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ACCT212 - Week 7 – Quiz – With 100% Correct Answers

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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 per share. (1) Record the issuance of the stock. (2) Record the issuance of the stock assuming it is no-par value stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 5. The issuance of a note payable is classified in the statement of cash flows as a(n): 6. The sale of an intangible asset for cash is classified in the statement of cash flows as a(n): 7. The net cash flows from operating, investing, and financing activities will equal: 8. Depreciation expense is added to net income in the statement of cash flows under the indirect method because: 9. Kela Corporation reports net income of $480,000 that includes depreciation expense of $81,000. Also, cash of $52,000 was borrowed on a 4-year note payable. Based on this data, total cash inflows from operating activities are: 10. Lense Laboratories' net income was $280,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories? Increase in Accounts Receivable $70,000 Increase in Salaries Payable $55,500 Decrease in Inventory $31,000 Depreciation Expense $46,500 Increase in Prepaid Insurance $ 4,000 [Show More]

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