A company with constant earnings and excess cash is considering a significant stock repurchase plan. Which of the following is MOST LIKELY to occur?

• A.Earnings per share will decrease, and the number of shares outstanding will stay constant.
• B.Earnings per share will increase, and the number of shares outstanding will decrease.
• C.Earnings per share will increase, and the number of shares outstanding will stay constant.
• D.Earnings per share will decrease, and the number of shares outstanding will increase.

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Check MICR line information includes which of the following?
I.Bank of deposit identification number II.Payee bank identification number III.Federal Reserve bank code IV.Payor's account number

• A.II, III, and IV only
• B.I, II, III, and IV
• C.I only
• D.III and IV only

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The discount rate for a T-bill with a face value of $200,000, 182 days to maturity, and a selling price of
$194,375 would be:

• A.5.63%.
• B.5.56%.
• C.49.18%.
• D.2.80%.

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The year-end income statement and balance sheet accounts for a company as of December 31, Year 1 are shown in the Exhibit.
If no changes occurred in the current asset and current liability account balances from the beginning of the period, except for cash, what was the net cash flow from operations for Year 1?

• A.$390,000
• B.$350,000
• C.$400,000
• D.$365,000

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A company purchases a machine tool with an expected life of 3 years. Under the accrual accounting method, the equipment would be treated in which of the following ways?

• A.As a purchase, netted against retained earnings
• B.As a purchase, recorded as an operating expense in the current period
• C.As an asset, recorded on the balance sheet at acquisition cost and depreciated
• D.As an asset, recorded on the balance sheet at purchase price and amortized

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