ACCT 212 Week 7 Quiz

Institution	ACCT 212 Financial Accounting
Contributor	Jessica Brown

Question: The advantages of a corporation compared to a sole proprietorship or partnership include:
Question: Preferred stock is called preferred because it usually has two preferences over common stock. These preferences relate to:
Question: When a company issues 30,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
Question: Environmental Designs issues 3,000 shares of its $1 par value common stock at $13 per shar Record the issuance of the stock. (2) Record the issuance of the stock assuming it is no-par v stock.c(If no entry is required for a particular transaction/event, select "No Journal Required" in the first account field.)
Question: The issuance of a note payable is classified in the statement of cash flows as a(n):
Question: The sale of an intangible asset for cash is classified in the statement of cash flows as a(n):
Question: The net cash flows from operating, investing, and financing activities will equal
Question: Depreciation expense is added to net income in the statement of cash flows under the indirect method because
Question: Kela Corporation reports net income of $580,000 that includes depreciation expense of

$79,000. Also, cash of $55,000 was borrowed on a 5-year note payable. Based on this data, total cash inflows from operating activities are:

Question: Lense Laboratories' net income was $270,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories?