Acct 504

4. Question : (TCO A) In a classified balance sheet, assets are usually classified as

5. Question : (TCO B) For 2012, LBJ Corporation reported net income of $25,000; net sales $250,000; and weighted average shares outstanding of 5,000. There were no preferred stock dividends. What was the 2012 earnings per share?

6. Question : (TCO D) Which of the following accounts has a normal balance of a credit?

7. Question : (TCO E) The accrual accounting term used to indicate recording an expense before paying cash for the item is _____ : 8. Question : (TCOs A and B) A periodic inventory system would most likely be used by a(n) _____

9. Question : (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise.

Acct 504

Published on May 16, 2018

chrysan.temumde.l.phinium

About

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com Case Study 1 (Part A) Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: June 2 Gordon received $55,000 cash and issued common stock to the stockholders. 3 Purchased supplies, $3,000, and equipment, $5,200, on account. 4 Performed services for a client and received cash, $6,300. 7 Paid cash to acquire land, $37,000. 11 Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month. 16 Paid partial for the equipment purchased June 3 on account $2,800. 17 Paid the telephone bill, $230.

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.