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1. (TCO A) Which of the following accounts is recorded as part of stockholders’ equity on the Balance Sheet? (Points : 3) Long-term debt Retained earnings Revenue Expenses Question 2. 2. (TCO B) For 2014, LBJ Corporation reported net income of $37,500; net sales $562,500; and weighted average shares outstanding of 7,500. There were no preferred dividends. What was the 2014 earnings per share? (Points : 3) $75.00 $50.00 $15.00 $5.00 Question 3. 3. (TCO C) Selling a long-term asset is an example of a(n) (Points : 3) operating activity. investing activity. financing activity. noncash investing and financing activity. Question 4. 4. (TCO D) The ending Retained Earnings balance is found on which of the following statements? (Points : 3) Income Statement Balance Sheet Statement of Retained Earnings
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Both Balance Sheet and Statement of Retained Earnings above Question 5. 5. (TCO E) Which of the following describes the normal balance and classification of the Accumulated Depreciation account? (Points : 3) Debit, asset Credit, liability Credit, asset Debit, expense Question 6. 6. (TCO F) Which of the following items is handled as a deferral? (Points : 3) Accrued Expenses Accrued Revenues Prepaid Expenses Depreciation Question 7. 7. (TCO A) XYZ Company recorded the following events involving a recent merchandise purchase. - Received goods for $50,000, terms 2/10, n/30. - Returned $1,000 of the shipment for credit due to damaged goods. - Paid $1,500 for freight-in. - Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory (Points : 3) increased by $50,500. increased by 49,500. increased by $49,470. increased by $49,520.
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Subject: Accounting, Business

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