Acct. 101 Test Questions (due Mon, 7-25-2005) (1 Viewer)

[Zach Foster]

Hey all, for our final we were given a take-home test for my Accounting 101 class. There are several questions that have stumped me however. If you could lend a helping hand I would be much appreciative. Thanks so much! (This exam is due early tomorrow morning (Monday, 8:00AM 7-25-05)

Q1: What is the total stockholder's equity based on the following data?
Common Stock $900,000
Excess of Issue Price over Par $375,000
Retained Earnings (Deficit) ($50,000)

a. $1,200,000
b. $1,225,000
c. $1,275,000
d. $1,325,000

-------------------

Q2: A company with 100,000 authorized shares of $5 par common stock issued 40,000 shares at $7. Subsequently, the company declared a 2% stock dividend on a date when the market price was $9 a share. The effect of the declaration and issuance of the stock dividend is to:

a. decrease retained earnings, increase common stock, and increase paid-in capital
b. increase retained earnings, decrease common stock, and decrease paid-in capital
c. increase retained earnings, decrease common stock, and increase paid-in capital
d. decrease retained earnings, increase common stock, and decrease paid-in capital

-----------------

Q3: Which of the following would appear as a prior-period adjustment?

a. loss resulting from the sale of fixed assets
b. difference between the actual and estimated uncollectible accounts receivable
c. error in the computation of depreciation expense
d. liquidating dividend

------------------

Q4: Which of the following is not a part of comprehensive income?

a. foreign currency items
b. additions to stockholders' equity from issuing common stock
c. unrealized gains and losses
d. pension liability adjustments

------------------

Q5: An investor purchases 400 shares of common stock, $25 par, for $17,400. Subsequently, 100 shares were sold for 49.50 per share. What is the amount of gain or loss on the sale?

a. $8,000 gain
b. $600 gain
c. $600 loss
d. $8,000 loss

-----------------

Q6: The present value of $25,000 to be received in 2 years, at 12% compounded annually, is (rounded to nearest dollar):

a. $19,930
b. $30,500
c. $22,523
d. $25,000

 

[Philip_G]

..... your professor is OK with help from outside sources?

 

[Zach Foster]

Yes, that is my understanding. Our previous tests have been 2 hour in-class sessions. For our final test (not the exam), we were allowed to take it home and work them out through our own methods. Thanks for the time conscious reply!

 

[george kaplan]

No offense Zack, but I doubt if getting help from other people is what your professor meant by having you "work them out through our own methods".

 

[Zach Foster]

Ok, I didn't post these questions to get berated by the school police. I am a person of good character and would not post such a thread full knowing that it was wrong in doing so. "Working them out through our own methods" was simply my phraseology in explaining that it was ok to ask for outside help. So if someone can really help me, I would much appreciate it. Thanks!

 

[Jason Kirkpatri]

Sorry Zack but those are pretty basic questions. If you can't figure these out then you need to hit the books.

 

[Jeff Ulmer]

What is the point of taking a test if someone else gives you the answers?

 

[Zach Foster]

Ok, obviously, this thread has become pointless. Yes, I would presume that these are pretty basic questions. Unfortunately, my book is not much a help in determining these questions because these questions have been created by teachers (other than my own), rather than the book's key. Surely even the most *holy* of people here have had books/ situations like this. I came about creating this thread because I was at my wits' end with my take-home test, and perhaps this is why my posts have taken this tone. My history in this forum proves quite the contrary, and I am sorry if I have come off defensive- but quite honestly the responses and beligerent attitudes I have received here have caused me nothing but irk. This will be my last comment in this thread, and I look forward to providing healthy feedback and insight outside of this "After Hours Lounge"- notably my first ever posts in here.

 

[Philip_G]

exactly. all of my tests are take home, that doesn't mean I get to ask for help elsewhere, or even use my book/notes sometimes.