Which of the following describes the classification and normal balance of the retained earnings account? Asset, debit Stockholders' equity, credit Revenues, credit Expense, debit

Which of the following describes the classification and normal balance of the retained earnings account?

              Asset, debit

               Stockholders' equity, credit

              Revenues, credit

              Expense, debit

         


                                        


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The left side of an account is:

 The left side of an account is:

              blank.

              a description of the account.

               the debit side.

              the balance of the account.

         


                                        


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On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not? Yes, the company is now obligated to pay the employee, thus that event must be recorded on March 6. No, hiring an employee is an important event; however, it is not an economic event that should be recorded on March Yes, failure to record the event on March 6 would cause the financial statements to be misleading. No, the journal entry should be made on March 1 which is the date of hiring.

On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?

•               Yes, the company is now obligated to pay the employee, thus that event must be recorded on March 6.
•                No, hiring an employee is an important event; however, it is not an economic event that should be recorded on March
•               Yes, failure to record the event on March 6 would cause the financial statements to be misleading.
•               No, the journal entry should be made on March 1 which is the date of hiring.
  

                                        


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Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? $69,000 $22,000 $116,000 $91,000

On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?

•               Yes, the company is now obligated to pay the employee, thus that event must be recorded on March 6.
•                No, hiring an employee is an important event; however, it is not an economic event that should be recorded on March
•               Yes, failure to record the event on March 6 would cause the financial statements to be misleading.
•               No, the journal entry should be made on March 1 which is the date of hiring.
  

                                        


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For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? $4.67 $0.25 $66.67 $14.86

For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?


               $4.67

              $0.25

              $66.67

              $14.86



 
   

                                        


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These are selected account balances on December 31, 2007. -Land (location of the corporation's office building) $200,000 -Land (held for future use) 300,000 -Corporate Office Building 1,200,000 -Inventory 400,000 -Equipment 900,000 -Office Furniture 200,000 -Accumulated Depreciation 600,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? $1,900,000 $2,600,000 $2,200,000 $3,200,000

These are selected account balances on December 31, 2007.

-Land (location of the corporation's office building) $200,000
-Land (held for future use) 300,000
-Corporate Office Building 1,200,000
-Inventory 400,000
-Equipment 900,000
-Office Furniture 200,000
-Accumulated Depreciation 600,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?


               $1,900,000

              $2,600,000

              $2,200,000

              $3,200,000



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Which of the following is not considered an asset? Equipment Dividends Accounts receivable Inventory

Which of the following is not considered an asset?

•               Equipment
•                Dividends
•               Accounts receivable
•               Inventory

       

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