1. Which of the following items would appear on the income statement? Common sto
ID: 2382167 • Letter: 1
Question
1. Which of the following items would appear on the income statement?
Common stock: 120,000
Cash: 116,640
Supplies: 1,500
Prepaid Rent: 3,200
Service Revenue: 20,000
Retained Earnings: 30,000
Accounts payable: 25,000
Accounts Receivable: 22,450
Office Equipment: 23,300
Unearned Revenue: 4,152
Utilities Expense: 422
Shaving equipment: 31,640
-Common stock, service revenue, retained earnings, accounts payable, and unearned revenue.
-Cash, supplies, prepaid rent, accounts receivable, office equipment, utilities expense, and shaving equipment.
-Common stock, cash, supplies, prepaid rent, retained earnings, accounts payable, accounts receivable, office equipment, unearned revenue, and shaving equipment.
-Service revenue and utilities expense.
-Service revenue, unearned revenue, and utilities expense.
2. A company purchased property for a building site. The costs associated with the property were:
Purchase Price: 175,000
Real Esate Commissions: 15,000
Legal Fees: 800
Expenses of clearing the land: 2,000
Expenses to remove old building: 1,000
What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?
$175,800 to Land; $18,800 to Building
$190,000 to Land; $3,800 to Building
$190,800 to Land; $1,000 to Building
$192,800 to Land; $0 to Building
$193,800 to Land; $0 to Building
3. A company issued 150 shares of $100 par value stock for $34,000 cash. The total amount of contributed capital is:
$100
$1,500
$19,000
$33,000
$34,000
4.The following data regarding its common stock were reported by a corporation:
Authorized shares 20,000
Issued shares 16,000
Treasury shares 3,200
The number of outstanding shares is:
12,800
16,000
16,800
20,000
23,200
Explanation / Answer
1 C
2.E
3.C
4. A
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.