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View Attempt 1 of 1 Title: | Principles of Accounting II – Exam 2 | Started: | November 21, 2009 12:18 PM | Submitted: | November 21, 2009 2:06 PM | Time spent: | 01:48:10 | Total score: | 120/150 = 80% Total score adjusted by 0.0 Maximum possible score: 150 | 1. | | | Which of the following is a characteristic of a corporation? | | | Student Response | Value | Correct Answer | Feedback | 1. | A corporation is not taxed on the corporation's business income. | | | | 2. | A corporation has a limited life. | | | | 3. | The owners of a corporation have limited liability for the corporation's debts. | …show more content…

(Net income + interest expense. / Average total assets | | | Student Response | Value | Correct Answer | Feedback | 1. | The amount computed from the formula is income tax expense. | | | | 2. | The amount computed from the formula is the rate of return on total assets. | 100% | | | 3. | The amount computed from the formula is deferred taxes payable. | | | | 4. | The amount computed from the formula is the rate of return on stockholders' equity. | | | | | Score: | 3/3 | Comments: | | | | 11. | | | The following information is from the books of Eastern Corporation. Net income | $170,000 | Preferred dividends | 24,000 | Interest expense | 17,500 | Beginning of the year amounts: | | Total assets | 900,000 | Total liabilities | 375,000 | Total common stockholders' equity | 395,000 | End of the year amounts: | | Total assets | 930,000 | Total liabilities | 405,000 | Total common stockholders' equity | 435,000 | | |

Which of the following is the return on assets for Eastern Corporation? | | | Student Response | Value | Correct Answer | Feedback | 1. | 20.5% | 100% | | | 2. | 16.8% | | | | 3. | 19.2% | | | | 4. | 17.5% | | | | | Score: | 3/3 | Comments: | | | | 12. | | | The following information is from