Question 28 Not yet answered Marked out of 1.50 P Flag question All but one of the following is reported in a retained earnings statement The exception is: Select one: a. net income and net loss. b. cash and share dividends. c. sales revenue. d. prior period adjustments Question 26 Not yet answered Marked out of 1.50 Flag question if X and Y agree to establish partnership with total capital 36,000 divided 2:1 respectively what is the amount of Y capital Select one: a. 12,000 b. 8,000 c. 24,000 d. 16,000 Question 25 Not yet answered Marked out of 1.00 Flag question A corporation differs from a proprietorship and a partnership in that the owners of the corporation do not have a claim on the net assets of the business Select one: True False Question 23 Not yet answered Marked out of 1.50 Flag question ABC Corporation issues 1,000 shares of $10 par value ordinary shares at $13 per share. In recording the transaction, credits are made to: Select one: a. ordinary Shares $13,000 b. ordinary Shares $10,000 and share premium 3,000 c. cash 13,000 d. ordinary shares $10,000 and Retained Earnings 3,000 Question 17 Not yet answered Marked out of 1.50 Flag question B and S formed a partnership. B contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The truck's fair value was $16,000, S contributed a new Building costing 40,000 has a fair value off 55,000 What is the combined total capital that would recorded on partnership Select one: a. 60,000 b. 79,000 c. 90,000 d. 75,000 Question 16 Not yet answered Marked out of 1.50 Flag question The NBC Company reports net income of $30,000. If partners N, B, and C have an income ratio of 50%, 30%,and 20%, respectively, B share of the net income is: Select one: a. 18,000 b. 15,000 c. 6,000 d. 9,000 Question 15 Not yet answered Marked out of 1.50 Flag question on 1/1/2017 Assume that Hello Corp. acquired 25% of the ordinary shares of HHH Corp for $300,000 During 2017, HHH Corp. reported net income of $160,000 and paid total dividends $60,000. If HELLO CORP uses the equity method to account for its investment, the balance in the investment account on December 31, 2017, will be Select one: a. 340,000 b. 400,000 c. 300,000 d. 325,000 Question 10 Not yet answered Marked out of 1.50 Flag question ABC Corporation issues 1,000 shares of $10 par value ordinary shares at $13 per share. In recording the transaction, debit are made to: Select one: a. ordinary Shares $10,000 and share premium 3000 b. ordinary Shares $13,000 c. cash 13,000 d. (d) cash 10,000