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1> Name at least three factors that influence the market value of stock.
2> Corporations acquire treasury stock for a variety of purposes. Name three reasons
why treasury stock may be acquired by a corporation.
Answer:
Identify the impact on the balance sheet if the following information is not used to
adjust the accounts.
1> Supplies consumed totaled $3,000.
2> Interest accrues on notes payable at the rate of $200 per month.
3> Insurance of $450 expired during the month.
4> Plant and equipment are depreciated at the rate of $1,200 per month.
Answer:
The safeguarding of assets is an objective of a company's system of internal control.
Answer:
A company will incur product repair costs in the future if products that it sells currently
under warranty are brought in for repair during the warranty period. The company will
also incur bad debt expense in the future if customers who buy on credit currently are
unable to pay their accounts. Are the accounting procedures for these two contingent
costs (warranty expense and bad debt expense) related to or guided by the same
accounting principle? Briefly explain.
Answer:
The account balances appearing in the adjusted trial balance columns are extended to
the ______________ columns and the ______________ columns.
Answer:
The end of the period account balances after adjustments of Dixon Cleaners and
Laundry are as follows:
Instructions
Prepare the end of the period closing entries for Dixon Cleaners and Laundry. You may
omit journal entry explanations.
Answer:
The valuation of available-for-sale securities is similar to the procedures followed for
trading securities, except that changes in fair value are not recognized in current
income.
Answer:
