Acct 212 week 7 Study guides, Class notes & Summaries

(ACCT 212 Week 7 Homework) ACCT 212 Week 7 Homework Assignment (Summer 2021) 1. Question: Select the best term for each definition below. a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatmen...

ACCT 212 Week 5 Homework – Practice: 1. Question: a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Question: b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Question: c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.) 4. Questio...

1. Question: Select the best term for each definition below. a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatment as a corporation, but tax treatment as a partnership. f. Has stock traded o...

Question: The advantages of a corporation … to a sole proprietorship or partnership include: Question: Preferred stock is called … because it usually has two preferences over common stock. These preferences relate to: Question: 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: Question: Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 per share. (1) Record the issuance of the...

1. The advantages of a corporation compared to a sole proprietorship or partnership include: Lower total taxes. The ability of stockholders to make operating decisions for their company. Limited liability. Less paper work. 2. Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to: Dividends and voting rights. Par value and dividends. The preemptive right and voting rights. Dividends and distribution of assets if the co...

1. Question: Select the best term for each definition below. a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatment as a corporation, but tax treatment as a partnership. f. Has stock traded o...

Question: The advantages of a corporation … to a sole proprietorship or partnership include: Question: Preferred stock is called … because it usually has two preferences over common stock. These preferences relate to: Question: 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: Question: Environmental Designs issues 5,000 shares of its $1 par value common stock at $18 per share. (1) Record the issuance of the...

Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash di...

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...

ACCT 212 Week 7 Quiz (100% SOLUTIONS) v1 DeVry University