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    Accounting questions

    Asked Sep 14, 2007, 05:37 AM 15 Answers
    Cash dividends are not a liability of the corporation until they are declared by the board of directors.



    True

    A 3 for 1 common stock split will increase total stockholders' equity but reduce the par or stated value per share of common stock

    True

    A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.



    True


    Restricted retained earnings are available for preferred stock dividends but unavailable for common stock dividends.



    True


    A major difference among corporations, proprietorships, and partnerships is that a corporation's income statement reports income tax expense.


    True


    Earnings per share is calculated by dividing net income by the weighted average number of shares of preferred stock and common stock outstanding.


    False


    Preferred dividends paid are added back to net income in calculating earnings per share for common stockholders.



    True


    Earnings per share is reported for both preferred and common stock.



    True


    A prior period adjustment is reported as an adjustment of the beginning balance of Retained Earnings.


    True

    Earnings per share is reported only for common stock.


    False

    Dividends Payable is classified as a


    long-term liability.

    If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to



    decrease total retained earnings and increase total liabilities.

    A prior period adjustment for understatement of net income will


    show as a gain on the current year's Income Statement.


    Abbott Cort splits its common stock 4 for 1, when the market value is $80 per share. Prior to the split, Abbott had 50,000 shares of $20 par value common stock issued and outstanding, After the split, the par value of the stock

    reduced to $20 per share


    Lennox Corporation had 300,000 shares of common stock outstanding during the year. Lennox declared and paid cash dividends of $200,00 on the common stock and $160,000 on the perferred stock. Net income for the year was $880,000.

    Lennox's earnings per share is $2.27

    Last edited by chyland; Sep 14, 2007 at 07:26 AM. Reason: spamming
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    15 Answers
    Capuchin's Avatar
    Capuchin Posts: 5,255, Reputation: 655
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    #2

    Sep 14, 2007, 05:40 AM
    Nobody's going to do all this for you, what do you think the answers are and why?
    Helpful (1)
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
    Ultra Member
     
    #3

    Sep 14, 2007, 06:19 AM
    Are you taking a test?
    Helpful (1)
    ScottGem's Avatar
    ScottGem Posts: 61,855, Reputation: 5752
    Computer Expert and Renaissance Man
     
    #4

    Sep 14, 2007, 06:23 AM


    Quote Originally Posted by Capuchin
    Nobody's going to do all this for you, what do you think the answers are and why?
    Actually I think he DID post his answers and is asking for comfirmation. I merged them all into one. However, they don't look as clear, so Chyland, if you want to edit this one post to make each question and your answer clear please do so, but don't bombard the forum for a bunch of separate posts.
    Helpful (1)
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
    Ultra Member
     
    #5

    Sep 14, 2007, 06:43 AM
    It sure does resemble an Accounting I test I had a couple of years ago.
    Helpful
    chyland's Avatar
    chyland Posts: 7, Reputation: 1
    New Member
     
    #6

    Sep 14, 2007, 06:51 AM
    Quote Originally Posted by Capuchin
    Nobody's going to do all this for you, what do you think the answers are and why?
    The fist post you aaid that you can answer all the questuons so I did them one by one and given you my answer so will you be able to see if the are correct
    Helpful
    chyland's Avatar
    chyland Posts: 7, Reputation: 1
    New Member
     
    #7

    Sep 14, 2007, 06:52 AM
    Quote Originally Posted by Emland
    It sure does resemble an Accounting I test I had a couple of years ago.
    this is not a test they are random question out of my acct. book but the answeres are not clear enough for me.
    Helpful
    ScottGem's Avatar
    ScottGem Posts: 61,855, Reputation: 5752
    Computer Expert and Renaissance Man
     
    #8

    Sep 14, 2007, 07:09 AM


    Quote Originally Posted by chyland
    the fist post you aaid that you can answer all the questuons so I did them one by one and given you my answer so will you be able to see if the are correct
    When I merged all the posts, it may not be clear what is the question and what is the answer. I suggest you edit that post to make it clearer.
    Helpful
    ScottGem's Avatar
    ScottGem Posts: 61,855, Reputation: 5752
    Computer Expert and Renaissance Man
     
    #9

    Sep 14, 2007, 07:12 AM


    Quote Originally Posted by Scottgem
    Actually I think he DID post his answers and is asking for comfirmation. I merged them all into one. However, they don't look as clear, so Chyland, if you want to edit this one post to make each question and your answer clear please do so, but don't bombard the forum for a bunch of separate posts.
    Comments on this post
    chyland disagrees: I just want someone to look over my answers

    What are you disagreeing with me for? I was supporting that you DID ask for people to look over your answers.
    Helpful
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,587, Reputation: 333
    Ultra Member
     
    #10

    Sep 14, 2007, 07:46 AM
    Sorry, Em, I've got to spread some rep before I can balance my accounting.
    Helpful (1)

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