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ACCT 504 Final Exam Answered Latest

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Latest ACCT 504 Final Exam. (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5...

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  • May 19, 2022
  • 13
  • 2021/2022
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Latest ACCT 504 Final Exam.
(TCO A) A corporation has which of the following advantages? (Points : 5)
Reduced taxes
Simple to set up
Limited liability for stockholders
Owner maintains control




Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)
The Balance Sheet
The Statement of Retained Earnings
The Income Statement
None of the above


Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.


Cash
$12,000
Prepaid rent
1,300
Accounts receivable
7,000
Accounts payable
5,000
Notes payable
9,000
Common stock
22,000
Dividends
2,000
Revenues
45,000
Expenses
35,000

What did LBJ Company show as total debits? (Points : 5)
$57,300
$81,000
$55,300
$56,000



Question 4.4. (TCO B and E) Under cash-basis accounting, which of the following transactions would not be

, recorded? (Points : 5)
Cash sales to customers

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