ACCT 221: Financial Accounting - Quiz 1

A quiz covering key financial accounting concepts, including fundamental accounting principles and transactions.

Sophia Johnson

Contributor

4.1

7 months ago

Preview (2 of 3 Pages)

100%

Purchase to unlock

ACCT 221: Financial Accounting - Quiz 1 - Page 1 preview image

Loading page ...

ACCT 221: Financial Accounting-Quiz 1UMUCACCT 221Quiz 11.The date on which a cash dividend becomes a binding legal obligation is onthea.declaration date.b.date of record.c.payment date.d.last day of the fiscal year-end.2.Dividends are predominantly paid ina.earnings.b.property.c.cash.d.stock.3.Solaris, Inc. has 2,000 shares of 5%, $10 par value, cumulative preferredstock and 50,000 shares of $1 par value common stock outstanding atDecember 31, 2014. What is the annual dividend on the preferred stock?a.$5 per shareb.$1,000 in totalc.$10,000 in totald.$.05 per share4.If a corporation issued $3,000,000 in bonds which pay 5% annual interest,what is the annual net cash cost of this borrowing if the income tax rate is30%?a.$3,000,000b.$45,000c.$150,000d.$105,0005.A bond with a face value of $200,000 and a quoted price of 102⅛has aselling price ofa.$240,225.b.$204,025.c.$200,225.d.$204,250.

Preview Mode

This document has 3 pages. Sign in to access the full document!

Report

Study Now!

XY-Copilot AI

Unlimited Access

Secure Payment

Instant Access

24/7 Support

Document Chat

Document Details

University

DeVry University

Course

ACCT 221

Subject

Accounting

Related Documents

View all

Solved Assignments

Acct 211 Fundamentals of Financial Accounting: Key Concepts and Principles

An assignment covering key financial accounting concepts and principles for beginners.

Class Notes

Accounting

what really is accounting?

5.0

Class Notes

Master Managerial Accounting Techniques

Honors Managerial Accounting course led by Dr. Michael Newman, focusing on cost analysis, ethics, communication, and real-world application through interactive discussions, case studies, and presentations.

Class Notes

Controlling and Reporting of Real Assets

Overview of asset impairment recognition in accounting: when an asset’s value declines due to damage, market loss, or legal issues, a journal entry records the loss to reflect the asset’s reduced value. Key for reporting real assets like PPE.

Solved Assignments