ACC 577 Week 5 Quiz( 100 % Correct Answers)
According to the FASB ' s conceptual framework, the amount of deferred gross profit relating to collections 12 months beyond the balance sheet date should be reported in the
Question 19
Mirr, Inc. was incorporated on January 1, 2005, with proceeds from the issuance of $ 750,000 in stock and borrowed funds of $ 110,000. During the first year of operations, revenues from sales and consulting amounted to $ 82,000, and operating costs and expenses totaled $ 64,000. On December 15, Mirr declared a $ 3,000 cash dividend, payable to stockholders on January 15, 2006. No additional activities affected owners ' equity in 2005. Mirr ' s liabilities increased to $ 120,000 by December 31, 2005. On Mirr ' s December 31, 2005 balance sheet, total assets should be reported at
Question 20
The following information pertains to Meg Corp.: Dividends on its 1,000 shares of 6 %, $ 10 par value cumulative preferred stock have not been declared or paid for 3 years. Treasury stock that cost $ 15,000 was reissued for $ 8,000. What amount of retained earnings should be appropriated as a result of these items?
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ACC 577 Week 5 Quiz( 100 % Correct Answers)
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Week 5 Quiz All Questions Details given below( Please Check)