ACCT 212 (ACCT212)

ACCT-212 Week 6 Quiz - 100% Correct Answers – Download To Get An A+ (TCO 7) Stockholders of a corporation directly elect the board of directors. president of the corporati on. chief financial officer of the corporation chairperson of the board. Flag this Question (TCO 7) The basic unit of ownership for a corporation is dividends. stock. retained earnings. capital. Flag this Question (TCO 7) The difference between the issue price of the stock and the par value of the stock is market value. par ...

ACCT 212 Week 6 Discussion: Balance Sheet WEEK 6: NONCURRENT ASSETS AND RELATED LIABILITIES Class, access the balance sheet of a publicly traded company, and list what items of assets are reported i n the property, plant, and equipment section on the asset side. Select any one item from the property, plant, and equipment section, and discuss how you determine the cost of that item to be reported on the balance sheet. Assets are considered as the resources of the articles which are used in the da...

ACCT 212 Week 7 Homework – Graded An A+ Preston Stores is authorized to issue 18,000 shares of common stock. During a two-month period, Preston completed these stocktransactions: Question 1 a: Journalize the first transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) Answer 1a: Explanation 1a: We are told that on February 23, the company issued 1,700 shares of $2.00 par common stock for cash of $12.50 per share. Before we can journalize the transactio...

ACCT212 - Week 7 – Quiz – With 100% Correct Answers 1. The advantages of a corporation compared to a sole proprietorship or partnership include: 2. Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to: 3. When a company issues 35,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would include: 4. Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 pe...

ACCT 212 Week 5 Quiz – 100% Correct Answers- Download To Score An A+ Flag this Question (TCO 6) Which of the following is a natural resource? Patents Timber Gas reserves both B and C Flag this Question (TCO 6) Depreciation expense allocates a portion of the cost of an asset against the revenue the asset helps earn each period. is not required for plant assets according to GAAP. is reported on the balance sheet. is required for land according to GAAP. Flag this Question (TCO 6) Natural resource...

ACCT 212 Week 5 Discussion: Inventory Management Discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value? Inventory accounting consist of two main systems: periodic, and perpetual. Periodic means that items are accounted for by hand, then priced at different intervals. I believe this method would be better for a retail store with several items of small value. This is because the store can count and price...

ACCT 212 Week 5 Homework – 100% Correct ( Graded An A+) Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018 (assume sales returns arenon-existen t): Exhibit 1 Question 1a. Journalize Allegheny's inventory transactions for the year under the perpetual system. The first transaction is the purchase of inventory. Record the entry. Answer 1a: Explanation 1a: This exercise is not concerned with the costing method of inventory; the amounts are given...

1. Question: Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Requ ired: Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) 2. Question: Required information [The following information applies to t...