
$\begin{array} { l l } \text { Preferred Stock } & \text { XXXX } \\\text { Paid-in-Capital, Preferred Stock } & \text { XXXX } \\\text { Cormon Stock } & \text { XXXX } \\\text { Paid-in-Capital, Cormenon Stock } & \text { XXXX } \\\text { Total Paid in Capital } & \text { XXXX } \\\text { Retained Earnings } & \\\text { Total Stockholders' Equity before T-Stock } & \\\text { Less: Treasury Stock } &\underline{ \text { XXXX }} \\\text { Total Stockholders' Equity } &\underline{ \text { XXXXX }}\end{array}$

Name the asset that will most likely pay for a company's accounts payable.

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

B

Assets are shown on the balance sheet at

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

D

Given the below accounts,create the current liabilities total (show your work).

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Question 4

Accounts receivable are reported on the balance sheet at their:

(Multiple Choice)

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Question 5

Match the following three financial statements with the items below (some items may appear in more than one statement).

Treasury Stock

Statement of Changes in Owners' Equity

Comprehensive Income

Income Statement

Net Income\

Balance Sheet

Correct Answer:

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Treasury Stock

Comprehensive Income

Net Income\

(Matching)

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Question 6

In 2010 Townsend Inc discovered that its ending inventory in 2009 was too big by $95,000.How much will Townsend'ss beginning retained earnings (Jan.1,2010)need to be adjusted to correct this error given a tax rate of 30%.

(Multiple Choice)

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Question 7

The more formal name for a balance sheet is:

(Multiple Choice)

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Question 8

The accounting equation is presented on the:

(Multiple Choice)

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Question 9

The assets on the balance sheet are listed:

(Multiple Choice)

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Question 10

In 2010 MacFee Inc discovered that its ending inventory in 2007 was too big by $45,000.How much will MacFee's beginning retained earnings (Jan.1,2010)need to be adjusted to correct this error given a tax rate of 30%.

(Multiple Choice)

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Question 11

Match the following balance sheet classifications with the accounts listed below.

Note Payable (due in 3 years)

Retained Earnings

Prepaid Rent

Long-Term Liabilities

Equipment

Current Assets

Correct Answer:

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Note Payable (due in 3 years)

Prepaid Rent

Equipment

Premium on Bonds Payable

Accounts Payable

Paid-in-Capital from Treasury Stock

Unrealized Gains on Investments

Patent

Preferred Stock

(Matching)

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Question 12

Deferred Income Tax Payable would generally be reported on the balance sheet as a(n):

(Multiple Choice)

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Question 13

Trading securities are reported on the balance sheet at their:

(Multiple Choice)

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Question 14

Big River Enterprises is subject to a 40% tax rate and has a December 31 year-end.During 2010,the accountant discovered that in 2009 some interest expense relative to a note payable had not been accrued.The amount of omitted interest totaled $53,800.The prior period adjustment to beginning retained earnings will equal:

(Multiple Choice)

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Question 15

Which of the following would not be classified as a current asset?

(Multiple Choice)

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Question 16

Which of the following answers would not be classified as a current asset?

(Multiple Choice)

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Question 17

Available-for-Sale Securities that management expects to hold for several years would be reported on the balance sheet as a(n):

(Multiple Choice)

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Question 18

Prepaid Insurance would generally be reported on the balance sheet as a(n):

(Multiple Choice)

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Question 19

Which of the following assets is most likely to be omitted from the balance sheet?

(Multiple Choice)

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Question 20

Create the stockholders' equity section of the balance sheet.Must include the appropriate heading,2 types of stock with at least one with a par value and treasury stock.

Name the asset that will most likely pay for a company's accounts payable.

Assets are shown on the balance sheet at

Given the below accounts,create the current liabilities total (show your work).

Accounts receivable are reported on the balance sheet at their:

In 2010 Townsend Inc discovered that its ending inventory in 2009 was too big by $95,000.How much will Townsend'ss beginning retained earnings (Jan.1,2010)need to be adjusted to correct this error given a tax rate of 30%.

The more formal name for a balance sheet is:

The accounting equation is presented on the:

The assets on the balance sheet are listed:

In 2010 MacFee Inc discovered that its ending inventory in 2007 was too big by $45,000.How much will MacFee's beginning retained earnings (Jan.1,2010)need to be adjusted to correct this error given a tax rate of 30%.

Deferred Income Tax Payable would generally be reported on the balance sheet as a(n):

Trading securities are reported on the balance sheet at their:

Which of the following would not be classified as a current asset?

Which of the following answers would not be classified as a current asset?

Available-for-Sale Securities that management expects to hold for several years would be reported on the balance sheet as a(n):

Prepaid Insurance would generally be reported on the balance sheet as a(n):

Which of the following assets is most likely to be omitted from the balance sheet?

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Business Processes and Accounting Information

Operating Processes: Planning and Control

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Conversion Process Activities

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Time Value of Money

Planning Investments: Capital Budgeting

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Recording and Evaluating Capital Resource Process Activities: Financing

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Company Performance: Profitability

Company Performance: Cash Flows

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