Helena Corporation declared a 2-for-1 stock split on 8,000 shares of $6 par value common stock. If the market price of the stock had been $25 a share before the split, the par value, number of shares, and approximate market value after the split would be: Par ValueNumber of SharesMarket ValueA.$ 6.0016,000$ 12.50B.$ 6.008,000$ 25.00C.$ 3.0016,000$ 12.50D.$ 3.0016,000$ 25.00

Which of the following statements is true regarding aging accounts receivable?

On January 1, Year 1, Residence Company issued bonds with a $64,000 face value. The bonds were issued at face value. They had a 20-year term and a stated rate of interest of 7%. Which of the following shows how the bond issue will affect Residence’s financial statements on January 1, Year 1? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenues−Expenses=Net IncomeA. = + − = (64,000) IAB. = + − = (64,000) FAC.64,000=64,000+ − = 64,000 FAD.(64,000)=(64,000)+ − = (64,000) IA

At the end of the accounting period, Houston Company had $12,000 of common stock, paid-in capital in excess of par value–common of $11,000, retained earnings of $12,000, and $4,000 of treasury stock. What is the total amount of stockholders’ equity?

What is the effect of recognizing $7,500 of uncollectible accounts expense under the direct write-off method?

Which of the following intangible assets does not convey a specific legal right or privilege?

Regardless of the specific type of long-term debt, which of the following is normally an expectation with regards to debt transactions?

On January 1, Year 1, Graham Corporation issued 310 shares of no-par common stock for $95 per share. Which of the following shows how the stock issue will affect Graham’s financial statements on January 1, Year 1?

On January 1, Year 2, Kincaid Company’s Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.Which of the following describes the effects of writing off the uncollectible accounts?

Which of the following reflects the effect of the year-end adjustment to record estimated uncollectible accounts expense using the allowance method? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Decrease= +Decrease −Decrease=DecreaseDecrease OAB. =Decrease+Decrease −Increase=Decrease C. =Decrease+Decrease −Increase=DecreaseDecrease OAD.Decrease= +Decrease −Increase=Decrease