help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Practice Question 11 Common shareholders have all of the following rights except the right to:   share corporate profit through receipt of dividends

Practice Question 11 Common shareholders have all of the following rights except the right to:   share corporate profit through receipt of dividends

Accounting

Practice Question 11

Common shareholders have all of the following rights except the right to:

 

 share corporate profit through receipt of dividends.

vote on company plans and investments.

vote for the board of directors.

share in assets upon liquidation in proportion to their holdings.

Practice Question 12

Disadvantages of a corporation compared to a proprietorship or partnership do not include:

 

 ownership separated from management.

separate legal existence.

increased cost and complexity.

potential for additional tax.

Practice Question 15

When a company issues shares for services:

 

assets are unchanged.

cash is unchanged.

liabilities are unchanged.

all of these.

Practice Question 18

Dividends in arrears relate to:

 

preferred shares with a cumulative dividend feature.

convertible preferred shares.

no par preferred shares.

callable preferred shares.

Practice Question 22

Which of the following best represents the guidance provided by ASPE when accounting for shares issued for non-cash consideration?

 

The transaction should be valued at the more reliably measurable amount of the fair value of the goods/services received or the fair value of the shares given up.

The transaction can be valued at management’s choice of either the fair value of the goods/services received or the fair value of the shares given up.

The transaction should be valued at the fair value of the shares given up.

The transaction should be valued at the fair value of the goods/services received.

Testbank Question 73

The concept of a "separate legal existence" refers to which form of business organization?

 

partnership

proprietorship

corporation

limited partnership

Practice Question 23

Retained Earnings are:

 

the total value of common shares and preferred shares issued and outstanding.

the value of dividends paid out since incorporation.

the cumulative profit (or loss) since incorporation that has not been paid out in dividends.

the same as profit.

Testbank Question 83

Which of the following statements concerning taxation is accurate?

 

Corporations pay federal income taxes but not provincial income taxes.

Partnerships pay provincial income taxes but not federal income taxes.

Corporations pay federal and provincial income taxes.

Income trusts pay federal and provincial income taxes.

 

Testbank Question 84

Which of the following statements is NOT considered a disadvantage of the corporate form of organization?

 

government regulations

limited liability of shareholders

separation of ownership and management

additional taxes

 

Testbank Question 135

After it is acquired, the lessee depreciates the leased asset

 

over the life of the lease.

over the economic life of the asset.

the lessee does not depreciate the leased asset because the lessee does not have legal title to the asset.

only at the end of the lease term if the lessee takes legal title to the asset.

 

Testbank Question 59

Short- or long-term debt instruments held for trading are recorded as

 

current assets at amortized cost.

current asset at fair value.

non-current assets at amortized cost.

non-current assets at fair value.

 


 

 

 

Testbank Question 60

Equity instruments held for trading are recorded as

 

non-current assets at fair value.

non-current assets at amortized cost.

current asset at fair value.

current assets at amortized cost.

 

Testbank Question 68

Instruments that mature within 12 months of the balance sheet date are

 

short-term debt instruments.

fair value instruments.

long-term debt instruments.

unamortized instruments.

 

Testbank Question 71

Regardless of the bonds purchase price, their amortized cost at maturity will equal

 

face value plus discount amounts.

face value.

face value less premium amounts.

purchase price.

 

Testbank Question 72

Losses and gains on the sale of FVTPL instruments are reported on
 

the income statement under other revenue and expenses.

the balance sheet with short-term investments.

the income statement under current operations.

the balance sheet with long-term investments.

 

Testbank Question 60

The cash flow statement will not report the

 

amount of cheques outstanding at the end of the period.

sources of cash in the current period.

change in the cash balance for the current period.

uses of cash in the current period.

 

Testbank Question 59

The cash flow statement is used to

 

prove that revenues exceed expenses if there is a profit.

provide information about the cash receipts and cash payments during a period.

facilitate banking relationships.

provide information about the investing and financing activities during a period.

 

Testbank Question 58

The information in a cash flow statement will help users assess all of the following except

 

the company’s ability to generate future cash flows.

the company’s ability to pay dividends and meet obligations.

the company’s ability to turn over its accounts receivable.

the reasons for the difference between profit and cash provided or used by operating activities.

 

Testbank Question 133

The category that is generally considered to be the best measure of a company's ability to continue as a going concern is

 

cash flows from investing activities.

cash flows from operating activities.

cash flows from financing activities.

usually different from year to year.

 

WileyPLUS Problem 16-9

On January 1, 2021, Pronghorn Corp. purchased at par 6% bonds having a maturity value of $350,000. They are dated January 1, 2021, and mature on January 1, 2026. The bonds pay interest annually on December 31 and are accounted for at amortized cost.
 
 
Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
 
Account Titles and Explanation
Debit
Credit
 
 
Prepare the journal entry to record the interest received for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
 
Account Titles and Explanation
Debit
Credit
 
 
Prepare the journal entry to record the interest received for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
 
Account Titles and Explanation
Debit
Credit
 
 
Prepare the journal entry to record the maturity of the bond. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
 
Account Titles and Explanation
Debit
Credit

Brief Exercise 16-8

On August 1, Kingbird Finance Inc. buys 2,900 Datawave common shares for trading purposes for $110,200 cash. On October 15, Kingbird receives a cash dividend of $2.15 per share from Datawave. On December 1, Kingbird sells the shares for $116,000 cash.
 
 
Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
 
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
 
  (To record purchase of investment.)    
 
 
Prepare the journal entry to record the receipt of the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
 
Date
Account Titles and Explanation
Debit
Credit
Oct. 15
 
  (Collection of dividend.)    
 
 
Prepare the journal entry to record the sale of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
 
Date
Account Titles and Explanation
Debit
Credit
Dec. 1
 
 
  (To record sale of investment.)  

 

WileyPLUS Problem 15-2

On May 1, 2021, Skysong Construction Ltd. issued $710,000 of 20-year, 6% bonds at 100. The bonds pay interest semi-annually on November 1 and May 1. Skysong has a calendar year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)
 
(a)   Record the issuance of the bonds on May 1, 2021.
(b)   Record the first interest payment on November 1, 2021.
(c)   Prepare any adjusting entry required at December 31, 2021.
(d)   Record the second interest payment on May 1, 2022.
(e)   Assume that on May 1, 2022, immediately after paying the semi-annual interest, Skysong redeemed 50% of the bonds at 98. Record the redemption of the bond.
(f)   Record the third interest payment on November 1, 2022, for the remaining bonds.
 
No.
Date
Account Titles and Explanation
Debit
Credit
(a)
May 1, 2021
   
(b)
Nov. 1, 2021
   
(c)
Dec. 31, 2021
   
(d)
May 1, 2022
   
   
(e)
May 1, 2022
   
   
(f)
Nov. 1, 2022
   

WileyPLUS Problem 17-6

Information from the Balance Sheet and Income Statement for Concord Inc., a private company reporting under ASPE, for the year ended December 31, is given below.
 
Comparative Balance Sheet          
    2021     2020  
Cash   $ 99,170     $ 45,550  
Accounts receivable   90,580     35,550  
Inventory   121,280     101,950  
Investments in land   84,380     106,550  
Property, plant, and equipment   284,480     200,400  
Accumulated depreciation   (47,360)   (38,400)
    $632,530     $451,600  
Accounts payable   $51,980     $47,690  
Accrued expenses payable   10,980     18,890  
Bonds payable   140,000     67,000  
Common shares   250,000     189,000  
Retained earnings   179,570     129,020  
    $632,530     $451,600  
             
Revenues            
    Sales         $283,500  
    Gain on disposal of equipment         7,450  
        290,950  
Expenses            
    Cost of goods sold   $ 95,350        
    Depreciation expense   55,500        
    Operating expenses   13,670        
    Income tax expense   36,200        
    Interest expense   2,590     203,310  
Profit         $ 87,640  
 
Additional Information:
1.   Investments in land were sold at cost during 2021.
2.   Equipment costing $54,480 was sold for $15,390, resulting in a gain.
3.   Common shares were issued in exchange for some equipment during the year. No other shares were issued.
4.   The remaining purchases of equipment were paid for in cash.

Prepare a Cash Flow Statement for the year ended December 31, 2021 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
 
CONCORD INC.
Cash Flow Statement - Indirect Method
   
 
$
Adjustments to reconcile profit to    
   
$
 
 
 
 
 
 
   
 
   
 
 
 
 
   
 
 
 
 
 
 
$

Note X: Significant noncash investing and financing activities:

Equipment with a cost of $
 was exchanged for common shares.

 

Option 1

Low Cost Option
Download this past answer in few clicks

39.99 USD

PURCHASE SOLUTION

Already member?

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 3 times

Completion Status 100%
View Answer

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)