This is a study guide that I am needing answered. It is multiple choice. Thanks

Question 1.1. In a period of rising prices, the inventory method which tends to give the highest reported net income is (Points : 5) base stock. first-in, first-out. last-in, first-out. weighted-average. Question 2.2. Application of the full disclosure principle (Points : 5) is theoretically desirable but not practical because the costs of complete disclosure exceed the benefits. is violated when important financial information is buried in the notes to the financial statements. is demonstrated by the use of supplementary information presenting the effects of changing prices. requires that the financial statements be consistent and comparable. Question 3.3. During 2009, Ogden Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Ogden, converted into common shares of Ogden Payment in 2008 of cash dividend declared in 2008 to preferred shareholders Payment for the early retirement of long-term bonds payable (carrying amount $2,220,000) Proceeds from the sale of treasury stock (on books at cost of $258,000) $ 360,000 186,000 2,250,000 300,000 The amount of net cash used in financing activities to appear in Ogden's statement of cash flows for 2009 should be (Points : 5) $1,590,000. $1,776,000. $2,136,000. $2,148,000. Question 4.4. Chen Company's account balances at December 31, 2008 for Accounts Receivable and the Allowance for Doubtful Accounts are $320,000 debit and $600 credit. Sales during 2008 were $900,000. It is estimated that 1% of sales will be uncollectible. The adjusting entry would include a credit to the allowance account for (Points : 5) $9,600. $9,000. $8,400. $3,200. Question 5.5. Mune Company recorded journal entries for the payment of $50,000 of dividends, the $32,000 increase in accounts receivable for services rendered, and the purchase of equipment for $21,000. What net effect do these entries have on owners' equity? (Points : 5) Decrease of $71,000 Decrease of $39,000 Decrease of $18,000 Increase of $11,000 Question 6.6. How should the balances of progress billings and construction in process be shown at reporting dates prior to the completion of a long-term contract? (Points : 5) Progress billings as deferred income, construction in progress as a deferred expense. Progress billings as income, construction in process as inventory. Net, as a current asset if debit balance, and current liability if credit balance. Net, as income from construction if credit balance, and loss from construction if debit balance. Question 7.7. Selected information from Adison Company's 2009 accounting records is as follows: Proceeds from issuance of common stock Proceeds from issuance of bonds Cash dividends on common stock paid Cash dividends on preferred stock paid Purchases of treasury stock Sale of stock to officers and employees not included above $ 400,000 1,200,000 160,000 60,000 120,000 100,000 Adison's statement of cash flows for the year ended December 31, 2009, would show net cash provided (used) by financing activities of (Points : 5) $60,000. $(220,000). $160,000. $1,360,000. Question 8.8. How should earned but unbilled revenues at the balance sheet date on a long-term construction contract be disclosed if the percentage-of-completion method of revenue recognition is used? (Points : 5) As construction in process in the current asset section of the balance sheet. As construction in process in the noncurrent asset section of the balance sheet. As a receivable in the noncurrent asset section of the balance sheet. In a note to the financial statements until the customer is formally billed for the portion of work completed. Question 9.9. Sam Hurd Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000; retained earnings, $313,000. What total amount should Sam Hurd Company report as stockholders' equity? (Points : 5) $848,000 $948,000 $1,048,000 $1,118,000 Question 10.10. The following account balances (normal balances) were taken from the journal entry used to transfer various merchandise accounts under a periodic inventory system into the Cost of Goods Sold account: Cost of Goods Sold Inventory (beginning) Transportation-In Purchase Discounts Purchases Purchase Allowances $235,000 62,500 6,700 4,500 214,000 5,700 Based on the above facts, what was ending inventory? (Points : 5) $21,000 $45,600 $38,000 $37,900 Question 11.11. Of the following questions, which one would not be answered by the statement of cash flows? (Points : 5) Where did the cash come from during the period? What was the cash used for during the period? Were all the cash expenditures of benefit to the company during the period? What was the change in the cash balance during the period? Question 12.12. Thresher Corporation sold its accounts receivable outright to Kari Company, a financing company which normally buys accounts receivable of other companies without recourse. The accounts receivable have been (Points : 5) collateralized. pledged. factored. assigned. Question 13.13. The following information was extracted from the accounts of Boone Corporation at December 31, 2008: CR(DR) Total reported income since incorporation Total cash dividends paid Unrealized holding loss Total stock dividends distributed Prior period adjustment, recorded January 1, 2008 $1,700,000 (800,000) (120,000) (200,000) 75,000 What should be the balance of retained earnings at December 31, 2008? (Points : 5) $655,000 $700,000 $580,000 $775,000 Question 14.14. The following items were included in Voigt Corporation's inventory account at December 31, 2008: Goods held on consignment by Voigt Merchandise out on consignment, at sales price, including 30% mark-up on selling price Goods purchased, in transit, shipped f.o.b. shipping point $ 7,000 12,000 9,000 Voigt's inventory account at December 31, 2008, should be reduced by (Points : 5) $10,600. $12,600. $16,000. $28,000. Question 15.15. Of the following conditions, which is the only one that is not required if the transfer of receivables with recourse is to be accounted for as a sale? (Points : 5) The transferor is obligated to make a genuine effort to identify those receivables that are uncollectible. The transferor surrenders control of the future economic benefits of the receivables. The transferee cannot require the transferor to repurchase the receivables. The transferor's obligation under the recourse provisions can be reasonably estimated. Question 16.16. The purpose of Statements of Financial Accounting Concepts is to (Points : 5) establish GAAP. modify or extend the existing FASB Standards Statement. form a conceptual framework for solving existing and emerging problems. determine the need for FASB involvement in an emerging issue. Question 17.17. Joe Novak Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/08, as reported $ 215,000 160,000 500,000 1,000,000 Joe Novak should report retained earnings, 12/31/08, at (Points : 5) $785,000. $1,125,000. $1,340,000. $1,555,000. Question 18.18. A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash flows (indirect method), this event would be reflected as a(n) (Points : 5) addition adjustment to net income in the cash flows from operating activities section. cash outflow from investing activities. cash inflow from investing activities. cash inflow from financing activities. Question 19.19. Under Statement of Financial Accounting Concepts No. 2, which of the following relates to both relevance and reliability? (Points : 5) Cost-benefit constraint Predictive value Verifiability Representational faithfulness Question 20.20. Brown Company's account balances at December 31, 2008 for Accounts Receivable and the related Allowance for Doubtful Accounts are $460,000 debit and $700 credit, respectively. From an aging of accounts receivable, it is estimated that $12,500 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for (Points : 5) $12,500. $13,200. $11,800. $700