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ACC 291 Week 4 WileyPlus



ACC 291 Week 4 WileyPlus Question 1 Your answer is correct. Indicate whether each of the following statements is true or false Question 2 Your answer is correct. Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock Question 3 On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,800 and retained earnings $392,000. Pele is considering the following two courses of action Question 4 The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position. (Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.) Question 5 The financial statements of The Hershey Company and Tootsie Roll are presented below Question 6 Pringle Corporation has been authorized to issue 22,000 shares of $100 par value, 9%, noncumulative preferred stock and 1,143,100 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity Question 7 On January 1, 2014, Everett Corporation had these stockholders’ equity accounts


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