ch4 1st attempt

ch4 1st attempt - Selectregrademode Choosearegrademode

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Choose a regrade mode  Change points or correct answer  Drop question  Give full credit  This regrade will affect all users who submitted this Assessment containing this question.  Regrade not available  This content item's settings prohibit regrade on this item.  Time expired  Your time has expired. The assessment has been automatically submitted.  Regrade not available  This is a linked Assessment or Question. Only the owner has edit rights.  Submitted by Batiste, Le'fiena (lebatiste) on 2/27/2010 7:36:09 PM Points Awarded 35.00 Points Missed 65.00 Percentage 35.0% 1.  Leonard Corporation reports the following information: Leonard should report retained earnings, 1/1/10, as adjusted at  
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A) $785,000.  B) $1,000,000.  C) $1,215,000.  D) $1,555,000.  Feedback:  $1,000,000 + $215,000 = $1,215,000. Feedback:  $1,000,000 + $215,000 = $1,215,000. Points Earned:  0.0/5.0  Correct Answer(s): C 2.  Chase Corp. had the following infrequent transactions during 2010: A $150,000 gain from selling the only investment Chase has ever owned. A $210,000 gain on the sale of equipment. A $70,000 loss on the write-down of inventories. In its 2010 income statement, what amount should Chase report as total infrequent net gains that are not  considered extraordinary?  A) $80,000.  B) $140,000.  C) $290,000.  D) $360,000.  Feedback:  $210,000 – $70,000 = $140,000. Feedback:  $210,000 – $70,000 = $140,000. Points Earned:  0.0/5.0  Correct Answer(s): B 3.  Didde Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The  adjusted trial balance at December 31, 2010 included the following expense and loss accounts:
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One-half of the rented premises is occupied by the sales department. Didde's total selling expenses for 2010  are  A) $540,000.  B) $460,000.  C) $430,000.  Feedback:  $180,000 + $80,000 + $110,000 + $170,000 = $540,000. D) $370,000. 
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ch4 1st attempt - Selectregrademode Choosearegrademode

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