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ACCT 220 Principles of Accounting I Quiz 3 ( UMUC )

ACCT 220 Principles of Accounting I Quiz 3 ( UMUC )

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ACCT 220 Principles of Accounting I Quiz 3 ( UMUC )

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ACCT 220 Principles of Accounting I Quiz 3 ( UMUC )

Multiple Choice (7 points each)

1.     On January 1, 20X1, Blake Company purchased a patent for $68,000. The   patent has a remaining legal life of nine years and an expected service life of eight years.  The amortization expense (to the nearest dollar) properly recognized for 20X1 is:$0.

B.   $3,400.

C.   $7,556.

D.   $8,500.

E.   None of these.

2.     Which of the following transactions would cause a change in total stockholders’ equity?

1.     A stock dividend.

2.     Paying a previously declared cash dividend.

3.     Reissuing treasury stock at its cost.

4.     A stock split.

5.     None of these.

3.     Normally, the payment of a previously declared dividend will result in:

1.     a decrease in liabilities.

2.     a decrease in working capital.

3.     a decrease in stockholders’ equity.

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