Homewoek Number 2 Acctg

1. (TCO A) Which of the following is an advantage of the corporation relative to sole proprietorships and partnerships? (Points : 5) uncomplicated to establish Lower evaluatees Unlimited personal liability of investors Easier to chivy funds 2. (TCO A) Dividends _____. (Points : 5) comprise an expense and atomic number 18 an operating(a) activity represent an obligation and argon an operating activity represent a distribution of earnings and be a financing activity represent an asset and ar an commit activity 3. (TCOs A, B) Below is a partial heel of account balances for Langton bon ton: Cash $10,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts collectible 2,800c Notes payable 4,200c Common stock 1,400c Dividends 700 Revenues 21,000c Expenses 17,500 What did Langton Company testify as heart credits? (Points : 5) $32,400 $34,500 $35,200 $29,400 4. (TCOs B, E) Why is the accrual basis coat of accounting preferred by GAAP?

(Points : 5) The aggregation base is easier to use. The Accrual basis is also preferred by the Internal Revenue Service. The Accrual basis complies with the revenue deferred payment and matching principl es. The Accrual basis requires ! fewer accounting resources. 5. (TCO D) In a period of change magnitude prices, which inventory live flow assumption will settlement in the highest make out of net income? (Points : 5) LIFO The average cost method first in first out Income tax expense for the period will be the corresponding at a lower place all assumptions. 6. (TCOs A, E) Equipment with a cost of $212,000 has an estimated salvage value of $12,000 and an estimated career of 5 old age or 15,000 hours. It is to be depreciated by the straight-line method. What is the amount...If you exigency to get a full essay, order it on our website: OrderCustomPaper.com

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