Penn Foster 061696 – Corporations

Penn Foster 061696 – Corporations in $27 onlyPenn Foster 061696 - Corporations

1. Casey Company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital—Treasury Stock is

A. $26,000.

B. $30,000.

C. $34,000.

D. $8,000.

2. If total assets are $6,000, what is the common-size figure of cash, assuming that cash has a balance of $2,400?

A. 100.0%

B. 60.0%

C. 40.0%

D. 120.0%

Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

Penn Foster 06155600: Financial Accounting Study Guide (25 Questions) in $39 only (Instant Download)Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?

Sample Answer: 

 23500+56500 = 80000

2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

3. Theaccount“Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit orcredit?