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An advantage of the corporate form of business Customer Question 1. (TCO A) An advantage of the corporate form of business is _____. it is simple to establish the corporate tax rate is less than the personal tax rate corporations must pay dividends the shareholders are not responsible for the corporation’s debts Question 2. 2. (TCO A) Dividends flow through which one of the following statements? The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company: Cash $12,000 Prepaid insurance 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? $57,300 $81,000 $55,300 $56,000 Question 4. 4. (TCOs B, E) Which of the following statements is correct with regard to accrual accounting? Accrual accounting is consistent with the matching principle. Accrual accounting is less complex than the cash-basis method. Accrual accounting does not record expenses until paid. Accrual accounting does not record revenue until payment is received. Question 5. 5. (TCO D) Two different companies utilize a different inventory costing method. If the price of goods has decreased during the period, then the company using _____. LIFO will have the highest cost of goods sold average cost will have the highest cost of goods sold FIFO will have the highest ending inventory LIFO will have the highest ending inventory Question 6. 6. (TCO A, E) Equipment was purchased for $27,000. Freight charges amounted to $1,000 and there was a cost of $5,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $5,000 salvage value at the end of its 7-year useful life. Depreciation expense each year using the straight-line method will be _____. $4,714 $4,000 $3,857 $3,285 Question 7. 7. (TCOs D, G) When the market rate of interest is less than the stated rate of interest on the bond, the bond will require _____. 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 $75,000 and $90,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $100,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. $115,000 $85,000 $175,000 $190,000 Question 9. 9. (TCO F) If you are calculating the percentage change between 2 years worth of sales data, you are conducting a _____. (Points : 5) common-size analysis vertical analysis horizontal analysis ratio analysis Question 10. 10. (TCO F) Vertical analysis is also known as _____. ratio analysis linear analysis common-size analysis linear analysis Question 11. 11. (TCO F) Which one of the following is typically analyzed via financial statement ratio analysis? The design of a new product The internal control failure rate The leverage of the firm The effectiveness of a marketing campaign Question 12. 12. (TCO F) A common ratio to measure profitability is the _____. quick ratio inventory turnover days’ sales in receivables asset turnover

An advantage of the corporate form of business

Customer Question

1. (TCO A) An advantage of the corporate form of business is _____.

it is simple to establish

the corporate tax rate is less than the personal tax rate

corporations must pay dividends

the shareholders are not responsible for the corporation’s debts

Question 2. 2. (TCO A) Dividends flow through which one of the following statements?

The Balance Sheet

The Statement of Retained Earnings

The Income Statement

None of the above

Question 3. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company:

Cash

$12,000

Prepaid insurance

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?

$57,300

$81,000

$55,300

$56,000

Question 4. 4. (TCOs B, E) Which of the following statements is correct with regard to accrual accounting?

Accrual accounting is consistent with the matching principle.

Accrual accounting is less complex than the cash-basis method.

Accrual accounting does not record expenses until paid.

Accrual accounting does not record revenue until payment is received.

Question 5. 5. (TCO D) Two different companies utilize a different inventory costing method. If the price of goods has decreased during the period, then the company using _____.

LIFO will have the highest cost of goods sold

average cost will have the highest cost of goods sold

FIFO will have the highest ending inventory

LIFO will have the highest ending inventory

Question 6. 6. (TCO A, E) Equipment was purchased for $27,000. Freight charges amounted to $1,000 and there was a cost of $5,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $5,000 salvage value at the end of its 7-year useful life. Depreciation expense each year using the straight-line method will be _____.

$4,714

$4,000

$3,857

$3,285

Question 7. 7. (TCOs D, G) When the market rate of interest is less than the stated rate of interest on the bond, the bond will require _____.

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 $75,000 and $90,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $100,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____.

$115,000

$85,000

$175,000

$190,000

Question 9. 9. (TCO F) If you are calculating the percentage change between 2 years worth of sales data, you are conducting a _____. (Points : 5)

common-size analysis

vertical analysis

horizontal analysis

ratio analysis

Question 10. 10. (TCO F) Vertical analysis is also known as _____.

ratio analysis

linear analysis

common-size analysis

linear analysis

Question 11. 11. (TCO F) Which one of the following is typically analyzed via financial statement ratio analysis?

The design of a new product

The internal control failure rate

The leverage of the firm

The effectiveness of a marketing campaign

Question 12. 12. (TCO F) A common ratio to measure profitability is the _____.

quick ratio

inventory turnover

days’ sales in receivables

asset turnover

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