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18. When stock that was issued by a corporation is later reacquired it is classified as a. Treasury stock b. non-participating preferred stock c. restricted stock d. issued shares 19. A bond that sells at 103 is selling at a. maturity value and yields a 3% interest rate b. a discount C. face value d. a premium 20. A company had 130,000 shares of common stock outstanding on January 1 and sold 30,000 additional shares on March 30. Net income for the year was $495,625. What are earnings per share? a. $3.10 b. $3.25 C. $4.58 d. $4.9613. Sally enters into a partnership by contributing the following: Cash $15,000; Accounts Receivable $4,500; machinery that cost $3,000 and has a fair market value of $2,125; and Accounts Payable of $1,200. What amount will be recorded in her capital account? $20,425 b. $21,300 C. $21,625 d. $22,500 14. A store that sells expensive custom-made jewelry is most likely to determine its cost of goods sold using a. LIFO b. c. Specific identification d. Average cost 15. The collection of accounts receivable is recorded by a a. Credit to Cash and a credit to Accounts Receivable b. Debit to Cash and a debit to Accounts Receivable C. Credit to Cash and a debit to Accounts Receivable Debit to Cash and a credit to Accounts Receivable 16. On November 1, Delphi Corporation sold merchandise in return for a 7%, 90-day note receivable in the amount of $30,000. What does the proper adjusting entry at December 31 (the end of Delphi's fiscal year) include? a. Credit to Interest Revenue of $350 b. Credit to Notes Receivable of $525 C. Debit to Cash of $350 d. Debit to Interest Receivable of $175 17. At the beginning of the current year, Wilson Corporation had 200,000 shares of $1 par common stock outstanding and had retained earnings of $4,800,000. During the year, the company earned $1,675,000 and paid a year-end cash dividend of $3 per share. What was Wilson's retained earnings at the end of the year? a. $4,800,000 b. $5,875,000 C. $6,275,000 d. $6,475,0007. What is the correct order of the accounts in the adjusted trial balance? Revenues, expenses, assets, liabilities, owner's equity b. Liabilities, assets, revenues, owner's equity, expenses c. Assets, liabilities, owner's equity, revenues, expenses d. Expenses, liabilities, revenues, assets, owner's equity 8. In preparing a bank reconciliation, a service charge shown on the bank statement should be a. added to the balance per the bank statement b. deducted from the balance per the bank statement c. added to the balance per the depositor's records d. deducted from the balance per the depositor's records 9. Which of the following credit terms is most advantageous to the buyer? a. 1/10, n/30 b. 5/10, n/60 c. 2/10, n/30 d. 5/10, n/20 10. A purchasing agent wants to know the dollar amount of inventory purchased on account during the year from a particular supplier. Where is the easiest place to find this information? a. Inventory subsidiary ledger b. Accounts payable controlling account c. Inventory controlling account d. Accounts payable subsidiary ledger 11. A company uses a perpetual inventory system. At year-end the Inventory account has a balance of $275,000, but a complete year-end physical inventory shows goods on hand costing $269,000. What should the company do? Reduce its cost of goods sold by $6,000 b. Record a $6,000 current liability c. Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $6,000 d. Reduce the balance in its Inventory controlling account and record a current liability, both in the amount of $6,000 12. Which statement correctly describes the tax advantage of raising money by issuing bonds instead of common stock? a. The amount paid by the corporation to redeem bonds at maturity date is deductible in computing income subject to corporate income tax. b. Interest payments are deductible in determining income subject to corporate income tax; dividends are not deductible. C. A corporation must pay tax on the sales price of stock issued, but is not taxed on the amount received when bonds are issued. d. Both interest and dividends paid are deductible in computing taxable income, but since interest must be paid annually, the corporation usually receives a larger tax deduction over the life of the bonds payable.Please note that the questions below will not appear on your exam. 1 . Each year the accountant for Northeast Real Estate Company adjusts the recorded value of each asset to its market value. Using these market value figures on the balance sheet violates the accounting equation b. stable-dollar assumption . business entity concept d. cost principle 2. The entry to allocate net income among partners requires a a. debit to each partner's capital account b. credit to each partner's capital account . credit to income summary d. credit to retained earnings 3. On December 31, 20XX, the accounting records of Sky Corporation contain the items below. What is the amount of Cash owned by Sky on December 31, 20XX? Accounts Payable $16,000 Accounts Receivable $40,000 Land 240,000 Cash 2 Capital Stock 260,000 | Equipment 120,000 Building 180,000 Notes Payable 190,000 Retained Earnings 160,000 a. $46,000 b. $86.000 C. $94,000 $686,000 4. Which of the following is a characteristic of a corporation? a. Declaration of a dividend by the stockholders b. Appointment of officers by the stockholders c. Transferability of shares of stock d. Unlimited liability 5. Which of the following statements best describes the concept of adequate disclosure? a. The accounting department of a business must inform management of the accounting practices used to prepare the financial statements. b. The company must inform users of any significant facts necessary for proper interpretation of the financial statements, including events occurring after the financial statement date. C. The independent auditors must disclose in the financial statements any and all errors detected in the company's accounting records. The financial statements must include a comprehensive list of each transaction that occurred during the year. 6. What accounting principle governs the timing of revenue recognition? a. Realization principle b. Materiality principle c. Matching principle d. Depreciation principle