Summer2018 ACCT301-21 xam! Name Points:105 MMultiple Choice (3 points each) 1. A jourmal entry to record the sale of inventory on aceount will inelude a credit to Cost of Cloods Sold debit to Inventory. C) debit to Aeecounts Receivable. D) debit to Sales tevene. n) 2. The foliowing items were among those that were reported on Dye Co's income wtatement for the year ended December 31, 2017: $520,000 720,000 Legal and audit fees Rent for office space interest on inventory floor plan Loss on abandoned equipment used in operations The office space is used equally by Dye's sales and accounting departments. What amount of 140,000 the above-listed items should be classified as general and administrative expenses in Dye's multiple-step income statement? A) $1.720,000. B) $1,240,000. C) $880,000. D) $1,020,000. 3. Olmsted Company has the following items: common stock, $750,000; treasury stock $105,000; deferred income taxes, $125,000 and retained earnings, $454,000. What total amount should Olmsted Company report as stockholders' equity? A) $1,099,000, B) $1,349,000. C) $974,000, D) SI,224,000. 4. In a statement of cash flows, receipts from sales of property, plant, and equipment and other productive assets should generally be classified as cash inflows from C) financing activities. D) investing activities. A) selling activities. B) operating activities. Gross billings for merchandise sold by Lang Company to its customers last year amounted to $11,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-out was $140,000. Net sales last year for Lang Company were 5. A) $11,350,000, B) $11,175,000. C) $11,035,000. D) $11,720,000. 6. Norling Corporation reports the following information: Net income Dividends on common stock Dividends on preferred stock Weighted average common shares outstanding $750,000 $210,000 $ 90,000 250,000 Norling should report earnings per share of A) $2.64, B) $3.00. C) $2.16 D) $1.80 Version 1 Page 1