7. An intangible asset
A. may have the capacity to earn revenue for its owner.
B. is worthless because it has no physical substance.
C. is converted into a tangible asset during the operating cycle.
D. cannot be reported on the balance sheet because it lacks physical substance.
8. These are selected account balances on December 31, 2007.
-Land (location of the corporation's office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000
What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?
9. For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?