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10/4/12 9:51 PM

Score: 48

out of 60 points (80%)

9.

award:

2 out of 2.00 points

MC Qu. 60 Which of the following best describes the re...

Which of the following best describes the relationship between revenue and retained earnings? Revenue increases net income, which in turn increases retained earnings. Revenue represents a cash receipt; retained earnings is an element of stockholders' equity. Revenue represents the price of goods sold or services rendered; retained earnings represents cash available for paying dividends. Retained earnings is equal to assets minus expenses. MC Qu. 60 Which of the following best describes the re... Learning Objective: 11-04 Account for paid-in capital and prepare the equity section of a corporate balance sheet.

Multiple Choice

10.

award:

2 out of 2.00 points

MC Qu. 70 The financial statements of a corporation th...

The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should: Include the amount of the omitted dividends among its current liabilities. Include a footnote disclosing the amount of the dividends in arrears. Show the amount of the omitted dividends as a deduction from retained earnings. List the omitted dividends as a long-term liability. Multiple Choice MC Qu. 70 The financial statements of a corporation th... Learning Objective: 11-05 Contrast the features of common stock with those of preferred stock.

14.

award:

2 out of 2.00 points

MC Qu. 80 Which of the following does not appear in a ...

Which of the following does not appear in a corporate income statement? Gains and losses from treasury stock transactions. Income tax expense. The income or loss from a segment of the business that has been discontinued during the current year. Gains and losses not expected to recur in the foreseeable future. Multiple Choice MC Qu. 80 Which of the following does not appear in a ... Learning Objective: 11-09 Account for treasury stock transactions.

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17.

2 out of 2.00 points

MC Qu. 91 Santa Fe Boat Yard has total stockhold...

Santa Fe Boat Yard has total stockholders' equity of $4,100,000, comprised of the following:

Assuming there are no dividends in arrears, the book value per share of common stock is: $30.00. $58.57. $45.71. $6.00. ($4,100,000 - $2,000,000)/(420,000/6) = $30.00 Learning Objective: 11-04 Account for paid-in capital and prepare the equity section of a corporate balance sheet.

Multiple Choice

MC Qu. 91 Santa Fe Boat Yard has total stockhold...

26.

award:

2 out of 2.00 points

MC Qu. 63 Dividends become a liability of a corporatio...
Dividends become a liability of a corporation: On the date of record. On the date payment is to be made. When cumulative preferred stock dividends are in arrears. MC Qu. 63 Dividends become a liability of a corporatio... Learning Objective: 12-04 Account for cash dividends and stock dividends; and explain the effects of these transactions on a companys financial statements. On the date the board of directors declares the dividend.

Multiple Choice

37.

award:

2 out of 2.00 points

MC Qu. 43 All of the following are considered cash equ...
All of the following are considered cash equivalents except: Marketable securities. Money market funds. Commercial paper. Treasury bills. MC Qu. 43 All of the following are considered cash equ... Learning Objective: 13-02 Describe how cash transactions are classified in a statement of cash flows.

Multiple Choice

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38.

0 out of 2.00 points

MC Qu. 59 In a statement of cash flows, the term cash ...
In a statement of cash flows, the...
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