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1. In which section of the balance sheet would treasury stock be reported? (Points : 2) Fixed assets Long-term liabilities Stockholders' equity Intangible assets 2.

1. In which section of the balance sheet would treasury stock be reported? (Points : 2)
2. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)
3. Payroll taxes levied against employees become liabilities (Points : 2)
4. What options does a business have when financing operations? (Points : 2)
5. The liability for a dividend is recorded on which of the following dates? (Points : 2)
6. The primary purpose of a stock split is to (Points : 2)
7. Current liabilities are (Points : 2)
8. Where is interest expense listed on the income statement? (Points : 2)
9. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points : 2)
10. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $106,800; and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points : 2)

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