26 of 35

Taylor Fish Farm's Stockholders' Equity section includes the following information:

Preferred Stock	$13,000
Paid-in Capital in Excess of Par-Preferred	3,400
Common Stock	17,000
Paid-in Capital in Excess of Par-Common	2,100
Retained Earnings	9,100

What was the total selling price of the common stock?

	$15,100
	$19,100
	$13,000
	$16,400

Question

27 of 35

Salty's Seafood has 2,000 shares of $10-par common stock outstanding. During the current year, the company distributed a 10% stock dividend. The market value of the stock at that time was $16/share. After the distribution, Salty's total Stockholders' Equity should increase or decrease by

	$1,200.
	$2,000.
	($3,200).
	$0.

Question

28 of 35

At least one class of stock MUST have

	voting rights.
	liquidation rights.
	preemptive rights.
	dividend rights.

Question

29 of 35

Stock that is held by stockholders is called

	issued stock.
	open stock.
	authorized stock.
	outstanding stock.

Question

30 of 35

During the month, Northwest Electric paid $582 to settle warranty claims. Northwest uses an estimated warranty account. The journal entry to record the payment would have been

	debit Warranty expense, $582; credit Cash, $582.
	debit Warranty expense, $582; credit Estimated Warranty payable, $582.
	debit Estimated warranty payable, $582; credit Cash, $582.
	debit Estimated warranty payable, 582; credit Warranty expense, $582.

Question

31 of 35

What was the percentage of change in Accounts Receivable if the balance was $80,000 in 2013 and $60,000 in 2014?

	+25.00%.
	+33.33%.
	-25.00%.
	-33.33%.

Question

32 of 35

Are all decreases to cash the result of an unfavorable situation?

	No. Cash could decrease as a result of acquiring long-term assets the company needs to expand or stay competitive.
	Yes. Cash could decrease as a result of paying off long-term debt, which is an unfavorable action to take.
	No. Cash could decrease because the company issued more stock.
	Yes. Decreases to cash are always bad.

Question

33 of 35

Which of the following is NOT a part of investing activities?

	Borrowing money
	Selling off equipment
	Buying a building
	Collecting on a loan receivable

Question

34 of 35

Aspen Corp. sold an asset with a book value of $56,000 for $35,000 cash. Which of the following is a TRUE statement?

	Loss on sale equals $35,000, and Cash inflow equals $21,000.
	Loss on sale equals $35,000, and Cash inflow equals $35,000.
	Loss on sale equals $56,000, and Cash inflow equals $56,000.
	Loss on sale equals $21,000, and Cash inflow equals $35,000.

Question

35 of 35

The Statement of Cash Flows reports the sources and uses of cash from all of the following EXCEPT

	financing activities.
	managerial activities.
	operating activities.
	investing activities.