7. The stockholders\' equity seetion is usually divided into what three parts? A
ID: 2397197 • Letter: 7
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7. The stockholders' equity seetion is usually divided into what three parts? A) Capital stock, appropriated retained earmings B) C) D) Capital stock, additional paid-in capital, retained earnings Preferred stock, common stock, treasury stock Preferred stock, common stock, retained earnings 8. At the time a company prepays a cost A) B) C) D) it credits an asset account and debits an expense account. ?t debits an asset aco unt to show the service or benefit it will receive in the future. it debits an expense account to match the expense against revenues recognized. its credits a liability account to show the obligation to pay for the service in the future. Which of the following is a contra account? A) Patents B) Premium on bonds payable 9. C) Accumulated depreciation D) Uncarned revenue 10. The correct order to present current assets is A) cash, inventories, prepaid items, accounts receivable. C) cash, accounts receivable, prepaid items, inventories D) cash, accounts receivable, inventories, prepaid items. 11. Lohmeyer Corporation reports: Cash provided by operating activities Cash used by investing activities Cash provided by financing activities Beginning cash balance What is Lohmeyer's ending cash balance? A) $570,000. B) S350,000. C) $640,000. $320,000 110,000 140,000 70,000 D) $420,000. Comprehensive income includes all of the following except A) B) 12. investments by owners. unrealized holding gains. C) D) losses on disposal of assets. dividend revenue. Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows? A) Cash received as repayment for funds loaned. B) Cash purchases of equipment. C) Cash purchase of treasury stock. D) Cash purchases of bonds issued by another company. 13. Version 1 Page 2Explanation / Answer
7. The stockholders' equity section is usually divided into what three parts....B) Capital stock, additional paid-in capital, retained earnings.
8. At the time a company prepays a cost....B) it debits an asset account to show the service or benefit it will receive in the future.
9. Which of the following is a contra account....
C) Accumulated depreciation
10. The correct order to present current assets is.....
D) Cash, accounts receivable, inventories, prepaid items.
11. Lohmeyer's ending cash balance
is 320,000-110,000+140,000+70,000 = $420,000
D) $420,000
12. Comprehensive income includes all of the following except.......A) investments by owners.
13. Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows.....C) Cash purchase of treasury stock.
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