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8/18/2020PRACTICE Final Exam (Practice Exam): Attempt review1/14Dashboard/My Courses/ ACCT701-AP2-STACKED-37800-SUMMER2020/ Final Exam: August 21-August 22/ PRACTICE Final Exam (Practice Exam)Question Correct1Mark 10.00 outof 10.00Question Incorrect2Mark 0.00 out of5.00Started onTuesday, August 18, 2020, 11:11 AMStateFinishedCompleted onTuesday, August 18, 2020, 12:00 PMTime taken48 mins 54 secsCompany Giga declared a cash dividend in December 2016, payable in March 2017. Retained EarningswouldSelect one:a. decrease on the date of payment.b. increase on the date of payment.c. increase on the date of declaration.d. decrease on the date of declaration. Your answer is correct.The correct answer is: decrease on the date of declaration.CorrectMarks for this submission: 10.00/10.00.(T/F) When purchasing delivery equipment, sales taxes and motor vehicle licenses should be charged toEquipment.IncorrectMarks for this submission: 0.00/5.00.
8/18/2020PRACTICE Final Exam (Practice Exam): Attempt review2/14Question IncorrectMark 0.00 out of10.003Question CorrectMark 10.00 outof 10.004Ramirez Company acquires land for $240,000 cash. Additional costs are as follow.Removal of shed $ 2,000Filling and grading 6,000Salvage value of lumber of shed 1,280Broker commission 4,520Paving of parking lot 40,000Closing costs 3,400Ramirez will record the acquisition cost of the land asSelect one:IncorrectMarks for this submission: 0.00/10.00.The following transactions occurred during November:Nov. 1Sent bills to clients for services provided in August in the amount of$12,000.Nov. 9Purchased office furniture of $4,000 and office supplies of $150from Office Depot receiving an invoice for $4,150. The invoice isdue in 60 days.Nov. 15Paid for the office furniture and supplies purchased from OfficeDepot.Nov. 23Received a $350 bill from WKRP Radio for advertising. The bill isdue in 30 days.Nov. 30Paid salaries of $2,500 to employees.The journal entry to record the bills sent to clients will include a debit of $12,000 toSelect one:CorrectMarks for this submission: 10.00/10.00.
8/18/2020PRACTICE Final Exam (Practice Exam): Attempt review3/14