Question

a. Asses Stockholders Equity- L e s c. Assets - Llabilities - Stockholders' Equity d. Assets Stockholders' Equity - Liabilities h derives its value from the rights and privileges provides the owner is worthless because it has no physical substance is converted into a tangible asset during the operating cycle cannot be called on the balance sheet because it lacks physical substance 10. On a classified balance sheet, companies usually list current assets a in alphabetical order with the largest dollar amounts first c. in the order in which they are expected to be converted into cash. d. in the order of acquisition 11. These are selected account balances on December 31, 2012 ) Land (held for future Buildings Inventory SI50.000 235.000 1.200,000 300,000 675.000 150,000 450000 Accumulated Depreciation What is the total amount of property, plant, and equipment that will appear on the balance sheet? $250.000 b $1,950.000 c. $2.700.000 d. $1.725,000 12. Ratios that measure the income or operating success of a company for a given period of time are a liquidity ratios. b. profitability ratios. c solvency ratios. d. trending ratios 13. N3 Corporation has assets of $4,200,000, common stock of $1,092,000, and retained earnings of 5665,000. What are the creditors' claims on their assets? a $3.773.000 b. $1,757.000 c. $2.443.000 d $4.627.000 14. Earnings per share is a a profitability ratio b. liquidity ratio c solvency ratio d. trending ratio 15. The concept that a business has a reasonable expectation of remaining in business for the foreseeable future is called the a economic entity assumption. b. monetary unit assumption. c. periodicity assumption. d.going concern assumption 16. It is assumed that the activities of Ford Motor company can be distinguished from those of General Motors because of the a going concern assumption 2 Page

Answer 1

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8	Option B.
9	Option A.
10	Option C.
		Amount $
11	Land	150,000.00
	Buildings	1,200,000.00
	Equipment	675,000.00
	Furniture	150,000.00
	Accumulated Depreciation	(450,000.00)
	Plant, property and equipment	1,725,000.00
	Option D.
	Land held for future use will shown as long term asset but not in Plant, property and equipment.
12	Option A.
		Amount $
13	Total assets	4,200,000.00
	Less: Common Stock	1,092,000.00
	Less: Retained earnings	665,000.00
	Creditors	2,443,000.00
14	Option A.
15	Option D.