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Unformatted text preview: ACT 311 QUIZ 1 SPRING 2010 How to take this quiz: Take the following quiz by reading the question on this sheet of paper and then entering your answer using the Wiley Plus website. Go to https://edugen.wiley.com . Enter your email address and WileyPlus password and click on Log-In. Click on Intermediate Accounting I. A screen opens with a menu. • Select “Assignments”. This takes you to the Assignments page. • Select “Quiz 1 S10” • You will see a list of questions on the left. • • Select the first question. • You will see the screen for you to enter your answer to the first question. Think of it as a scantron. Read the question on this printout below (starts with “Q01. EPS: During 2009, the Graphics Co. …” • If you think the correct answer to the first question is “B”, click on the “B” button. Click on the Save for Later button below. When you have finished answering all the questions, carefully review each of your answers and click on “Submit Answer.” • Note: Although the answer buttons show 5 choices, in many cases there are less than that. In that case disregard the irrelevant letter choices. 1 Q01. EPS: During 2009, the Graphics Co. had net income of $100,000; paid Preferred Stock Dividends of $20,000 and paid Common Stock dividends of $30,000. The average number of shares outstanding was 200,000. What is the Earnings Per Share (EPS) for 2008? A. $.25 B. $.35 C. $.40 D. $.50 Q02. RJE: On 12/31/08, the accountant for Johannsen Co. made an adjusting journal entry by debiting payroll tax expense $100 and crediting FICA payable $100. After preparing the financial statements, the usual closing entries were made. On 1/1/09 the accountant made a reversing entry. Which of the following is true?...
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This note was uploaded on 10/21/2010 for the course ACT 311 taught by Professor Jones during the Spring '10 term at UMass Dartmouth.
- Spring '10