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[Solved] ACC 201 Week 5 Quiz 5

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ACC 201 Week 5 Quiz 5 EX. 09-080 Revenue and expense data for Reuters Company are as follows: 2017 2016 Administrative expenses $24,750 $18,000 Cost of goods sold 500,000 375,000 Income tax expense 11,600 12,000 Net sales 750,000 600,000 Selling expenses 182,250 154,800 Prepa...

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  • July 26, 2020
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  • 2019/2020
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EX. 09-080
Revenue and expense data for Reuters Company are as follows:
2017 2016
Administrative expenses $24,750 $18,000
Cost of goods sold 500,000 375,000
Income tax expense 11,600 12,000
Net sales 750,000 600,000
Selling expenses 182,250 154,800

Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and
2016 as a percent of sales. Round percentage values to one decimal place and state as a whole
number. Do not enter the percent sign. (For example, enter .9569 as "95.7").




EX. 08-135
The following accounts and their balances appear in the ledger on December 31 of the current year:
Common Stock, $20 par $400,000
Paid-In Capital in Excess of Par 44,000
Retained Earnings 265,000
Treasury Stock 20,000
Prepare the Stockholders' Equity section of the balance sheet as of December 31. Twenty five
thousand shares of common stock are authorized, and 1,000 shares have been reacquired.

, EX.08-133
Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect a company's
total assets, liabilities, and stockholders' equity.




MC.08-107
Which of the following is a reason for a corporation to buy back its own stock?

a. To increase the shares outstanding

b. To reissue as bonuses to employees

c. To increase liquidity

d. To increase solvency


MC.08-114


What is the effect of declaring a stock dividend on the liabilities and stockholders' equity
section of the balance sheet?

a. No effect on total liabilities and total stockholders' equity

b. A decrease in total liabilities and an increase in total stockholders' equity

c. No effect on total liabilities and a decrease in total stockholders' equity

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