accounting quiz final

1. Stockholders' equity (Points : 2)

Question 2.2. Which statement below is NOT a reason for a corporation to buy back its own stock? (Points : 2)

Question 3.3. Current liabilities are (Points : 2)

Question 4.4. Gross earnings for a payroll period less payroll deductions are referred to as (Points : 2)

Question 5.5. What options does a business have when financing operations? (Points : 2)

Question 6.6. How is treasury stock shown on the balance sheet? (Points : 2)

Question 7.7. The total earnings of an employee for a payroll period are referred to as (Points : 2)

Question 8.8. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $106,800; and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points : 2)

Question 9.9. Which of the following would most likely be classified as a current liability? (Points : 2)

Question 10.10. A corporation has 50,000 shares of $100 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be (Points : 2)