1 The term double taxation refers to which of the following Sole proprietorships must pay income taxes on their net incomes and the owners are also required to pay income taxes on their withdrawals In a partnership, both partners are required to claim their share of net income on their tax returns Corporations must pay income taxes on their net income and their stockholders pay income tax on the dividends they receive Limited Liability Companies are forced to pay income taxes to both the state and the federal governments 2 On January 2, 2014, the Hoover Corporation issued 44,000 shares of $10 stated value common stock for $30 00 per share Which of the following statements is true The Cash account will increase by $880,000 The Common Stock account will increase by $1,320,000 The Paid in Capital in Excess of Stated Value account will increase by $880,000 The Stock Payable account will increase by $1,320,000 3 Flynn Corp , which is authorized to issue 25,000 shares of no par common stock, issued 10,000 shares for $150,000 What effect will this event have on the accounting equation Increase assets by $375,000 increase, equity by $375,000 Increase assets by $150,000, increase net income by $150,000 Increase assets by $150,000, increase equity by $150,000 Increase assets by $150,000, increase net income by $150,000 and increase assets by $150,000, increase equity by $150,000 4 At the end of the accounting period, Isaac Company had a balance of $4,000 in its common stock account, additional paid in capital of $4,000, retained earnings of $3,000, and $1,000 of treasury stock The total amount of stockholders' equity is $10,000 $13,000 $12,000 $8,000 5 Madison Co paid dividends of $3,000 $6,000 and $10,000 during 2012, 2013 and 2014 respectively The company had 500 shares of preferred stock outstanding with a $10 per share cumulative dividend The amount of dividends received by the common shareholders during 2014 would be $6,000 $5,000 $3,000 $4,000 6 7 The following balance sheet Information was provided by O'Connor Company $ Assets Cash Accounts receivable Inventory 2014 4,000 $ 15,000 35,000 $ 2013 2,000 12,000 38 000 $ Assuming that net credit sales for the year 2014 totaled $270,000, what is the company's most recent accounts recelvable turnover 18 times 20 times O 22 5 times 77 times The following balance sheet Information is provided for Duke Company for 2014 $ Assets Cash Accounts receivable Inventory Prepaid expenses Pant and equipment, net of deprecation Land Total assets 5,400 15,500 18 000 1,600 20 200 19950 80,650 $ $ Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable Due in 2020) Common stock, no par Retained earnings Total liabilities and stockholder' equity 4,500 11,500 19 000 30,000 15,650 80,650 $ What is the company's current ratlo 1 16 1 31 2 53 3 79

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1.The term double taxation refers to which of the following: Sole proprietorships must pay income taxes on their net incomes and the owners are also

1.The term "double taxation" refers to which of the following:

Sole proprietorships must pay income taxes on their net incomes and the owners are also required to pay income taxes on their withdrawals.

In a partnership, both partners are required to claim their share of net income on their tax returns.

Corporations must pay income taxes on their net income and their stockholders pay income tax on the dividends they receive.

Limited Liability Companies are forced to pay income taxes to both the state and the federal governments.

2.On January 2, 2014, the Hoover Corporation issued 44,000 shares of $10 stated-value common stock for $30.00 per share. Which of the following statements is true?

The Cash account will increase by $880,000.

The Common Stock account will increase by $1,320,000.

The Paid-in Capital in Excess of Stated Value account will increase by $880,000.

The Stock Payable account will increase by $1,320,000.

3.Flynn Corp., which is authorized to issue 25,000 shares of no-par common stock, issued 10,000 shares for $150,000. What effect will this event have on the accounting equation?

Increase assets by $375,000 increase, equity by $375,000.

Increase assets by $150,000, increase net income by $150,000.

Increase assets by $150,000, increase equity by $150,000.

Increase assets by $150,000, increase net income by $150,000 and increase assets by $150,000, increase equity by $150,000.

At the end of the accounting period, Isaac Company had a balance of $4,000 in its common stock account, additional paid in capital of $4,000, retained earnings of $3,000, and $1,000 of treasury stock. The total amount of stockholders' equity is:

$10,000.

$13,000.

$12,000.

$8,000.

Madison Co. paid dividends of $3,000; $6,000; and $10,000 during 2012, 2013 and 2014 respectively. The company had 500 shares of preferred stock outstanding with a $10 per share cumulative dividend. The amount of dividends received by the common shareholders during 2014 would be:

$6,000.

$5,000.

$3,000.

$4,000.

7 image text in transcribed .

The following balance sheet Information was provided by O'Connor Company $ Assets Cash Accounts receivable Inventory 2014 4,000 $ 15,000 35,000 $ 2013 2,000 12,000 38.000 $ Assuming that net credit sales for the year 2014 totaled $270,000, what is the company's most recent accounts recelvable turnover? 18 times 20 times O 22.5 times 77 times The following balance sheet Information is provided for Duke Company for 2014: $ Assets Cash Accounts receivable Inventory Prepaid expenses Pant and equipment, net of deprecation Land Total assets 5,400 15,500 18.000 1,600 20.200 19950 80,650 $ $ Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable Due in 2020) Common stock, no par Retained earnings Total liabilities and stockholder' equity 4,500 11,500 19.000 30,000 15,650 80,650 $ What is the company's current ratlo? 1.16 1.31 2.53 3.79