Accounting Final (2)

These are selected account balances on December 31, 2014. Land $100,000 Land (held for future use) 150,000 Buildings 800,000 Inventory 200,000 Equipment 450,000 Furniture 100,000 Accumulated Depreciation 300,000 What is the total amount of property, plant, and equipment that will appear on the balance sheet?

$1,150,000

N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors' claims on their assets?

$1,745,000

What organization issues U.S. accounting standards?

... Financial Accounting Standards Board

For 2014 Fielder Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 16,000. There were no preferred dividends. What was the 2014 earnings per share?

...$1.88

McKinney Corporation had beginning retained earnings of $2,242,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. No dividends were paid. What was their net income for the year?

...$257,000

Based on the following data, what is the amount of current assets? Accounts payable $62,000 Accounts receivable 100,000 Cash 50,000 Intangible assets 100,000 Inventory 138,000 Long-term investments 160,000 Long-term liabilities 200,000 Short-term investments 80,000 Notes payable 56,000 Property, plant, and equipment 1,340,000 Prepaid insurance

...$370,000

The agency of the United States Government that oversees the U.S. financial markets is the

...Security Exchange Commission

The quality of consistency enhances

...comparability.

Declaring a cash dividend will

...decrease retained earnings.

Reporting a net income of $95,000 will

...increase retained earnings.

The two fundamental qualities of useful information are

...relevance and faithful representation.

Dividends appear on

...the retained earnings statement only.