ACCT 550 Midterm Exam 100% Correct Answers ACCT 550 Midterm Exam
100% Correct Answers (TCO A) The quality of information that gives
assurance that is reasonably free of error and bias and is complete
is TCO A) Issuance of common stock for cash affects which basic
element of financial statements? (TCO B) Retained earnings at
1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010,
cash dividends of $50,000 were paid and a stock dividend of $30,000
was issued. Both dividends were properly charged to retained
earnings. You are to provide the missing closing entry. Please
indicate DR (debit) or CR (credit) to the left of the account
title, and place a comma between the account title and the amount
of the adjustment.
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