Question : 51.Garrison Corporation has the following transactions: 1.Dividends paid to the shareholders. 2.A : 1241793

 

 

51.Garrison Corporation has the following transactions:

 

1.Dividends are paid to the shareholders.

2.A utility bill for July is paid in August.

3.A new warehouse facility is purchased

4.Principal payments on outstanding debt are paid.

5.Employee wages are paid.

6.Forty-five units of inventory are sold for $100 each

7.Common stock is issued for $230,000 in cash.

8.A delivery van used for 5-years is sold for $12,000, which is its book value.

 

Which of the above transaction(s) are examples of financing activities?

a.1,4,7

b.1,7,8

c.3,8

d.1,3,4,7,8

 

 

 

52.Garrison Corporation has the following transactions:

 

1.Dividends are paid to the shareholders.

2.A utility bill for July is paid in August.

3.A new warehouse facility is purchased

4.Principal payments on outstanding debt are paid.

5.Employee wages are paid.

6.Forty-five units of inventory are sold for $100 each

7.Common stock is issued for $230,000 in cash.

8.A delivery van used for 5-years is sold for $12,000, which is its book value.

 

Which of the above transaction(s) are examples of investing activities?

a.3,4,7,8

b.1,4,7

c.4,7

d.3,8

 

 

 

53.Garrison Corporation has the following transactions:

 

1.Dividends are paid to the shareholders.

2.A utility bill for July is paid in August.

3.A new warehouse facility is purchased

4.Principal payments on outstanding debt are paid.

5.Employee wages are paid.

6.Forty-five units of inventory are sold for $100 each

7.Common stock is issued for $230,000 in cash.

8.A delivery van used for 5-years is sold for $12,000, which is its book value.

 

Which of the above transaction(s) are examples of operating activities?

a.2,3,5

b.5,6,8

c.2,3,5,6,8

d.2,5,6

 

 

 

54.Baron Company has six major headings in its income statement, which include Sales, Fees earned, Other Revenues, Cost of Goods Sold, Operating Expenses, and Other Expenses.  Below are some of the income statement accounts for Baron:

 

1.Sales of inventories

2.Depreciation expense

3.Income from interest on savings account

4.Income from dividends on investments

5.Advertising expense.

6.Loss on sale of building

7.Salespeople commission expense

8.Office salary expense

9.Gain on sale of short-term investments

10.Sales of services provided

11.Cost of sold inventories

12.Interest expense on outstanding loans

 

Which of these would be found under the heading “Other Revenues”?

a.1,10

b.1,3,4

c.3,4,10

d.3,4,9

 

 

 

55.Baron Company has six major headings in its income statement, which include Sales, Fees earned, Other Revenues, Cost of Goods Sold, Operating Expenses, and Other Expenses.  Below are some of the income statement accounts for Baron:

 

1.Sales of inventories

2.Depreciation expense

3.Income from interest on savings account

4.Income from interest on investments

5.Advertising expense.

6.Loss on sale of building

 

 

7.Salespeople commission expense

8.Insurance expense

9.Gain on sale of short-term investments

10.Sales of services provided

11.Cost of sold inventories

12.Interest expense on outstanding loans

 

 

Which of these would be found under the heading “Operating Expenses”?

a.2,8,12

b.2,7,8,12

c.2,5,7,8,11

d.2,5,11

 

 

 

56.Hsu Company has eight major section headings in its balance sheet, which include Current Assets, Long-term investments, Property, Plant, and Equipment, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Shareholders’ Equity.  Below are some of the balance sheet accounts for Hsu:

 

1.Dividends Payable

2.Prepaid Rent

3.Trademarks

4.Bonds Payable

5.Investment Funds for Plant Expansion

6.Inventories

7.Wages Payable

8.Deferred Revenues

9.Accumulated Depreciation – Building

10.Accounts Receivable

11.Accounts Payable

 

Which of these would be found under the heading “Current Assets”?

a.2,10

b.2,6,8,10

c.2,6,10

d.2,5,10

 

 

 

57.Hsu Company has eight major section headings in its balance sheet, which include Current Assets, Long-term investments, Property, Plant, and Equipment, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Shareholders’ Equity.  Below are some of the balance sheet accounts for Hsu:

 

1.Dividends Payable

2.Prepaid Rent

3.Trademarks

4.Bonds Payable

5.Investment Funds for Plant Expansion

6.Inventories

7.Wages Payable

8.Deferred Revenues

9.Accumulated Depreciation – Building

10.Accounts Receivable

11.Accounts Payable

 

Which of these would be found under the heading “Property, Plant, and Equipment”?

a.5,9

b.5,6,9

c.3,5,6,9

d.9