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Exam 3: The Balance Sheet and Notes to the Financial Statements

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Question 31

Multiple Choice

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Which of the following would not be reported for capital stock in the contributed capital section of a classified balance sheet?

A) Dividends per share
B) Shares authorized
C) Shares issued
D) Shares outstanding

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Question 32

Multiple Choice

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Pending litigation would generally be considered a(n)

A) nonmonetary liability.
B) contingent liability.
C) estimated liability.
D) current liability.

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Question 33

Multiple Choice

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In a consolidated balance sheet, the minority interest is reported

The following data were taken from the financial statements of Jensen Corporation for the year ended December 31, 2011: What was Jensen's rate of return on assets for 2011?

For a liability to exist,

Which of the following would not be reported in the stockholders' equity section of the balance sheet?

Which of the following circumstances would require recording an accrual for a loss contingency under current generally accepted accounting principles?

Which of the following items is usually classified as a noncurrent asset?

Lobo Co. was incorporated on July 1, 2011, with $200,000 from the issuance of stock and borrowed funds of $30,000. During the first year of operations, net income was $10,000. On December 15, Lobo paid an $800 cash dividend. No additional activities affected owners' equity in 2011. At December 31, 2011, Lobo's liabilities had increased to $37,600. In Lobo's December 31, 2011, balance sheet, total assets should be reported at

Information from Blain Company's balance sheet is as follows: What is Blain's quick (acid-test) ratio?

The following information pertains to Heiner Company on December 31, 2011: Required: Prepare the property, plant, and equipment section of Heiner Company's balance sheet on December 31, 2011.

The accounts and balances shown below were gathered from Paynter Corporation's trial balance on December 31, 2011. All adjusting entries have been made. See information for Paynter Corporation above. Paynter Corporation's working capital is

Berton Company reported assets totaling $870,000 as of December 31, 2011. The following information relates to those assets: After considering the items above, what should be the total of Berton's reported assets?

Investment securities held for the purpose of retiring bonds should be classified on a balance sheet as

The December 31, 2011, balance sheet of Madden Inc., reported total assets of $1,050,000 and total liabilities of $680,000. The following information relates to the year 2012: The stockholders' equity section of the December 31, 2012, balance sheet would report a balance of

The correct order to present current assets is

Mejarus Co.'s adjusted trial balance at December 31, 2011, includes the following account balances: What amount should Mejarus report as total stockholders' equity in its December 31, 2011, balance sheet?

Which of the following characteristics may result in the classification of a liability being changed from current to noncurrent?

Balance sheet analysis is useful in assessing a firm's liquidity, which is the ability to

Accrued revenues would normally appear on the balance sheet as