netary unit assumption D) periodicity assumption pon. An intangible asset derives its va ance sheet because it lacks physical substance. D 08. of $1,100,000, and long-term liabilities of 09. es its value from the rights and privileges it provides the own D) is worthless because it has no physical substance. Is converted into a tangible asset during the operating cycle. cannot be included on the classified balance sheet because it lacks physica cad Corporation has assets of $5,000,000, current liabilities of $1,100,000, and long- $2,350,000. What are the shareholder's claims on its assets? A) $2,650,000 B) $6,100,000 C) $3,900,000 D) $1,550,000 Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? A) Monetary unit assumption B) Economic entity assumption C) Time period assumption D) Going concem assumption 10. For 2017 Kuhlman Corporation reported net income of $36,000; net sales $400,000; and average share outstanding 16,000. There were no preferred dividends. What was the 2017 camings per share? A) $2.25 B) 50.44 C) $25.00 D) S0.09 The Mac Company has four plants nationwide that cost $450 million. Accumulated depreciation on the plants is $100 million at December 31, 2022. The current fair value of the plants at that date is $300 million. The total plant assets to be reported on the December 31, 2022 balance sheet are: A) S350 million. B) $700 million C) $300 million D) $600 million. 11. 12. Comstock Company provided consulting services and billed the client $2,500. As a result of this even A) assets remain unchanged. B) assets increased by $2,500. C) equity increased by $2,500. D) Both assets and equity increased by $2,500