UGENT WITH 45MIN

1. Regarding its common stock, Entity J has 2,500 authorized shares, 1,000 issued shares, and 70 treasury shares that it recently purchased from a departing employee. What is the number of outstanding shares?

   		2,500
   		1,500
   		930
   		1,000

3 points

QUESTION 2

1. Which of the following items are revenue expenditures that would be expensed?

   		repainting an existing building.
   		installing insulation in a building that makes the building more productive.
   		installing a new electrical system in the building that extends the buildings useful life.
   		none of the above.

3 points

QUESTION 3

1. Entity C purchased used equipment (a CT scanner) January 1, 2023 for $90,000. It was originally depreciated on a straight-line basis over three years with no salvage value. On December 31, 2024, before adjusting entries had been made, the company decided to change the remaining estimated useful life to 4 years (including 2024). What was the depreciation expense for 2024? Round to the nearest dollar if necessary.

   		$15,000.
   		$12,857.
   		$30,000.
   		$7,500.

3 points

QUESTION 4

1. On October 1, 2024, Entity G borrowed $80,000 on a one-year, 6% note, interest and principal due at maturity. What is the maturity value of the note?

   		$80,000
   		$81,200
   		$4,800
   		84,800

3 points

QUESTION 5

1. An investor would like to invest in common stock that would provide a good steady income in her retirement. This investor should choose a stock with a:

   		high dividend payout.
   		high price-earnings ratio.
   		high earnings per share.
   		high current ratio.