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 intensify funds 2. (TCO A) Dividends _____. (Points : 5) comprise an expense and atomic number 18 an operate activity represent an obligation and argon an operating activity represent a distribution of earnings and argon a financing activity represent an asset and atomic number 18 an commit activity 3. (TCOs A, B) Below is a partial identify 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 learn as heart credits? (Points : 5) $32,400 $34,500 $35,200 $29,400 4. (TCOs B, E) Why is the accrual priming coat of accounting preferred by GAAP?

(Points : 5) The assembling base is easier to use. The Accrual basis is also preferred by the Internal Revenue Service. The Accrual basis complies with the revenue perception and matc hing principles. The Accrual ba! sis requires fewer accounting resources. 5. (TCO D) In a period of change magnitude prices, which inventory damage flow assumption will settlement in the highest amount of money of net income? (Points : 5) LIFO The average cost method first in first out Income tax expense for the period will be the selfsame(prenominal) 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 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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