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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