1. Which of the following items would appear on the income statement?

Common stock: 120,000

Cash: 116,640

Supplies: 1,500

Prepaid Rent: 3,200

Service Revenue: 20,000

Retained Earnings: 30,000

Accounts payable: 25,000

Accounts Receivable: 22,450

Office Equipment: 23,300

Unearned Revenue: 4,152

Utilities Expense: 422

Shaving equipment: 31,640

-Common stock, service revenue, retained earnings, accounts payable, and unearned revenue.

-Cash, supplies, prepaid rent, accounts receivable, office equipment, utilities expense, and shaving equipment.

-Common stock, cash, supplies, prepaid rent, retained earnings, accounts payable, accounts receivable, office equipment, unearned revenue, and shaving equipment.

-Service revenue and utilities expense.

-Service revenue, unearned revenue, and utilities expense.

2. A company purchased property for a building site. The costs associated with the property were:

Purchase Price: 175,000

Real Esate Commissions: 15,000

Legal Fees: 800

Expenses of clearing the land: 2,000

Expenses to remove old building: 1,000

What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?

$175,800 to Land; $18,800 to Building

$190,000 to Land; $3,800 to Building

$190,800 to Land; $1,000 to Building

$192,800 to Land; $0 to Building

$193,800 to Land; $0 to Building

3. A company issued 150 shares of $100 par value stock for $34,000 cash. The total amount of contributed capital is:

$100

$1,500

$19,000

$33,000

$34,000

4.The following data regarding its common stock were reported by a corporation:

Authorized shares 20,000

Issued shares 16,000

Treasury shares 3,200

The number of outstanding shares is:

12,800

16,000

16,800

20,000

23,200