Chapter 5 MC

Chapter 5 MC - Chapter 5 Practice Exercise 1. Which of the...

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Chapter 5 Practice Exercise 1. Which of the following should be excluded from long-term liabilities? a. Obligations payable at some date beyond the operating cycle b. Most pension obligations c. Long-term liabilities that mature within the operating cycle and will be paid from a sinking fund d. None of these Ans: D 2. Which of the following is a contra account? a. Premium on bonds payable b. Unearned revenue c. Patents d. Accumulated depreciation Ans: D 3. Houghton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $313,000. What total amount should Houghton Company report as stockholders’ equity? a. $848,000. b. $948,000. c. $1,048,000. d. $1,118,000 Ans: B 4. Presented below are data for Bandkok Corp. 2010 2011 2012 Assets, January 1 $5,400 $6,480 ? Liabilities, January 1 3,240 ? $3,888 Stockholders' Equity, Jan. 1 ? ? 4,050
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Dividends 1,080 810 918 Common Stock 972 864 920 Stockholders' Equity, Dec. 31 ? ? 3,078
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This note was uploaded on 02/17/2011 for the course ACCT 321 taught by Professor Mike during the Spring '11 term at UPenn.

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Chapter 5 MC - Chapter 5 Practice Exercise 1. Which of the...

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