Exam (elaborations)

Liberty University ACCT 370 Exam 1 Complete solution 2022

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Alcorn State University

Liberty University ACCT 370 Exam 1 Complete solutionLiberty University ACCT 370 Exam 1 Complete solutionLiberty University ACCT 370 Exam 1 Complete solutionLiberty University ACCT 370 Exam 1 Complete solution

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Uploaded on February 3, 2022
Number of pages 197
Written in 2021/2022
Type Exam (elaborations)
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liberty university acct 370 exam 1 complete solution 2022

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Alcorn State University
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Exam Elaborations

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Liberty University ACCT 370 Exam 1
Complete solution
2022

,Liberty University ACCT 370 Exam 1 Complete solution
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1. 1. 2. A 3-for-1 stock split will reduce the per share par value and will 3.4.
5. 2. 6. accounting errors or irregularities can occur for what reason? 7.8.
10. Accrual accounting net income can differ from operating cash flows for

all of the following reasons except:

A) future pension and healthcare benefits.
9. 3. 11.
12.
B) estimates of uncollectible accounts.

C) useful lives of assets.

D) dividend declaration and payment dates.
14. Assuming the requirements for recognizing revenue over time are met,

and using the

13. 4. percentage-of-completion method to recognize revenue, the measure of 15.
16.

completion is

computed by dividing:
17. 5. 18. A balance sheet prepared in accordance with U.S. GAAP typically: 19.
20.
22. The balance sheet provides information on all of the following except:

A) where the money came from.

21. 6. B) assessing rates of return. 23.
24.

C) how management invested its money.

D) the market price of the company’s stock.
25. 7. 26. Balance sheets prepared under IFRS: 27.
28.
29. 8. 30. Being verifiable and neutral is part of what makes financial information 31.
32.
33. 9. 34. The best measure of a firm’s sustainable income is 35.
36.
37. 10. 38. Cash collected from customers can be derived: 39.
40.
41. 11. 42. The cash flow from operating activities: 43.
44.
45. 12. 46. The cash flow statement of the company is in process for 2019. They are 47.
48.

reporting the following balances:

, 12/31/18 12/31/19

Equipment $ 100,000 $ 170,000

Loss on sale of equipment 0 10,000

Accumulated dep.—equipment 75,000 95,000

During 2019, they sold equipment costing $30,000 for $12,000 and

made several purchases of new equipment for cash. Equipment

purchases in 2019 were:
50. The cash flow statement of the company is in process for 2019. They are

reporting the following balances:

12/31/18 12/31/19

Equipment $ 100,000 $ 170,000

Loss on sale of equipment 0 10,000
49. 13. 51.
52.
Accumulated dep.—equipment 75,000 95,000

During 2019, they sold equipment costing $30,000 for $12,000 and

made several purchases of new equipment for cash. If these were the

only investing activities, the cash flow from investing activities is a net

cash:
53. 14. 54. Changes in the balance sheet accounts at June 30, 2018 and 2019 for 55.
56.

the Company are presented below:

Assets

Cash $ 480,000

Accounts receivable 200,000

Inventory 300,000

Long-term investments 200,000

Equipment (200,000 )

Accumulated depreciation (60,000 )

, Liabilities and Stockholders’ Equity

Accounts payable $ (40,000 )

Dividends payable 400,000

Notes payable—Current (200,000 )

Notes payable—Long-term 400,000

Common stock, $1.00 par 300,000

Additional paid-in capital 100,000

Retained earnings 80,000

Additional Information for 2019:

-Net income was $480,000 and dividends of $400,000 were declared.

-Common stock was issued for cash.

-A new long-term investment was acquired for $360,000.

-A long-term investment was sold for $160,000.

-Equipment that cost $600,000 was sold for $200,000. -The book value

of those assets was $150,000.

The cash flow from financing activities for 2019 is a:
57. 15. 58. Changes in the balance sheet accounts at June 30, 2018 and 2019 for 59.
60.

the Company are presented below:

Assets

Cash $ 480,000

Accounts receivable 200,000

Inventory 300,000

Long-term investments 200,000

Equipment (200,000 )

Accumulated depreciation (60,000 )

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