Devry Acct 504 Midterm

2560 words 11 pages
| (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? | | | Student Answer: | | Management is considered an internal user. | | | | Present and prospective creditors are considered external users. | | | | Regulatory authorities such as the SEC are considered internal users. | | | | Taxing authorities are considered external users. | | Instructor Explanation: | Chapter 1 page 7 | | | | Points Received: | 3 of 3 | | Comments: | | | |
ACCT 504 Wk_4 Midterm 30 Multiple Chioce and 2 Explainatory 2. | Question : | (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): | | | Student Answer: | | delivering activity. | |
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| Question : | (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? | | | Student Answer: | | $4.66 | | | | $0.20 | | | | $66.67 | | | | $5.00 | | Instructor Explanation: | $30,000/6,000 = $5.00
Chapter 2 page 56 | | | | Points Received: | 3 of 3 | | Comments: | | | | 10. | Question : | (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? | | | Student Answer: | | $207,000 | | | | $ 66,000 | | | | $348,000 | | | | $273,000 | | Instructor Explanation: | $2,499,000 - $2,292,000 = $207,000
Chapter 2 page 57 | | | | Points Received: | 3 of 3 | | Comments: | | | | 11. | Question : | (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal

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