1. In which section of the balance sheet would treasury stock be reported? (Poin

Question

1. In which section of the balance sheet would treasury stock be reported? (Points : 2)       Fixed assets
      Long-term liabilities
      Stockholders' equity
      Intangible assets

2. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)       5,000
      100,000
      60,000
      55,000

3. Payroll taxes levied against employees become liabilities (Points : 2)       the first of the following month.
      at the time the liability for the employee's wages is paid.
      when earned by the employee.
      at the end of an accounting period.

4. What options does a business have when financing operations? (Points : 2)       Debt financing
      Equity financing
      Asset financing
      Both debt financing and equity financing

5. The liability for a dividend is recorded on which of the following dates? (Points : 2)       The date of record
      The date of payment
      The date of announcement
      The date of declaration

6. The primary purpose of a stock split is to (Points : 2)       increase paid-in capital.
      reduce the market price of the stock per share.
      increase the market price of the stock per share.
      increase retained earnings.

7. Current liabilities are (Points : 2)       due but not receivable for more than one year.
      due but not payable for more than one year.
      due and receivable within one year.
      due and payable within one year.

8. Where is interest expense listed on the income statement? (Points : 2)       Other expense section
      Cost of merchandise sold
      Operating expenses
      Interest expense is on the balance sheet, not the income statement.

9. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)       5,000
      35,000
      45,000
      55,000

10. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $106,800; and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points : 2)       $798.85
      $873.77
      $953.16
      $1,223.77

1. In which section of the balance sheet would treasury stock be reported? (Points : 2)       Fixed assets
      Long-term liabilities
      Stockholders' equity
      Intangible assets

2. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)       5,000
      100,000
      60,000
      55,000

3. Payroll taxes levied against employees become liabilities (Points : 2)       the first of the following month.
      at the time the liability for the employee's wages is paid.
      when earned by the employee.
      at the end of an accounting period.

4. What options does a business have when financing operations? (Points : 2)       Debt financing
      Equity financing
      Asset financing
      Both debt financing and equity financing

5. The liability for a dividend is recorded on which of the following dates? (Points : 2)       The date of record
      The date of payment
      The date of announcement
      The date of declaration

6. The primary purpose of a stock split is to (Points : 2)       increase paid-in capital.
      reduce the market price of the stock per share.
      increase the market price of the stock per share.
      increase retained earnings.

7. Current liabilities are (Points : 2)       due but not receivable for more than one year.
      due but not payable for more than one year.
      due and receivable within one year.
      due and payable within one year.

8. Where is interest expense listed on the income statement? (Points : 2)       Other expense section
      Cost of merchandise sold
      Operating expenses
      Interest expense is on the balance sheet, not the income statement.

9. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)       5,000
      35,000
      45,000
      55,000

10. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $106,800; and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points : 2)       $798.85
      $873.77
      $953.16
      $1,223.77

Explanation / Answer

Hi,

Please find the answers as follows:

1) Option C - Stockholders' equity

2) Option D - 55000

3) Option B - at the time the liability for the employee's wages is paid.

4) Option D - Both debt financing and equity financing

5) Option D - The date of declaration

6) Option B - reduce the market price of the stock per share

7) Option D - due and payable within one year.

8) Option A - Other expense section

9) Option B - 35000

10) Option B - 873.77

Thanks.

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