1)For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average…

1)For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share?

-$16.67

-$66.67

-$0.06

-$4.00

2)The following ratios are available for Leer Inc. and Stable Inc.

Current Ratio Debt to Assets RatioEarnings per ShareLeer Inc.2:175%$3.50Stable Inc.1.5:140%$2.75

Compared to Stable Inc., Leer Inc. has

-higher liquidity, lower solvency, and higher profitability.

-lower liquidity, higher solvency, and higher profitability.

-higher liquidity, higher solvency, but profitability cannot be compared based on information provided.

-higher liquidity and lower solvency, but profitability cannot be compared based on information provided.

3)At December 31, 2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017?

-$1,816,000

-$1,914,000

-$2,454,000

-$2,552,000

4)Which of the following ratios measures the ability of the company to survive over a long period of time?

-Profitability ratios

-Liquidity ratios

-Solvency ratios

-Current ratios

5)What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.?

-Generally accepted accounting principles

-General accounting principles

-Generally accepted accounting standards

-Generally accepted auditing principles

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